Maybe! The Wall St. Journal reports that the “site isn’t cancelling its initial public offering […] but is reassessing the timing for an IPO on a week by week basis,” because some people have gotten spooked by this big, scary economy. Okay, things are actually pretty frightening out there but Bloomberg’s sources say that the company also “needs time to address regulators’ questions, including possible revisions to a controversial accounting method used in its filing.” But all this – or insolvency, for that matter – isn’t any cause for concern since this just like a couple postponing a wedding. They just need more time. [WSJ, Bloomberg]
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Help the IRS Improve Its Service on the Taxpayer Advocacy Panel
If you are some kind of tax activist, not a felon and ready to serve your country, we may have the volunteer opportunity of a lifetime for you: Serving on the IRS’ Taxpayer Advocacy Panel (TAP). The deadline for applications is this Friday and we’re pretty sure the Service has been swamped with would-be heroes vying for a chance to provide a voice to the poor, abused little taxpayer.
“TAP members represent the typical taxpayer and provide the IRS with invaluable insights that are crucial to sound tax administration,” said IRS Commissioner Doug Shulman.
To qualify, you must pass an FBI fingerprint check (sorry, Lone Wolves, you’re pretty much disqualified right off the bat and will have to stick to crashing planes into IRS buildings if you want your voice to be heard), not be a lobbyist, and of course be caught up on your own tax bills.
Think of it like a focus group for taxes except unlike traditional focus groups, you won’t be getting $75 for an hour’s worth of opinions. TAP members serve a 3 year term and are expected to commit 300 – 500 hours per year serving the Service taxpayer. Members are required to attend a yearly meeting in Washington, DC each fall, at least one face-to-face subcommittee meeting with other members in their region and must participate in a monthly conference call.
So go on, little taxpayers, give the IRS a piece of your mind. And 500 hours of your time, of course.
Friday Footnotes: Stop Saying There’s a Shortage and Just Admit You’re Cheap, Firms; DOGE Hits the IRS; AICPA Caves on 150 | 2.14.25
Footnotes is a collection of stories from around the accounting profession curated by actual humans […]
If You Never Write Another FASB Comment Letter In Your Life…
… please answer this with your best explanation of your position. I’ll go on record saying I am expecting comment letters stuffed with expletives, paranoia, panic and conjecture and personally can’t wait to read some of them.
“Quirky” representatives of the Profession, you know who you are. I want long rambling anti-IFRS manifestos dammit, don’t disappoint me.
The Financial Accounting Standards Board (FASB or Board) is issuing this Discussion Paper to solicit information from stakeholders about the time and effort that will be involved in adapting to several anticipated new accounting and reporting standards and when those standards should become effective. The FASB will use that information to develop an implementation plan for those new standards that helps stakeholders manage the pace and cost of change. The FASB requests comments on this Discussion Paper by January 31, 2011.
The question FASB would like answered is “how the fuck are we going to pay for this convergence thing?” and they’re asking the profession to come up with solutions. I imagine some pockets of the profession couldn’t care less how much it will cost as they are only thinking about learning the new rules because, well, someone’s got to do it, right?
Don’t misunderstand it, they would also like to know if they should transition all at once or gradually, if effective dates should be different for various entities and just how many billable hours might be lost to figuring all of this out. So basically they need you guys to get on this ASAP because they’ve had several years to do it and are still lost.
“Our joint workplan supporting the Memorandum of Understanding with the IASB identifies targeted completion dates for various projects, but does not address when the standards would be effective,” notes Acting FASB Chairman Leslie F. Seidman. “We issued this Discussion Paper to gather the information we need to create a realistic, cost-effective plan for transitioning to the new standards.”
In other words: can you guys ballpark the timeframe and how we’re going to pay for it? I’d rather see the profession spend its quality billable time writing comment letters on its opinion of the transition and/or FASB’s handling of it. I think you fringe accountants know what to do, so I thank you in advance.