The Coalition Against Scam and Scheme Threats (CASST), convened at the request of IRS Commissioner Danny Werfel, will work toward having new protections in place by the 2025 filing season.
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Businesses with dubious ERC claims have another chance with the IRS
The IRS said Thursday it will reopen its voluntary disclosure program to allow businesses to correct questionable claims for the pandemic-era employee retention credit.
AICPA, state CPA societies nominate accounting for STEM designation
A letter asks the Department of Homeland Security to add accounting to its STEM Designated Degree Program List in an effort to bolster talent acquisition.
Retirement: How to respond to the changing definition of the word
A shift away from the traditional view of what it means to retire in America means that innovative approaches can lead to better outcomes for everyone.
IRS releases updated draft of Form 1099-DA for digital assets
The most recent draft of the form for reporting digital asset transactions reflects the final regulations for custodial broker reporting that the IRS released in June.
FinCEN uses TV ad to tell businesses about BOI
The PSA uses a chat between friends in a coffee shop to educate small businesses about beneficial ownership information reporting, which 32.6 million businesses must file.
ERC disallowance letters go to 28K businesses, moratorium adjusted
The IRS moved the moratorium date forward into early 2024. Also, it announced sending disallowance letters to some businesses with invalid claims and plans for payments to others.
BOI requirements roll along despite concerns about too little outreach
FinCEN, which oversees beneficial ownership information reports, has received just 2.7 million of the 32.6 million reports that it expects. Through June, FinCEN said, it has reached more than 90,000 stakeholders.
Tax practitioner complaint leads to review of advocate phone service
A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration.
Helping pre-retirees choose a retirement spending limit
Retiring clients need a realistic and accurate target that ensures they neither outlive their savings nor unnecessarily restrict their “fun money” spending. Here are some steps to follow.
Melancon: Supreme Court decisions are ‘big deal’ for tax pros
Barry Melancon, CPA, CGMA, AICPA & CIMA’s CEO, said the decisions will create uncertainty for a profession that craves certainty.
Switching to mastery-based college accounting classes
How do you go from teaching and testing material in a set time to providing students time (and multiple testing opportunities) to gain 100% mastery of the material? Find out in this Academic Update article.
Pipeline plan of action: Read the Accounting Talent Strategy Report
One year after its formation, the National Pipeline Advisory Group published its recommendations for improving the talent pipeline.
Broker-dealer audit deficiencies on the rise, PCAOB finds
The board’s annual report identifies deficiencies in 70% of audit engagement reviews, offers advice aimed at reducing the number.
Midsummer update: CPA licensure program continues to add students
Experience, Learn and Earn, a program designed to ease attainment of the final 30 hours of the education requirement for CPA licensure, has 94 summer-session students representing more than 50 employers. The deadline for the fall semester is Thursday.
5 new warning signs of a bad claim for pandemic-era ERC
The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.
Funding spurs IRS improvements, but challenges remain, commissioner says
IRS provides fifth quarterly update on transformation efforts, with Commissioner Danny Werfel saying the agency is making “substantial progress.”
FASB proposes scope-related changes to two ASC topics
The Financial Accounting Standards Board is seeking feedback on a proposed Accounting Standards Update related to the application of derivative accounting to contracts and to the diversity in accounting for a share-based payment from a customer.
FASAB issues amendments, seeks new board members
The amendments conform implementation guidance to several existing reporting standards for federal government entities.
Improving enterprise risk management: 5 steps to success
The results of an annual survey found that organizations have made minimal gains in risk oversight over the past five years despite an increasingly threatening risk landscape.
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