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.
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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).
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Privacy and profits: How responsible data protection can drive revenue
Many companies report a solid return on investment from their actions to protect and promote privacy, but a few simple steps could boost both profitability and security.
Study: IRS could collect billions more with full funding
A study shows that the Service can collect $561 billion in tax revenue over 10 years if it receives the funding from the Inflation Reduction Act of 2022 as written.
Auto depreciation limitations increase
The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.
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