A pandemic-era tax break that remains rife with abuse — the ERC
The IRS issues at least its seventh warning about the employee retention credit since October 2022.
NEWS
Can ChatGPT answer your clients’ questions?
We put ChatGPT to the test with hypothetical tax questions. See if you think it’s ready to compete with a CPA.
Pessimism, contraction plans rise for CPA decision-makers, survey shows
Driven by ongoing concerns about inflation, finance executives in business and industry project declines in profits for the coming year, according to a new AICPA & CIMA survey.
FASAB committee proposes changes to guidance on leases
With a new standard for reporting on leases soon to be effective, the Accounting and Auditing Policy Committee is seeking comments on updates to its leases guidance in a 2021 technical release.
Update on states moving ahead with PTETs
States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.
Longevity annuities: Why clients should consider them
While many clients are reluctant to buy an annuity that won’t start making payments for 15 or 20 years, retirement researchers tout this as an effective strategy to prevent outliving one’s retirement savings.
AICPA Council supports development of national pipeline strategy
At its spring meeting, the AICPA Council voiced support for the Pipeline Acceleration Plan and decided to move forward with development of a national strategy focused on boosting the accounting profession’s talent outlook.
AICPA backs bill to make it easier to file for tax extensions
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
Public companies reining in costs, according to audit partners
A lower percentage of companies are seeking new employees and increasing the benefits for their current workers, according to a survey of audit partners.
Supreme Court upholds exception to notice requirement for third-party summonses
In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
SEC proposals address risk management for clearinghouses
The proposals would require the establishment of a risk-based margin system that monitors intraday exposure on an ongoing basis, in addition to requiring a more robust recovery and wind-down plan.
AICPA releases expanded plan for addressing CPA pipeline challenges
The plan seeks to address root causes of talent pipeline issues in a concerted effort to increase the number of students pursuing accounting degrees and CPA licensure.
HSA amounts continue trend, increase again in 2024
The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.
Make performance reviews more effective
Reviews focused on career goals and needs can better enable employees to succeed.
Why private companies need a plan for ESG reporting, assurance
Even if regulations don’t legally apply to private companies, they often apply from a practical standpoint. A new resource offers guidance on the importance of assuring sustainability data for public and private companies alike.
IRS chief: Racial disparities in audits will be addressed within a year
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
PCAOB prioritizes two standard-setting projects
The board plans to take action in the next 12 months related to firm and engagement performance metrics and substantive analytical procedures.
AICPA joins coalition to increase awareness of new BOI requirement
Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.
FASAB seeks feedback on its existing standards
The FASAB is seeking comments on its Reexamination of Existing Standards project to ensure that its standards meet users’ needs and provide financial information that supports public accountability and transparency.
AICPA supports extending mailbox rule to electronic filing and payments
The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.
