Business executives aren’t aware of many trust-damaging events that result in the loss of employees and consumers, according to a PwC survey. A proper response to these blind spots could pay dividends.
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Dirty Dozen: IRS scam list includes spear-phishing warning to tax pros
On its annual list, the IRS included a warning to tax pros and businesses to be cautious about opening emails and clicking on links that could result in identity theft.
How universities are working to boost the CPA pipeline
Two universities found approaches to attract more students to accounting programs and encourage them to pursue CPA licensure.
No basis step-up for grantor trust assets if not in grantor’s estate
In a revenue ruling issued Wednesday, the IRS confirms that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust when the grantor dies if the grantor’s gross estate does not include the assets of the irrevocable trust.
COSO releases internal control guidance for sustainability reporting
COSO has published supplemental guidance that can be used to apply its internal control framework to reporting on sustainability.
Proposal aims to ‘modernize’ public-company audit standards
The PCAOB is seeking feedback on a proposal focused on modernizing core auditing principles and responsibilities for public companies.
Dirty (Half) Dozen: Watch for these red flags when choosing a tax preparer
The IRS reached the halfway point of its annual “Dirty Dozen” list of tax scams, advising that taxpayers be careful when choosing a preparer to handle their returns.
FASB issues update to leases guidance
The amended Accounting Standards Update addresses concerns related to terms and conditions to be considered and accounting for leasehold improvements.
FASB issues proposed changes to cryptoasset accounting, disclosure
FASB is seeking comments on a proposed Accounting Standards Update that is intended to improve the accounting for and disclosure of certain cryptoassets.
SEC moves toward requiring electronic filings
The commission proposed amendments that would require registrants to file a number of submissions electronically as it works to modernize the agency’s information collection and analysis methods.
NFTs as collectibles: IRS issues guidance and seeks comments
Pending further guidance that it intends to issue on the treatment of nonfungible tokens as collectibles, the IRS said that it will use a lookthrough analysis for determining if an NFT is a collectible.
How to reverse course on collecting Social Security
Individuals receiving Social Security retirement benefits who wish they had postponed them for a larger benefit amount later may have certain options.
Is it time for firms to transform their business model?
After helping their clients survive three tough years, accounting firms should look toward a post-pandemic future. Here are five areas you should explore to determine whether your firm’s business model needs transformation.
FASAB issues bulletin on reimbursable work agreements
FASAB issued a technical bulletin to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54 and other relevant statements.
Taxpayer services should get more of that $80 billion, advocate says
National Taxpayer Advocate Erin Collins wrote in her blog post Thursday that Congress should allocate more money from the Inflation Reduction Act’s $80 billion budget infusion over 10 years for the IRS to taxpayer services and business systems modernization and less to enforcement and operations.
SEC proposals target cybersecurity
Proposals would expand who must report on cybersecurity and data breaches, as well as what they must report.
FASB proposes enhancements to income tax disclosures
FASB is seeking comments on a proposed Accounting Standards Update that addresses requests for improved income tax disclosures.
3 trends that will reshape accounting and finance in 2023
The chief accounting officer of Workday shares on technology and talent strategy, zero-day close, and accounting’s role in driving value creation.
PEEC seeks feedback on proposed changes to the Code of Professional Conduct
The AICPA Professional Ethics Executive Committee is releasing proposed changes to the AICPA Code of Professional Conduct. The proposals relate to convergence with international standards and to clarifying members’ ethical responsibilities related to allowable collaboration for CPE.
ERC claims on returns prepared by others raise questions for tax pros
The IRS Office of Professional Responsibility issued a bulletin that reviews the Circular 230 professional responsibilities that apply to claims for the employee retention credit.
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