FYI


Taxpayers can request automatic six-month tax-filing extensions for the most common individual and business returns, under new regulations from the Treasury Department and IRS ( www.irs.gov/newsroom/article/0,,id=150456,00.html ). The service also issued guidance on how large corporations and tax-exempt organizations can seek waivers from electronic filing requirements ( www.irs.gov/newsroom/article/0,,id=150695,00.html ) and introduced a Web-based tool to help private foundations comply with tax rules and requirements throughout their life cycles ( www.irs.gov/charities/charitable/article/0,,id=127912,00.html ).

The SEC designated Scott Taub, CPA, deputy chief accountant for accounting, as its acting chief accountant following the resignation of Donald T. Nicolaisen, CPA. Meanwhile, the deputy chief accountant for auditing, CPA Andrew D. Bailey Jr., resigned. His successor had not yet been identified as the JofA went to press.

The PCAOB announced new appointments and reappointments to its standing advisory group for two-year terms beginning this month ( www.pcaobus.org/standards/standing_advisory_group ). The group of approximately 30 individuals advises the board on the establishment of auditing and related professional practice standards. In addition, six organizations have observer status and speaking rights: FASB, the GAO, the International Auditing and Assurance Standards Board, the SEC, the Department of Labor and the AICPA Auditing Standards Board.

The AICPA and the United Kingdom’s Chartered Institute of Management Accountants will collaborate on developing business management, management accounting and financial management products and services, and thereby increase the Institute’s related offerings to its members in business and industry ( www.aicpa.org/download/news/2005/2005_1027_AICPA_Joins_Forces.pdf ). The alliance comes in response to CFOs’ increasingly prominent role in directing their organizations’ business practices. 

SPONSORED REPORT

Get your clients ready for tax season

Upon its enactment in March, the American Rescue Plan Act (ARPA) introduced many new tax changes, some of which retroactively affected 2020 returns. Making the right moves now can help you mitigate any surprises heading into 2022.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.