Congress authorized the employee retention credit, which ends April 15, to help businesses suffering in the throes of COVID-19. The arrival of promoters and ERC mills brought headaches for the IRS.
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Retirement snapshot: 3 things to know about the average pre-retiree
Workers dreaming about the day they will retire reveal what circumstances they daydream about and what nightmares they hope to avoid while continuing to redefine what it means to retire in America.
IRS: 7,000 probationary workers will return to their jobs in next 10 days
“I’m just riding the government roller coaster,” says one worker, who lost her job in February, was placed on administrative leave in March, and plans to return to work later this month.
Bills dealing with tax administration, disaster victims pass House
The AICPA endorsed four of the six bills, all of which passed with bipartisan support and were forwarded to the Senate.
SEC ends legal defense of its climate rules
After a vote Thursday, the acting chair of the SEC described The Enhancement and Standardization of Climate-Related Disclosures for Investors as “unnecessarily intrusive.”
As time runs out for pandemic-era ERC, IRS adds 5 FAQs
The FAQs, which deal mainly with how to handle the employee retention credit on tax returns under various scenarios, are not authoritative but do provide some answers to questions about the expiration of the statute of limitation, an AICPA & CIMA tax practice and ethics manager said.
BOI reporting changes don’t affect CTA’s constitutionality, filing says
In a brief filed in the Eleventh Circuit, the federal government said the move to remove the beneficial ownership filing requirement for domestic companies does not affect the constitutionality of the Corporate Transparency Act.
AICPA, CalCPA jointly call for clarity regarding California climate rule
The organizations, on behalf of CPAs, responded to a request for feedback from the California Air Resources Board with recommendations related to guidance on the reporting and assurance requirements of recent legislation.
Amendment clarifies CPAs’ financial statement preparation engagements
The AICPA Accounting and Review Services Committee approved an update to SSARS No. 21, clarifying that practitioners are not required to apply AR-C Section 70 when financial statements are prepared as part of a consulting engagement. The practical implication is that the engagement would not be required to be subjected to quality management standards or peer review.
AICPA recommends prop. regs. changes for some retirement savings plans
The AICPA submitted comments to Treasury and the IRS with recommended changes to proposed regulations for automatic enrollment requirements for most newly established 401(k) and 403(b) plans under the SECURE 2.0 Act.
What happens next with the TCJA? Tax professionals are concerned
A Bloomberg Tax survey found that more than 4 in 5 respondents are moderately to very worried about the potential sunset of the Tax Cuts and Jobs Act, which expires at the end of 2025.
BOI filing requirements for US companies, persons removed
FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.
The ROI of generative AI: It’s growing rapidly, CFOs say
Nearly 9 in 10 survey respondents believe artificial intelligence is providing a “very positive” return on investment, and even more express high levels of trust in the technologies.
7,000 IRS workers ‘reinstated’ — but not yet returning to work
An email from the acting IRS commissioner, citing a federal court order, says certain probationary employees will receive salaries, back pay, and benefits but are “not [to] report to duty or perform any work until receiving further guidance.”
FASB finalizes its taxonomies for 2025
The SEC approved three taxonomies, including the 2025 GAAP Financial Reporting Taxonomy, and FASB finalized two others.
Higher threshold for Form 1099-K reporting among AICPA priorities
In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.
AICPA Auditing Standards Board names Creps as chair
Catherine “Halie” Creps, CPA, a current ASB member and a partner at KPMG, will replace Sara Lord in May, when seven new board members begin their tenures.
Private Company Council issues annual report for the first time
The council, which advocates for private companies during FASB’s standard-setting process, shares recent accomplishments and its vision for the future.
PCAOB offers reporting guidance on a number of fronts
The board offers advice to public company auditors about Form AP, upcoming standards on quality control and confirmation, and in the form of free PCAOB-led forums.
Auditing Standards Board releases consultation paper on its forward strategy
The ASB seeks input on the draft of its 2026–2030 strategic plan. The comment deadline is June 13.
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