November 2022

November 14, 2022

One deadline approaches for over 9 million eligible for pandemic-era benefits

In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.

November 14, 2022

Employers embrace apprenticeship program for finance business partners

AICPA and the U.S. Department of Labor sign the first three companies to a program aimed at addressing talent shortage in accounting and finance.

November 10, 2022

National taxpayer advocate: 2022 could be ‘Groundhog Day’ for IRS backlog

National Taxpayer Advocate Erin Collins writes on her blog that there’s little time left for the IRS to clear its backlog by end of 2022 as the IRS commissioner promised Congress earlier this year.

November 9, 2022

Plan approval program expands to Sec. 403(b) retirement plans

The IRS and Treasury will allow churches, public schools, and charities with Sec. 403(b) retirement plans use the same individually designed retirement plan determination letter program that qualified retirement plans use.

November 8, 2022

Practitioner Perspectives series to continue within IRS Appeals

The Practitioner Perspectives series will continue at the IRS Independent Office of Appeals as part of the office’s focus guide for fiscal year 2023. During the series, tax practitioners share insights and feedback with Appeals employees.

November 4, 2022

IRS seeks comments on several green energy tax credits

The IRS asks for comments by Dec. 3 on tax credits included in the Inflation Reduction Act, including the commercial clean vehicles provision.

November 4, 2022

FASB seeks comment on proposed improvements to GAAP taxonomy

FASB is seeking comments on the Proposed Improvements for the 2023 GAAP Financial Reporting Taxonomy Reference Project.

November 4, 2022

CEOs cite consequences of not meeting expectations related to ESG

Global business leaders say the impact of ESG goes beyond simply satisfying investors and accounting standards.

November 3, 2022

National taxpayer advocate has concerns about $400,000 audit promise

National Taxpayer Advocate Erin Collins expressed concern for voluntary compliance amid Treasury’s promise that increased IRS funding will not be used to audit people earning under $400,000. She spoke during a session at the annual AICPA & CIMA National Tax Conference.

November 2, 2022

NOCLAR: What CPAs in public practice need to know

Here is a summary of the key requirements that apply to members in public practice when offering services to clients, and how CPAs can understand, advise, communicate, withdraw, and document details when faced with NOCLAR.

November 1, 2022

Past commissioners set optimistic tone for next IRS commissioner in AICPA panel

Two former IRS commissioners addressed the agency’s issues at an AICPA panel and sounded a note of optimism for the future, based on new funding and pending technology improvements.

November 1, 2022

NOCLAR: What CPAs in business should know

New interpretations of AICPA’s Code of Professional Conduct contribute to the fight against financial fraud, money laundering, bribery, and other noncompliance issues. Learn more about your role and specific steps you can take when encountering NOCLAR.

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.