In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.
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COVID-19 changes allowing e-signatures made permanent
A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.
Joshua Lance: Remembering a bright light lost
The 40-year-old founder of a virtual CPA firm, who passed away Saturday, made a real difference in the accounting profession and in the lives of those he touched.
Business model transformation: ‘Single best decision I’ve made’
A small-firm owner explains how the decision to cull her client base and change her billing structure netted positive outcomes on a level she couldn’t imagine.
IRS emphasizes strides as it presses to keep funding
Commissioner Danny Werfel focused on IRS efforts to get wealthy corporations and high-income individuals to pay taxes they owe as he made his case for the Service to keep both its annual appropriations and funding from the Inflation Reduction Act.
Budgets for salary increases rise at historic rates
The average salary increase budget among U.S. companies polled in a long-running annual survey rose 4.4%, the greatest increase observed by The Conference Board since 2001.
‘As if they were never filed’: IRS outlines steps to withdraw ERC claims
The withdrawal program is one step that the IRS is taking to help small businesses that may have filed an ineligible claim while also cracking down on unscrupulous promoters.
13 states will participate in IRS Direct File pilot
The pilot program for the 2024 filing season will let individuals file returns directly with the IRS, with strict limits on eligibility, covering only taxpayers with relatively simple returns.
Projected tax gap jumps to $688 billion for tax year 2021
The IRS said the increase in the projected tax gap is due to growth projected increases in nonfiling and underreporting of individual income tax, along with underreporting of self-employment tax.
SEC addresses securities transparency; PCAOB addresses audit concerns
The SEC adopts several rules and amendments expanding and expediting the sharing of information; the PCAOB shares advice with auditors related to issues with engagement quality reviews.
IRS announces relief for taxpayers affected by attacks in Israel
Qualifying individuals and businesses have until Oct. 7, 2024, to file certain federal returns, make tax payments, and perform other time-sensitive, tax-related actions, according to an IRS notice.
IRS to modernize regs. for tax sales of seized property
Proposed regulations would update existing procedures to reflect online and other electronic forms of bidding and payment.
FASAB committee issues updates to guidance on leases
The board’s Accounting and Auditing Policy Committee issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.
Social Security wage base, COLA set for 2024
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2024 to $168,600 and a 3.2% cost-of-living adjustment for Social Security benefits for 2024.
Pool of accounting graduates shrinks, AICPA report finds
The AICPA 2023 Trends report shows a significant decrease in accounting graduates, but university accounting departments foresee an increase in enrollment. That, combined with a projected increase in the general student population, presents an opportunity for the profession.
Clean-vehicle buyers can transfer tax credits to reduce purchase price
Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024.
FASB amends codification to align with SEC disclosures
The Accounting Standards Update incorporates 14 disclosures from a 2018 SEC final rule into GAAP.
Long-term-care planning using trusts
Even some clients who have substantial assets plan for the possibility of relying on Medicaid for long-term care by creating irrevocable trusts to preserve assets.
Harnessing collaboration for workplace transformation
Advances in technology are turning the business world upside down — and accounting is no exception. The paradigm shift taking place calls for radical innovation and transformation. Collaboration is the key.
FinCEN continues outreach on BOI reporting, may release YouTube videos
The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements.
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