Most Clicked CPA Letter Daily Stories


1. 401(k) plans must be monitored by employers, high court says

CPA Letter Daily | May 19, 2015

The U.S. Supreme Court has ruled that employers providing 401(k) plans have an ongoing duty to review investments offered. It's necessary to "monitor trust investments and remove imprudent ones," according to the ruling. A six-year statute of limitations on breach of fiduciary duty doesn't bar lawsuits against those who fail to carry out this responsibility, the court says. The Washington Post (tiered subscription model) (05/18) Los Angeles Times (tiered subscription model) (05/18) InvestmentNews (free registration) (05/18) Pensions & Investments (free access for SmartBrief readers) (05/18)


2. Proposed CPE standards revision would allow credit for new modes of learning

CPA Letter Daily | May 20, 2015

Newly proposed revisions to continuing professional education standards would allow CPAs to receive credit for instruction in short segments (nano-learning) and blended learning, which combines aspects of face-to-face and online instruction. Journal of Accountancy online (05/19)


3. How the cancellation-of-debt rules apply to different entities

CPA Letter Daily | May 22, 2015

Certain transactions can result in taxable cancellation-of-debt (COD) income, which makes it important to understand the rules before undertaking any business reorganization. This article explains the different treatment of COD income for S or C corporations or partnerships, including the exception for taxpayers in bankruptcy. The Tax Adviser (05/2015)


4. New rules apply to accounting method changes

CPA Letter Daily | May 21, 2015

For the first time in many years, the IRS has updated the rules that apply to all accounting method changes. This article examines these new procedures, including different rules that now apply to method changes for taxpayers under IRS examination. The Tax Adviser (05/2015)


5. More data point to weakening U.S. economy

CPA Letter Daily | May 18, 2015

Fairly encouraging U.S. employment numbers are unlikely to be sustained unless output growth picks up, and there's little sign of that, writes Bob McTeer, former president of the Federal Reserve Bank of Dallas. Overall, evidence is growing that the economy may be settling back into low-growth mode. Forbes (05/16)


6. Does your internship program follow the law?

CPA Letter Daily | May 22, 2015

There are six criteria that the Department of Labor uses to determine whether interns count as employees or volunteers with respect to wage and hour laws. Companies need to adhere to all six guidelines if they wish to offer unpaid internships. American City Business Journals (05/20)


7. Understanding the ins and outs of not-for-profit finances

CPA Letter Daily | May 19, 2015

Many CPAs support not-for-profit clients, work for such organizations, or serve them as volunteers or board members. This blog post offers tips to help accountants navigate three complex financial issues not-for-profits face. The AICPA's Not-for-Profit Section also provides resources for those working with not-for-profits. AICPA Insights (05/18)


8. The power of a 5-item to-do list

CPA Letter Daily | May 20, 2015

Serial entrepreneur Max Levchin co-founded PayPal and a number of other startups and sits on the board of several high-profile tech companies. He starts his day by making a five-item to-do list and getting some exercise on his bike. He positions himself in the cafeteria area of the office so employees can talk to him, and he encourages his employees to write short emails. Inc. magazine (05/2015)


9. Ryan outlines tax reform priorities

CPA Letter Daily | May 20, 2015

In a speech to the AICPA's spring Council meeting on Tuesday, Rep. Paul Ryan, chair of the House Ways and Means Committee, laid out his goals for tax reform and lower tax rates. He also called for the United States to adopt a territorial tax system. Journal of Accountancy online (05/19)


10. Electing to adjust basis after a partnership transfer

CPA Letter Daily | May 18, 2015

Many partnerships want to make an election under Sec. 754 to adjust their partnerships' basis following a transfer of a partnership interest or a distribution of property. The rules to make this election correctly are stringent, but relief for partnerships that failed to comply may be fairly easy to obtain, as this article explains. The Tax Adviser (05/2015)




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