The IRS provides requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit, which taxpayers can rely on until proposed regulations are issued.
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Proposed regulations update, revise consolidated return regulations
New proposed regulations would update the regulations to reflect 50-plus years of statutory changes, remove regulations and certain transition rules that no longer have practical application, and eliminate obsolete or incorrect terms and cross-references.
Program to ease path to CPA licensure partners with Tulane University
Tulane’s School of Professional Advancement will provide a library of online courses for the first class of accounting graduates completing their 150-credit-hour requirement while earning a paycheck via the AICPA and NASBA’s Experience, Learn & Earn program.
Prop. regs. identify monetized installment sales as listed transactions
The IRS disagrees with court decisions requiring notice-and-comment rulemaking to identify listed transactions, but said it is identifying monetized installment sales transactions as listed transactions in proposed regulations “to avoid confusion and ensure consistent enforcement of the tax laws throughout the nation to prevent disruption of the IRS’s ongoing efforts to identify and examine abusive tax shelters.”
2024 filing season could be paperless, IRS says
Treasury and the IRS announced Wednesday that by filing season 2024, taxpayers will be able to go paperless if they choose to do so. And by filing season 2025, the IRS will digitize all paper-filed returns when they are received.
Proof-of-stake validation rewards are income in tax year received
The IRS ruled that cash-method taxpayers who stake cryptocurrency native to a proof-of-stake blockchain and receive cryptocurrency validation rewards must include the fair market value of the rewards in gross income in the year they are received.
FASB proposes improvements to income statement expenses
FASB is seeking comments on a proposed Accounting Standards Update that is intended to provide investors with more decision-useful information regarding a public business entity’s expenses.
2023 tax software survey
CPAs assess how their return preparation products performed.
Accounting talent shortage is focus of new advisory group
The AICPA said the National Pipeline Advisory Group will “play a critical role in guiding” the conversation and making calls to action to address the slowdown in young people choosing accounting as a career.
To combat fraud, IRS steps up ERC claim enforcement
Having made significant progress in the ongoing effort against fraudulent employee retention credit claims, IRS Commissioner Danny Werfel said the agency has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing.
AICPA advocates for delay in BOI reporting requirements
Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.
AICPA debuts new practice aid for tech-enabled auditing
The AICPA Auditing Standards Board’s Technology Working Group has developed a new practice aid that will emphasize how technology should be seen as a key enabler, elevating audit effectiveness and efficiency for the future. It uses risk assessment procedures under SAS No. 145 as the example.
SEC adopts final rules regarding cybersecurity disclosures
The SEC adopted final rules requiring companies that file documents with the commission to disclose material cybersecurity incidents and provide periodic disclosure of the registrant’s cybersecurity risk management, strategy, and governance in annual reports.
The new 529 rollover to Roth IRA
A new rule will allow rollovers from a 529 educational savings plan to a beneficiary’s Roth IRA up to a certain dollar limit. This article explains what advisers need to know.
Final regs. allow assessment of COVID-19 related tax credit refunds
The IRS issues final regulations that allow for the assessment of erroneous refunds of COVID-19 related paid sick leave, family leave, and employee retention credits.
IRS ends most unannounced revenue officer visits
IRS Commissioner Danny Werfel on Monday announced an end to unannounced home visits by IRS revenue officers, except in a few cases. The change is effective immediately.
PCAOB report: Audit deficiencies rise again in 2022
The number of audits found to have deficiencies during PCAOB inspections showed another year-over-year increase in 2022, according to a board staff report released Tuesday.
Scams are surging in the summer, the IRS says
The IRS issued a warning for taxpayers to be wary of offers promising tax refunds or to “fix” tax problems, saying these emails or texts are part of a summer surge in tax scams.
At the ripe old age of 21, he’s advising the IRS on change
Aidan Hunt was appointed at age 20 to the IRS Advisory Council, a panel that advises the IRS commissioner and recommends administrative and policy changes.
IRS provides transition relief for change in beginning date for RMDs
A notice provides transition relief for the change in the required beginning date for required minimum distributions (RMDs) under the SECURE 2.0 Act and guidance related to certain specified RMDs.
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