Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.
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NEWS
IRS developing contingency plan as government shutdown looms
Congress plans to return to Washington on Tuesday, giving members five days to reach consensus on a full budget or a continuing resolution.
PCAOB offers forum for auditors; SEC releases several updates
The PCAOB forum follows proposed changes aimed at increasing the board’s ability to hold individual auditors responsible for firm violations.
ERC abuse brings renewed push for regulation of paid tax preparers
AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.
IRS to set up new work unit to focus on complex passthrough entities
IRS Commissioner Danny Werfel says new unit is “another part of [the IRS’s] effort to ensure the IRS holds the nation’s wealthiest filers accountable to pay the full amount of what they owe.”
Sidney Kess, a personal remembrance
For accountants, especially those in the tax and personal financial planning worlds, the passing of Sidney Kess at age 97 is “like losing a parent to the profession,” writes Andrea Millar, CPA/PFS, who shares her memories of a legend who educated countless CPAs and helped her grow the AICPA Personal Financial Planning section.
FinCEN posts guide to help small businesses with BOI reporting
A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules.
‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say
‘Tsunami’ of claims filed for employee retention credit almost 2 years after it ended caught the attention of the IRS. Experts say that required the IRS to take action to halt fraud.
Remembering the mentorship and impact of Sidney Kess
Kess, who died at age 97, was “a friend to everybody” – and a strong proponent of sharing knowledge with others.
ESG Symposium synopsis: How to put firms in the driver’s seat
A new California law is the latest “market driver” pushing ESG reporting forward. With regulations rapidly developing on a global scale, the time has arrived for CPA firms to grab the wheel.
PEEC addresses attest client fees and ethics in professional education
The AICPA Professional Ethics Executive Committee has approved changes to the Code of Professional Conduct related to attest client fees and ethical responsibilities for testing for professional qualifications and competencies.
Moratorium imposed on new ERC claim processing to curb abuse
The IRS issues a moratorium on new ERC claims processing through at least the end of the year and allows taxpayers to withdraw claims that have been filed but not processed.
A refresher on fraud and the responsibility for its detection
The opportunities, incentives, and rationalizations to commit fraud abound. Recall what the practitioner’s responsibilities are in an assurance engagement and be sure you are playing your part to ensure the work you do continues to help protect businesses and stakeholders.
Guidance issued on applicability and calculation of new corporate AMT
In advance of proposed regulations, the IRS provided interim guidance to help corporations determine whether they are subject to the new corporate alternative minimum tax and how to calculate the tax, including how to determine financial statement income and applicable financial statement income.
Optimism on the rise among large-company CFOs, according to survey
Fifty-seven percent of North American CFOs rate current economic conditions as good or very good — up from 34% last quarter — according to a third-quarter survey by Deloitte.
Long-awaited guidance provided for amortization of R&E expenditures
The IRS says taxpayers and tax professionals can rely on interim guidance under Sec. 174 for the amortization of research and experimental expenditures released on Friday in Notice 2023-63 until it issues proposed regulations based on the guidance, effective for tax years beginning in 2022.
How to close the talent gap without hiring
An expert in workplace dynamics shares simple strategies that can significantly increase the productivity of current employees while changing company culture for the better.
IRS vows new enforcement efforts aided by AI
Commissioner Danny Werfel describes an IRS that focuses on the wealthy and uses artificial intelligence to find discrepancies in large partnership filings.
FASB approves cryptoassets standard
The board voted to issue a standard that defines the financial reporting requirements for certain crypto holdings and how the value of those assets should be measured.
FASAB seeks comment on guidance for management discussion and analysis
The Federal Accounting Standards Advisory Board is seeking feedback on an exposure draft aimed at updating the guidance for management discussion and analysis (MD&A).
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