National Taxpayer Advocate Erin Collins explained what affected taxpayers need to do in response to the Court of Federal Claims’ holding that a taxpayer’s refund claim filing deadline was automatically extended by Sec. 7508A(d)(1) due to the COVID-19 disaster declaration.
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IRS offers extension option for taxpayers facing ERC claim deadlines
Taxpayers meeting eligibility rules can now use Form 907 to preserve their right to challenge ERC disallowances while the IRS continues its review.
CPA tips for building an emergency fund when savings fall short
Most Americans don’t have adequate emergency savings, according to a survey conducted for National Financial Literacy Month. The AICPA offers four tips from CPAs to help remedy the shortfall.
House panel backs repeal of BOI reporting by domestic companies
The House Financial Services Committee voted to remove domestic-owned companies from the beneficial ownership information reporting requirements of the Corporate Transparency Act.
FASB publishes guidance on paid-in-kind dividends
FASB published an Accounting Standards Update that provides authoritative guidance on how an issuer should initially measure paid-in-kind dividends on equity-classified preferred stock.
Facing cost pressures, CFOs turn to AI and automation
Cost management topped CFOs’ list of internal risks in a recent Deloitte survey, and respondents cited automation and technology upgrades as the most proven way to control costs.
IRS to update Form 990 amid transparency push for nonprofits
A Treasury release said the changes are intended to “strengthen tax administration” and provide clearer reporting on the activities of tax-exempt organizations. No timeline was announced.
US, South Africa renew mobility agreement
Professional accounting bodies in the United States and South Africa signed a renewed mutual recognition agreement to support cross-border practice between the countries.
AI and governance issues: 3 keys to bridging a costly gap
Recent survey results suggest that poor governance is more costly to artificial intelligence ROI than issues related to workforce and data readiness. What can companies do to get their house in order?
AICPA comments on assurance standards for California climate law
In a comment letter to the California Air Resources Board, the AICPA and California Society of CPAs call for increased minimum assurance requirements related to greenhouse gas data that must be reported later this year.
IRS launches online tool to help taxpayers manage tax debt
Taxpayers can explore payment plans, collection delays, or compromise offers through a streamlined, privacy protected tool.
AICPA ENGAGE networking tips: How to make meaningful connections
An ENGAGE speaker shares keys to coming home from the June conference in Las Vegas with more than CPE.
GASB seeks feedback on idea of changing how it communicates GAAP
Based on stakeholder input, requested by the end of August, GASB may consider simplifying the structure it uses to communicate GAAP for state and local governments.
Experts answer burning questions about personal financial security
The AICPA and Finseca answer questions about retirement, taxes, and long-term wealth strategies as a part of National Financial Literacy Month.
IRS flagged FATCA noncompliance but followed up with few exams, penalties
TIGTA found the IRS spent hundreds of millions on FATCA oversight while examining only a handful of high-value foreign account cases.
Uncredentialed tax preparer errors included fictitious deductions, review shows
A report from the Center for Taxpayer Rights comes as Congress considers giving the IRS more oversight of the industry.
IRS finalizes deduction rules for tips, adds 3 eligible jobs
The final IRS regulations expand the tips deduction to 71 occupations and clarify rules on qualified tips, digital payments, and automatic gratuities.
GASB proposes guidance on infrastructure assets
GASB issued guidance Wednesday that seeks to improve the financial reporting requirements for infrastructure assets, enhancing the consistency in their application and better meeting the information needs of financial statement users.
FASAB announces new chair, new board structure
Terry K. Patton, CPA, takes over the leadership position on the Federal Accounting Standards Advisory Board; FASAB appoints two new board members while reducing board membership from nine to seven.
Executive turnover slows, but AI strategy remains unclear
A global survey reveals that executives aren’t changing jobs nearly as often as they did a year ago, but many are seeking better internal support for strategic objectives built around artificial intelligence.
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