Over the past 30 years CPAs have expanded the planning advice they provide to individuals and families in connection with personal finances. As both the profession and regulatory landscape rapidly evolved, it became evident that, in addition to the already existing regulatory framework for CPAs, issuing authoritative guidance specific to financial planning would be in the best interest of the public and our members. The Proposed Statement on Standards in Personal Financial Planning Services is intended to serve as a conceptual framework for CPAs who are personal financial planners; comments on the exposure draft will be accepted through Sept. 9, with a final draft expected to be in place by the end of the year.
The AICPA's Economic Outlook Survey suggests that while optimism about the economy is growing, companies are still hesitant to hire. While 49% of respondents were hopeful about the economy, some 57% say their companies do not need more employees.
The Internal Revenue Service will sunset the Disclosure Authorization and Electronic Account Resolution e-service products in August. These e-service products are used by CPAs and other stakeholders to file authorization and resolve problems. Many practitioners are disappointed by the moves.
The Internal Revenue Service issued final regulations on Monday regarding the excise tax on indoor tanning services, which tanning centers have been required to collect since July 2010. The final regulations make some changes from the proposed rules that have been in place since the tax took effect. The new rules are effective today.