The AICPA said the National Pipeline Advisory Group will “play a critical role in guiding” the conversation and making calls to action to address the slowdown in young people choosing accounting as a career.
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To combat fraud, IRS steps up ERC claim enforcement
Having made significant progress in the ongoing effort against fraudulent employee retention credit claims, IRS Commissioner Danny Werfel said the agency has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing.
AICPA advocates for delay in BOI reporting requirements
Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.
AICPA debuts new practice aid for tech-enabled auditing
The AICPA Auditing Standards Board’s Technology Working Group has developed a new practice aid that will emphasize how technology should be seen as a key enabler, elevating audit effectiveness and efficiency for the future. It uses risk assessment procedures under SAS No. 145 as the example.
SEC adopts final rules regarding cybersecurity disclosures
The SEC adopted final rules requiring companies that file documents with the commission to disclose material cybersecurity incidents and provide periodic disclosure of the registrant’s cybersecurity risk management, strategy, and governance in annual reports.
The new 529 rollover to Roth IRA
A new rule will allow rollovers from a 529 educational savings plan to a beneficiary’s Roth IRA up to a certain dollar limit. This article explains what advisers need to know.
Final regs. allow assessment of COVID-19 related tax credit refunds
The IRS issues final regulations that allow for the assessment of erroneous refunds of COVID-19 related paid sick leave, family leave, and employee retention credits.
IRS ends most unannounced revenue officer visits
IRS Commissioner Danny Werfel on Monday announced an end to unannounced home visits by IRS revenue officers, except in a few cases. The change is effective immediately.
PCAOB report: Audit deficiencies rise again in 2022
The number of audits found to have deficiencies during PCAOB inspections showed another year-over-year increase in 2022, according to a board staff report released Tuesday.
Scams are surging in the summer, the IRS says
The IRS issued a warning for taxpayers to be wary of offers promising tax refunds or to “fix” tax problems, saying these emails or texts are part of a summer surge in tax scams.
At the ripe old age of 21, he’s advising the IRS on change
Aidan Hunt was appointed at age 20 to the IRS Advisory Council, a panel that advises the IRS commissioner and recommends administrative and policy changes.
IRS provides transition relief for change in beginning date for RMDs
A notice provides transition relief for the change in the required beginning date for required minimum distributions (RMDs) under the SECURE 2.0 Act and guidance related to certain specified RMDs.
Quality management standards: How to identify risks and design responses
An expert suggests ways to get started implementing the new and very different risk-based standards.
Commissioner: We are progressing toward a user-friendly IRS
IRS Commissioner Danny Werfel said the Service’s transformation is in full swing, thanks to new infusion of cash that he says needs to keep coming.
5 years before and 5 years after retirement: 5 steps to take
Three accomplished personal financial planners explain how to enrich clients’ lives in the final years of employment and the first years of retirement and beyond.
How the IRS can avoid tax deadline confusion in disaster areas
The national taxpayer advocate recommended changes that range from one simple one the IRS can handle on its own to congressional action.
SEC approves new rules for money-market funds
The SEC adopted amendments to certain rules that govern money market funds under the Investment Company Act of 1940, which are designed to improve the resilience and transparency of money market funds.
Prop. regs. clarify tax treatment of certain health insurance payments
New proposed regulations clarify that accident or health insurance payments are not excludable from an employee’s income where the payments are made without regard to amount of medical expenses incurred by the employee under Sec. 213(d) and the premiums or contributions for coverage are paid on a pre-tax basis.
Financial planning aspects of 401(k) rollovers
A variety of planning considerations affect the decision whether to leave funds in an old employer retirement plan, roll them to a new employer plan, or roll them to an IRA.
4 AICPA & CIMA leaders discuss global sustainability standards
Leaders with their finger on the pulse of sustainability reporting see an opportunity for accountants to create value. They also see that challenges such as interoperability and capacity building will need to be addressed.
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