Black CPAs: IRS must end higher audit rates for Black taxpayers
Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.
NEWS
PCAOB enhances transparency of inspection reports
The PCAOB has enhanced its inspection reports with a new section on auditor independence and other improvements that are designed to “increase transparency by making publicly available more information that is relevant, reliable, and useful for investors and other stakeholders.”
SEC increases transparency requirements for private, public securities
One set of amendments affects advisers for large hedge funds and private-equity funds; a second set of amendments increase public company disclosures related to buybacks.
Proposed regs. provide rules for repatriation of intangible property
The regulations would terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation
IRS returns to in-person public hearings; telephone still an option
With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.
How the Financial Accounting Foundation plans to strengthen oversight
The organization’s latest effort provide a more convenient way for stakeholders with questions about due process in standard-setting to voice their concerns.
Grow your firm with intention
It’s time to question whether growth is always a good thing. Growth for growth’s sake shouldn’t be the goal.
NASBA approves one-year extension to CPA Exam window
CPA candidates would have 30 months to complete the CPA Exam once they pass the first section, pending adoption of the amendment by state boards of accountancy.
Sustaining the workforce: How sustainability can help the cause
Company leaders leaning into the opportunity presented by the evolving ESG landscape share their success stories during the 2023 Future of Finance Virtual Summit.
Werfel: IRS will audit individuals under $400K at 2018 rates
The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.
New PCAOB report reviews SPAC-related audits
The report analyzes more than 100 audits of special-purpose acquisition companies and recommends several takeaways for auditors.
PCAOB reveals priorities for 2023 inspections
The board will continue to pay particular attention to financial services and broker-dealer audits while reminding all auditors to be vigilant when it comes to fraud-related risks.
Nothing left to chance: The life of a lottery auditor
Auditors are accustomed to working with numbers and moving targets, but a select few work with numbers on bouncing balls.
IRS obsoletes 1958 revenue ruling on research and experimental costs
The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.
CFO optimism is up, but cost concerns remain
Despite a potential recession on the horizon, 54% of CFOs are optimistic or very optimistic regarding the economy, according to Grant Thornton’s first-quarter CFO survey.
AICPA encouraged by IRS $80 billion strategic operating plan
In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.
Proposed regs. identify microcaptive reportable transactions
The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.
Safe-harbor language issued for amending conservation easement deeds
In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.
Public can share ideas on IRS customer service this week
Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.
FASAB issues statement to clarify lease terms
The Federal Accounting Standards Advisory Board issued a statement intended to provide targeted technical clarifications to further facilitate implementation of SFFAS 54, Leases.
