October 2022

October 31, 2022

Growing tax gap shows need for better service, compliance, IRS says

The difference between taxes owed and taxes paid was $496 billion annually for tax years 2014 through 2016, and that figure is likely to grow, the IRS said.

October 28, 2022

IRS hires 4,000 customer service reps, plans to hire 1,000 more

The IRS announced that it has hired new customer service representatives, who will be trained to provide help to taxpayers in time for the 2023 tax season.

October 27, 2022

New process provided for anonymous reporting of ERC mills

In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.

October 27, 2022

FASB seeks input on proposed changes to accounting for joint ventures

The proposed Accounting Standards Update intends to provide investors and other allocators of capital (collectively, investors) with more decision-useful information in a joint venture’s separate financial statements and reduce diversity in practice in this area of financial reporting.

October 26, 2022

SEC adopts two rules, proposes a third

Adopted rules aim to ensure that company executives return erroneously awarded compensation and that mutual fund investors receive transparent information. A proposed rule adds to investment advisers’ responsibility to their clients.

October 26, 2022

Talent trends: Offering hybrid work model is only the start

Most CFOs expect to offer a hybrid work model for the foreseeable future, a decision that may help with talent acquisition but that could create new obstacles related to talent retention.

October 25, 2022

IRS initiates pilot program to thwart line-jumping on PPS calls

The IRS has begun a pilot program designed to thwart services that let callers jump ahead in the IRS Practitioner Priority Service phone queue.

October 25, 2022

When is a Roth conversion beneficial?

When deciding whether to convert a traditional IRA to a Roth, several factors should be considered, including some that might not be immediately obvious.

October 21, 2022

Retirement account inflation adjustments issued for 2023

The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.

October 21, 2022

Resources for organizations requiring an audit related to COVID-19 relief

AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.

October 20, 2022

Disaster area filing extensions apply to 2019, 2020 penalty relief

The IRS reminds taxpayers who live in certain areas covered by disaster declarations that the extra time they have to file also applies to filing returns to qualify for penalty relief for 2019 and 2020.

October 20, 2022

7 tips for communicating with staff during M&As

Experts say retaining talent is a major concern during consolidations.

October 19, 2022

FASB moves toward a standard for fair value accounting of cryptoassets

A tentative board decision sets the stage for a new standard allowing the reporting of some cryptoassets at fair market value.

October 19, 2022

IRS announces annual inflation adjustments for tax year 2023

Changes include increases in the standard deduction for many taxpayers, new tax brackets, and a higher maximum earned income tax credit amount.

October 18, 2022

AICPA seeks guidance on corporate alternative minimum tax

The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.

October 18, 2022

FASB seeks input on proposed new chapter of conceptual framework

FASB issued a proposed new chapter of its Conceptual Framework that describes a reporting entity. The proposed chapter would become Chapter 2 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.

October 17, 2022

Understand the tax consequences of remote work

CPAs can play crucial roles in helping navigate the evolving landscape as state tax authorities ramp up efforts to source additional revenue from out-of-state workers and the companies they work for.

October 14, 2022

How to negotiate a job offer

Follow these five tips to secure the best deal.

October 13, 2022

Social Security wage base, COLA set for 2023

The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.

October 13, 2022

Inherent risk and SAS No. 145: New concepts and requirements

New inherent risk factors introduced by SAS No. 145 aim to assist in risk identification. Understand how the changes will affect your 2023 audits.

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.