A CPA argues that accountants can use AI technologies such as ChatGPT to tackle the profession’s most pressing challenges.
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Werfel: IRS must move quickly to show what a well-funded agency can do
While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.
Helping close the gender gap in retirement
Women currently in the workforce are well behind male counterparts when it comes to saving for retirement, a survey finds.
IRS announces annual inflation adjustments for tax year 2024
The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.
Generative AI revolution: How auditors are leading the way
Half of finance executives report they’ve already implemented GenAI into financial reporting; the majority view auditors as crucial to the cause.
FinCEN will allow use of identifier in beneficial ownership reporting
Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.
Big companies have big hopes for 2024
About two-thirds of US large-company CEOs believe 2024 will bring better financial fortunes for their organizations, according to a survey.
Inflation adjustments to retirement account limits issued for 2024
The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.
AICPA, others call for a one-year extension of BOI report deadline
In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.
COVID-19 changes allowing e-signatures made permanent
A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.
Joshua Lance: Remembering a bright light lost
The 40-year-old founder of a virtual CPA firm, who passed away Saturday, made a real difference in the accounting profession and in the lives of those he touched.
Business model transformation: ‘Single best decision I’ve made’
A small-firm owner explains how the decision to cull her client base and change her billing structure netted positive outcomes on a level she couldn’t imagine.
IRS emphasizes strides as it presses to keep funding
Commissioner Danny Werfel focused on IRS efforts to get wealthy corporations and high-income individuals to pay taxes they owe as he made his case for the Service to keep both its annual appropriations and funding from the Inflation Reduction Act.
Budgets for salary increases rise at historic rates
The average salary increase budget among U.S. companies polled in a long-running annual survey rose 4.4%, the greatest increase observed by The Conference Board since 2001.
‘As if they were never filed’: IRS outlines steps to withdraw ERC claims
The withdrawal program is one step that the IRS is taking to help small businesses that may have filed an ineligible claim while also cracking down on unscrupulous promoters.
13 states will participate in IRS Direct File pilot
The pilot program for the 2024 filing season will let individuals file returns directly with the IRS, with strict limits on eligibility, covering only taxpayers with relatively simple returns.
Projected tax gap jumps to $688 billion for tax year 2021
The IRS said the increase in the projected tax gap is due to growth projected increases in nonfiling and underreporting of individual income tax, along with underreporting of self-employment tax.
SEC addresses securities transparency; PCAOB addresses audit concerns
The SEC adopts several rules and amendments expanding and expediting the sharing of information; the PCAOB shares advice with auditors related to issues with engagement quality reviews.
IRS announces relief for taxpayers affected by attacks in Israel
Qualifying individuals and businesses have until Oct. 7, 2024, to file certain federal returns, make tax payments, and perform other time-sensitive, tax-related actions, according to an IRS notice.
IRS to modernize regs. for tax sales of seized property
Proposed regulations would update existing procedures to reflect online and other electronic forms of bidding and payment.
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