Magazine article The CPA Journal

Tax & Accounting Update

Magazine article The CPA Journal

Tax & Accounting Update

Article excerpt

Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most pressing issues coming down the regulatory and administrative pipeline.

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Tax News

IRS Suspends Identity Protection PIN Online Program.

The IRS has announced that it has temporarily suspended its online Identify Protection Personal Identification Number (IP PIN) program. The program, which began in 2011, allowed taxpayers who had received IP PINs and then lost or misplaced them to retrieve them online. For the current filing season, approximately 130,000 taxpayers used the online tool to try retrieving a lost or forgotten IP PIN. The 1RS said it is conducting a further review of the application, and is looking at further strengthening the security features of the tool.

SEC News

Business Lobby Opposes PCAOB's Auditor Name Disclosure Rule.

In a comment letter, the U.S. Chamber of Commerce told the SEC that it should not approve a PCAOB rule requiring audit firms to name the engagement partner and other accounting firms that participated in an audit because it may heighten an auditor's legal liability. The audit regulatory board has worked on the rule for several years, with multiple proposals to address liability concerns, but Tom Quaadman, a vice president with the Chamber, wrote in a letter to the SEC that the new requirement would still impose unjustified costs. "While we recognize that the initiative has evolved over time, the Proposed Rules do not resolve our liability concerns," Quaadman wrote.

Vacancy Filled at Top of Enforcement Division's Fund Unit.

On March 10, the SEC named Anthony Kelly as co-chief of the Enforcement Division's asset management unit. Kelly is filling a post that had been vacant since February, when Julie Riewe left the SEC. Kelly has been with the SEC since 2000 and with the asset management unit since 2012. "Anthony's wide-ranging experience in enforcement and examinations, along with his exceptional judgment and dogged investigative skills, will be tremendous assets in rooting out fraud in the asset management industry," Enforcement Division director Andrew Ceresney said. …

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