In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
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SEC proposals address risk management for clearinghouses
The proposals would require the establishment of a risk-based margin system that monitors intraday exposure on an ongoing basis, in addition to requiring a more robust recovery and wind-down plan.
AICPA releases expanded plan for addressing CPA pipeline challenges
The plan seeks to address root causes of talent pipeline issues in a concerted effort to increase the number of students pursuing accounting degrees and CPA licensure.
HSA amounts continue trend, increase again in 2024
The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.
Make performance reviews more effective
Reviews focused on career goals and needs can better enable employees to succeed.
Why private companies need a plan for ESG reporting, assurance
Even if regulations don’t legally apply to private companies, they often apply from a practical standpoint. A new resource offers guidance on the importance of assuring sustainability data for public and private companies alike.
IRS chief: Racial disparities in audits will be addressed within a year
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
PCAOB prioritizes two standard-setting projects
The board plans to take action in the next 12 months related to firm and engagement performance metrics and substantive analytical procedures.
AICPA joins coalition to increase awareness of new BOI requirement
Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.
FASAB seeks feedback on its existing standards
The FASAB is seeking comments on its Reexamination of Existing Standards project to ensure that its standards meet users’ needs and provide financial information that supports public accountability and transparency.
AICPA supports extending mailbox rule to electronic filing and payments
The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.
FASB issues proposed changes to profit-sharing arrangements
FASB is seeking comments on a proposed Accounting Standards Update related to guidance for entities on determining whether profits interest and similar awards should be accounted for as share-based payment arrangements.
IRS backlog lessens; agency plans to resume collection notices
The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.
Create a magnetic culture at your firm
To ensure a future of abundance, leaders must do better at attracting and nurturing talent.
How the mega-backdoor Roth works
A strategy for effectively super-funding a Roth is available to some individuals who have a 401(k) or 403(b) account through work. This article explains the basics.
Black CPAs: IRS must end higher audit rates for Black taxpayers
Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.
PCAOB enhances transparency of inspection reports
The PCAOB has enhanced its inspection reports with a new section on auditor independence and other improvements that are designed to “increase transparency by making publicly available more information that is relevant, reliable, and useful for investors and other stakeholders.”
SEC increases transparency requirements for private, public securities
One set of amendments affects advisers for large hedge funds and private-equity funds; a second set of amendments increase public company disclosures related to buybacks.
Proposed regs. provide rules for repatriation of intangible property
The regulations would terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation
IRS returns to in-person public hearings; telephone still an option
With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.
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The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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