April 2022

April 29, 2022

Inflation boosts HSA amounts for 2023

Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.

April 28, 2022

Schedules K-2 and K-3 e-file capability postponed for S corporations

The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.

April 27, 2022

Become more inclusive of neurodivergent employees

CPAs who are neurodivergent, and other experts, share how firms can make their workplaces more equitable and welcoming to staff with disabilities.

April 26, 2022

Invitation issued for IRS Priority Guidance Plan recommendations

The IRS opened its annual to-do list for drafting regulations and other formal guidance to public suggestions of priority tax issues.

April 26, 2022

IRS proposes to amend estate and gift tax basic exclusion regs.

Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.

April 22, 2022

Supreme Court holds Tax Court not bound by petition filing deadline

The 30-day limit under Sec. 6330(d) for petitioning the Tax Court to review an IRS determination is nonjurisdictional and can be equitably tolled, the Court holds in the case of a taxpayer whose petition was one day late.

April 22, 2022

Help clients achieve flexible spending in retirement

Does the 4% rule still make sense? A CPA financial planner discusses how advisers can help ensure their clients can spend with flexibility throughout retirement.

April 21, 2022

IRS funding, technology assessed in House hearing

IRS Commissioner Charles Rettig and National Taxpayer Advocate Erin Collins testify to the House Oversight and Reform Committee.

April 21, 2022

Audit quality indicators show importance of tone at the top

A survey of audit quality indicators performed by the AICPA reveals the most important factors in helping CPA firms perform quality audits.

April 21, 2022

Avoid these 7 delegation mistakes

A career coach and speaker at AICPA & CIMA ENGAGE 22 offers advice to leaders on handing off tasks.

April 20, 2022

FASB proposal would extend time for reference rate reform relief

A proposal by the FASB would extend by two years the guidance related to reference rate reform relief and expand the definition of the Secured Overnight Financing Rate (SOFR).

April 20, 2022

As finance’s role grows, communication skills are more vital

A new survey found the finance function’s importance has grown in the past two years.

April 20, 2022

Why converting to a cloud firm can be a good exit strategy

Accounting firms that use cloud technology sell for a higher revenue multiple — and spend significantly less time on the market than non-cloud firms.

April 19, 2022

Treasury equity action plan reports progress

The tax implications of the Biden administration’s policy of advancing racial equity and support for underserved communities across the government are outlined.

April 18, 2022

Superfund taxpayers granted failure-to-deposit penalty relief

The IRS also assures payers of the reinstituted excise taxes that they will not lose a deposit safe harbor in early 2023.

April 18, 2022

Top challenges in a hot M&A market

As activity ramps up, experts offer advice on both ends of the dealmaking.

April 18, 2022

SALT cap challenge is denied Supreme Court review

The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.

April 15, 2022

PCAOB updates requirements on auditing accounting estimates, using specialists

The PCAOB has issued new requirements for auditing accounting estimates and using the work of specialists. The board is seeking comments on the new requirements.

April 14, 2022

Single audit relief provided to certain governments with Treasury COVID-19 funding

Unprecedented federal relief expenditures of the Coronavirus State and Local Fiscal Recovery Funds left many small governments in need of single audits for the first time.

April 13, 2022

IRS’s FATCA enforcement fell short, TIGTA says

Initial plans for the Foreign Account Tax Compliance Act’s regime of reporting US taxpayers’ foreign bank accounts and other financial assets largely have stalled, the Treasury Inspector General for Tax Administration reports.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.