The Charitable Reform Provisions of The Pension Protection Act of 2006

By Richard G. Cummings and Larry R. Garrison

While the major emphasis of the Pension Protection Act of 2006 is on pension reform, the Act also includes wide-ranging new rules regarding charitable donations. The new law generally increases the reporting requirements for donations, and includes specific provisions for IRA distributions and qualified conservation contributions. It also introduces stricter recordkeeping requirements for cash contributions and stiffer accuracy-related penalties for valuation misstatements. Credit counseling organizations are subject to certain additional requirements to maintain their tax-exempt status. Finally, oversight provisions aim to improve the accountability of donor-advised funds and supporting organizations.

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Publisher's Column

New Accounting Rules for Postretirement Benefits

On November 10, 2005, FASB added a comprehensive project to its agenda to reconsider accounting for pensions and other postretirement benefits. The impetus for adding this topic to the agenda was partly the SEC’s release in June 2005 of “Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley Act of 2002 on Arrangements with Off–Balance Sheet Implications, Special Purpose Entities, and Transparency of Filings by Issuers.” Full Story

Quality over Quantity

Moving up the ladder in the accounting profession isn’t easy for entry-level CPAs. To succeed in today’s complex business environment, recent accounting graduates need to enter the workforce with an arsenal of disparate skills. On the one hand, entry-level CPAs need the “right brain” technical knowledge that has become increasingly important for accountants.
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Reducing Sarbanes-Oxley Compliance Costs

I think everyone would agree that the costs of complying with section 404 of the Sarbanes-Oxley Act of 2002 (SOX) have been excessive. I also think that something needs to be done to reduce the costs for nonaccelerated filers, because they are expected to be relatively more significant than those for most accelerated filers. Full Story

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