An expert suggests ways to get started implementing the new and very different risk-based standards.
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NEWS
Commissioner: We are progressing toward a user-friendly IRS
IRS Commissioner Danny Werfel said the Service’s transformation is in full swing, thanks to new infusion of cash that he says needs to keep coming.
5 years before and 5 years after retirement: 5 steps to take
Three accomplished personal financial planners explain how to enrich clients’ lives in the final years of employment and the first years of retirement and beyond.
How the IRS can avoid tax deadline confusion in disaster areas
The national taxpayer advocate recommended changes that range from one simple one the IRS can handle on its own to congressional action.
SEC approves new rules for money-market funds
The SEC adopted amendments to certain rules that govern money market funds under the Investment Company Act of 1940, which are designed to improve the resilience and transparency of money market funds.
Prop. regs. clarify tax treatment of certain health insurance payments
New proposed regulations clarify that accident or health insurance payments are not excludable from an employee’s income where the payments are made without regard to amount of medical expenses incurred by the employee under Sec. 213(d) and the premiums or contributions for coverage are paid on a pre-tax basis.
Financial planning aspects of 401(k) rollovers
A variety of planning considerations affect the decision whether to leave funds in an old employer retirement plan, roll them to a new employer plan, or roll them to an IRA.
4 AICPA & CIMA leaders discuss global sustainability standards
Leaders with their finger on the pulse of sustainability reporting see an opportunity for accountants to create value. They also see that challenges such as interoperability and capacity building will need to be addressed.
GASB provides guidance on application of standards
GASB has issued implementation guidance in the form of questions and answers, that is intended to clarify a series of the board’s pronouncements.
Writing advanced Excel macros with GPT-4
For a fee, the AI tool offers more computing power to help automate repetitive tasks such as cleaning data.
Study: Deterrence a major factor in bringing in more money from IRS audits
The paper by researchers at Harvard University, the University of Sydney, and Treasury finds that an additional $1 spent on marginal audits of top earners can get a return of $12 in revenue.
Stock repurchase excise tax reporting and payment delayed by IRS
The IRS says covered corporations will not have to report or pay the new 1% stock repurchase excise tax until it issues forthcoming regulations.
Research finds algorithms, unscrupulous preparers behind audit bias
Subsequent research has replicated the racial gap in audit rates found in a study led by Stanford University and pointed to both unscrupulous tax preparers who submit EITC claims and algorithmic bias in the IRS’s audit selection process as causes.
Mississippi youth passes CPA Exam – at age 15
Jimmy Chilimigras, headed to law school in August, is believed to be the youngest person to ever pass the CPA Exam.
FASB proposes improvements to accounting for purchased financial assets
FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting for purchased financial assets.
In one minute, this simple tool could save practitioners hours
Practitioners now have at their fingertips an interactive PDF that can quickly help determine whether AR-C Section 70 of SSARS No. 21 is required to be applied when performing accounting services.
Historic global standards for sustainability reporting released
The IFRS Foundation’s International Sustainability Standards Board issued IFRS S1 and IFRS S2 on Monday, the first two global standards for sustainability reporting.
COVID-19 coverage without a deductible ends next year
A high-deductible health plan will no longer be permitted to provide coverage without a deductible for testing for and treatment of COVID-19 after Dec. 31, 2024.
PCAOB details priorities for audit inspections
The PCAOB has released expanded details regarding its list of priorities for 2023 audit inspections, most notably risk of fraud, risk assessment and internal controls, and auditing and accounting risks.
Taxpayer advocate: 2023 tax season better at IRS; IT upgrades imperative
In her annual midyear report to Congress, National Taxpayer Advocate Erin Collins says the difference between the 2022 and 2023 tax seasons was “like night and day.”
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