February 2024

February 29, 2024

IRS renews focus on targeting high-income nonfilers

IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.

February 29, 2024

NPAG national pipeline surveys open for responses

The National Pipeline Advisory Group pipeline surveys, intended to shape profession-wide efforts to tackle the accounting talent shortage, went live on Thursday.

February 29, 2024

The key to reducing errors with AI: Technology acceptance

Emerging technology can help the finance function eliminate errors, but effective execution may hinge on companies cultivating a high level of acceptance among users.

February 28, 2024

IRS announces delay for Form 1042 e-filing requirement

The Service said that U.S. withholding agents are administratively exempt from the requirement to e-file Forms 1042 during calendar year 2024, while foreign agents are exempt in calendar years 2024 and 2025.

February 26, 2024

PCAOB reconsidering auditors’ role in noncompliance reporting

The regulator scheduled a virtual roundtable and reopened the comment period in response to concerns about proposed amendments to the auditor’s responsibility for considering a company’s noncompliance with laws and regulations (NOCLAR).

February 26, 2024

C-suite goal: Keep up with new technology

Keeping up with new technology is the top personal challenge for executives, followed closely by balancing career and personal life, and embracing change and innovation, according to a new survey.

February 23, 2024

FinCEN guide lists rules for some financial institutions’ access to BOI

The rules in the Small Entity Compliance Guide apply to access for some financial institutions and cover security and confidentiality, authorized use, administration of requests, and violations.

February 23, 2024

Growing the profession: Insights from the AICPA chair’s travelogue

Okorie Ramsey is spanning the globe to help the world of accounting and finance reach its desired destination.

February 22, 2024

The clean-energy direct-pay election for not-for-profits and governmental entities

Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return.

February 22, 2024

Sustainability reporting, assurance rates on the rise globally

While reporting levels remain high and overall assurance levels are increasing, the level of assurance in the United States conducted by CPA firms remains low.

February 21, 2024

IRS to begin audits of personal, business use of corporate jets

IRS Commissioner Danny Werfel said Wednesday that the audits will focus on business vs. personal use of aircraft by large corporations, large partnerships, and high-income taxpayers.

February 20, 2024

The ERC: Practitioners’ responsibilities to amend income tax returns

Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.

February 20, 2024

Helping sole proprietors choose between a solo 401(k) and a SEP-IRA

Understanding the differences between these two types of retirement plans can help sole proprietors make the best choice for their bigger-picture tax and retirement savings goals.

February 16, 2024

No ‘gotcha’ enforcement of BOI regulations, FinCEN chief vows

Andrea Gacki, director of the Financial Crimes Enforcement Network, reassured a House committee that the agency can act only against willful violations of the new beneficial ownership information reporting rule.

February 16, 2024

On Form 1099-K delays, Werfel says IRS must protect taxpayer rights

IRS Commissioner Danny Werfel also discussed the employee retention credit and IRS funding when he appeared before the House Ways and Means Committee on Thursday.

February 16, 2024

A&A Focus recap: ASB update, technology spotlight, AR-C Section 70, and CECL

The February AICPA accounting, audit, and attest webcast brought together experts, including the chairs of the Auditing Standards Board (ASB) and the Accounting and Review Services Committee (ARSC), to provide updates on recent news.

February 14, 2024

Return-to-office politics: 4 tips for reducing talent attrition

A survey finds that high-performing workers often balk at being forced back into the office, giving companies plenty to consider before mandating a return.

February 13, 2024

7 warning signs that an ERC claim is questionable, from the IRS

As the March 22 deadline for the ERC voluntary disclosure program approaches, the IRS alerted small businesses to seven red flags that it is focusing on when it reviews claims.

February 9, 2024

EFIN scam targets tax professionals

The IRS warns that the scammers want to gain access to data and identities so they can file fraudulent tax returns.

February 8, 2024

Form 1099-K frequently asked questions revised

Almost 50 new or updated frequently asked questions for the IRS’s Form 1099-K, Payment Card and Third Party Network Transactions, published Tuesday, include guidance on common situations, along with more clarity for the payment card industry about which organizations should send Forms 1099-K.