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Senators request details on IRS info return destruction

The inquiry posed seven specific questions to the IRS concerning the decision, how it was arrived at, its potential effects and whether the Service has destroyed such documents before processing them at any other time.

A needed push into remote auditing

The pandemic brought about a surge in remote auditing, a practice which has both pros and cons. CPAs at small firms discuss their experiences with remote audits and what they plan to do in the future, and share tips for making remote audits run more smoothly.

SEC proposes enhanced disclosures related to ESG

The SEC proposed amendments to rules and reporting forms to promote consistent, comparable and reliable information for investors concerning funds’ and advisers’ incorporation of environmental, social and governance factors.

Resources to get you ready for your next conference

Simple tasks like downloading the conference app, choosing the sessions you want to attend, reviewing the attendee list to locate colleagues, and becoming familiar with vendors in the expo hall will help you get the most out of the event.

IRS audit rates decreased most for wealthy, GAO finds

In a study, the US Government Accountability Office finds that the IRS’s individual tax audit rates decreased by 72% during 2010–2019, and by a greater percentage for higher-income taxpayers than for lower-income ones.

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.