February 2022

February 28, 2022

PPP forgiveness too slow in some cases, inspection finds

A report by the Office of the Inspector General found that the US Small Business Administration did not meet the 90-day statutory requirement to remit Paycheck Protection Program forgiveness payments to lenders for loans totaling $66.4 billion.

February 25, 2022

SEC seeks more disclosures of short-sale data

The Securities and Exchange Commission voted to require certain institutional investment managers to report short sale-related information each month. The SEC then would make aggregate data about large short positions, including daily short-sale activity data, available to the public for each individual security.

February 25, 2022

AICPA again asks IRS to delay K-2/K-3 reporting

Comment letters from the AICPA and state CPA societies also offer further recommendations.

February 23, 2022

Proposed regulations update RMDs for SECURE Act changes

The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.

February 22, 2022

IRS offers alternative to facial recognition

A short-term option involves a virtual interview with IRS personnel to authenticate taxpayers’ and practitioners’ identities for online services.

February 17, 2022

AICPA testifies to Congress on IRS service problems

In a hearing, the Senate Finance Committee heard recommendations from the AICPA’s Jan Lewis and National Taxpayer Advocate Erin Collins.

February 17, 2022

PPP, ERC can lead to sustained business for CPA firms

Firms can turn the connections built doing work related to COVID-19 programs into long-term business opportunities.

February 17, 2022

Tax pros are subject of ‘spearphishing’ attacks

Bogus emails may impersonate the IRS or tax software providers. Here’s what to watch out for.

February 16, 2022

IRS offers further K-2/K-3 relief

The new schedules for returns of passthrough entities with international items have been greeted with antipathy by practitioners. The IRS provided relief Wednesday for eligible entities for tax year 2021.

February 15, 2022

Revised voluntary disclosure form highlights cryptoassets

Full disclosure of violations, plus payment of taxes, penalties and interest may allow approved taxpayers to avoid criminal prosecution. The reporting form contains a new reporting section and instructions on virtual currency.

February 14, 2022

Why CFOs should learn to let go

Gartner research underscores the need for CFOs to be decisive in shifting investments to high-value uses.

February 11, 2022

How not-for-profits are adapting to a technological revolution

To get the most out of their technology spending not-for-profit leaders need to develop a strategy, consider cybersecurity, and recruit tech experts for the board.

February 10, 2022

IRS identifies paused taxpayer notices

While it works through its return and correspondence backlog, the IRS will not send out certain letters and notices, including for delinquent returns and payments.

February 9, 2022

SEC proposes new rules for private equity

Agency seeks comment on new requirements, including one that would mandate that registered fund advisers provide quarterly statements to investors.

February 9, 2022

Tax pros share IRS service challenge stories, solutions

The Tax Professionals United for Taxpayer Relief Coalition held an online session to examine possibilities of its four recommendations for improved IRS assistance and taxpayer relief.

February 8, 2022

TQA addresses health care accounting for items free of charge received for distribution

The AICPA issued nonauthoritative information addressing how for-profit health care business entities and nongovernmental not-for-profit health care entities may consider accounting for vaccines or other pharmaceuticals, medical supplies, or equipment received free of charge for distribution to specified patients.

February 7, 2022

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.