The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.
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FASB issues new segment reporting guidance
The final Accounting Standards Update, required for annual periods beginning after Dec. 15, 2023, is designed to “improve financial reporting by providing additional information about a public company’s significant segment expenses” in a timely manner.
FASAB releases 3-year strategic plan, annual report
Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years.
Lower Form 1099-K threshold delayed again
The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.
Prop. regs. issued on conservation easement deduction disallowance
The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
AICPA adopts revised tax standards
AICPA members should be aware that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards are effective Jan. 1, 2024.
Proposed crypto regs. define ‘broker’ too broadly, industry says
The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.
How artificial intelligence can help save accounting
A CPA argues that accountants can use AI technologies such as ChatGPT to tackle the profession’s most pressing challenges.
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.
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