Certain taxpayers with IRS online accounts can file a Kwong-related refund claim on Form 843 through a new secure application before a Friday deadline.
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NEWS
PCAOB consultation process offers new options for firms seeking guidance
Registered public accounting firms are invited to request staff views on the implementation of PCAOB standards, with the option to launch a more formal firm consultation.
FASB seeks comment on fair value reporting proposal
FASB published a proposed Accounting Standards Update to improve investment company financial reporting by amending how investment companies measure the fair value of an equity security that is subject to a contractual sale restriction.
IRS seeks examples of incorrect CP53E notices
The request follows reports from taxpayers who said they received notices despite not expecting a refund or having already provided direct deposit information.
IRS offers gift tax safe harbor for contributions to Trump accounts
The guidance sets forth conditions for contributions to qualify for the annual gift tax exclusion and for donors to avoid filing gift tax returns.
Standardization of sustainability reporting improves, but obstacles remain
While an increasing number of large U.S. companies turned to audit firms for assurance of sustainability data in 2024, a gap persists with the rest of the world, an annual report shows.
IRS outlines AI risks, Circular 230 duties for tax practitioners
The IRS warned that AI’s risks — including fabricated outputs and data privacy concerns — require practitioners to verify results and follow existing Circular 230 rules on diligence, competence, and confidentiality.
PCAOB seeks comment on standard-setting and research
The PCAOB seeks public comment on future areas of focus for standard setting, building on the dialogue initiated earlier this year.
Advocate: IRS had strong filing season for online taxpayers, weaker one for others
The national taxpayer advocate’s Fiscal Year 2027 Objectives Report to Congress says the IRS processed about 139 million returns and handled most refunds smoothly but says the story was different for taxpayers who needed help from a human being.
Supreme Court lets stand IRS power to assess tax anytime for preparer fraud
The Supreme Court declined to hear an appeal of the Third Circuit’s decision in Murrin, in which the court held that taxpayer intent is not required for the unlimited period for assessing tax under Sec. 6501(c)(1) to apply.
AICPA Top Issues Survey: Firms’ focus on technology rises
Larger firms participating in the biennial Private Companies Practice Section survey also are grappling with people-related issues, and smaller firms highlighted regulatory and data security concerns.
Advisory panel urges sustained IRS funding, expanded AI, tax simplification
The Electronic Tax Administration Advisory Committee calls for predictable, multiyear funding; expanded use of artificial intelligence with safeguards; and steps to reduce complexity and improve communication with taxpayers and practitioners.
FASB seeks comment on hedge accounting guidance
FASB published two Accounting Standards Updates recently. One is intended to improve accounting guidance for interest rate risk hedging and net investment hedging, and the other relates to guidance for certain market-return cash balance plans.
About a quarter of callers to two IRS lines got poor service, TIGTA says
The Treasury Inspector General for Tax Administration estimated that about 1 million callers to two IRS customer service lines did not receive quality service.
Crowe partners with private equity; Baker Tilly on the move
Crowe is the latest top 15 firm to strike a private-equity deal. Also, Baker Tilly announced plans to relocate its headquarters to New York and acquire another top 100 firm.
TIGTA: IRS reassigned staff after layoffs for filing season
More than 11,000 workers left Taxpayer Services, prompting the IRS to assign 1,173 higher-paid employees to lower-grade positions, the report from the Treasury Inspector General for Tax Administration said.
PCAOB seeks comment on proposed quality control amendments
The PCAOB issued for public comment a supplemental release regarding narrow, targeted proposed amendments to QC 1000, A Firm’s System of Quality Control, and related amendments to forms and the QC reporting rule.
PEEC seeks input on proposed revisions to ‘public interest entity’ definition
Public comments are due by Sept. 15 on the proposed definition, which aims to ensure that the AICPA Code of Professional Conduct keeps pace with future regulatory updates without the need for additional standard-setting actions.
IRS holds hiring events in 6 cities after staff cuts
During the 10th ENGAGE, AICPA Chair Jan Lewis pointed to new hiring as a step toward improving IRS responsiveness.
AICPA recommends improvements to CP53E notice process
A letter to the IRS cites erroneous notices, late guidance, and practitioner confusion. It also calls for clearer rules and system changes.
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Start in high school to strengthen the accounting profession
A practitioner-led outreach program, born of a university, accounting professionals, and local community collaboration, shows how to successfully engage high school students with the modern accounting profession.
