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.
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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.”
Pilot program set to help all stakeholders along the talent pipeline
The Experience, Learn & Earn program aims to turn accounting students into employees faster and in a more economical way, to the benefit of companies seeking talent.
Why accounting firms need a strong strategic plan
As accounting firms look to transform their business model to keep pace with marketplace and demographic changes, it is imperative that they have a written strategic plan. This article outlines the plan’s elements and explains their value.
IRS updates list of automatic accounting method changes
The IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 29 changes that the Service describes as significant.
PEEC seeks feedback on proposed changes to the Code of Professional Conduct
The AICPA Professional Ethics Executive Committee is releasing proposed changes to the Code to align definitions of public interest entities and publicly traded entities with international ethics standards.
IRS addresses whether college NIL collectives further an exempt purpose
A memo from the IRS Office of Chief Counsel advises that an organization that develops paid NIL opportunities for student-athletes will, in many cases, be operating for a substantial nonexempt purpose—serving the private interests of student-athletes—which is more than incidental to any exempt purpose furthered by the activity.
5 things to stop doing in your firm
Stop putting clients first? Stop making revenue the primary objective? Presenters at ENGAGE explain how these counterintuitive moves could help move your firm in the right direction.
How accountants can make a smooth career transition
This article discusses steps to take to increase your chances of success when you seek to switch careers.
Penalty for underpayment of estimated corporate AMT waived for 2023
The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”
CPA.com announces launch of generative AI initiative
The AICPA’s business and technology subsidiary announced plans to deliver a series of initiatives to build awareness and understanding of generative AI for the accounting profession.
National taxpayer advocate: A paperless IRS is possible
NTA Erin Collins said at AICPA & CIMA ENGAGE 2023 that the IRS has a goal of being “paperless” by 2025, by which it means anything taxpayers file on paper would be scanned.
The impact of AICPA Town Hall — from episode No. 1 to No. 100
From its launch in the early days of the pandemic through Tuesday’s milestone episode, Town Hall has kept more than 800,000 viewers informed about the most important issues affecting the profession.
IRS revises actuarial tables to account for most recent mortality data
The IRS issued final regulations revising actuarial tables to reflect mortality data from the 2010 Census.
PCAOB amends auditor requirements for reporting noncompliance
The PCAOB issued an amendment designed to “strengthen auditor vigilance against fraud and other forms of noncompliance,” according to a news release.
ENGAGE 2023: How to make a workplace great for all
The CEO of Great Place to Work shares what goes into the organization’s annual top 100 list and how leaders can create a culture that’s good for everyone, including shareholders.
Future of Finance: Upskilling is crucial, but mindset is the crux
Finance leaders understand the importance of skill set, mindset, and tool set, but the order of operations matters more than you might think. An ENGAGE 2023 session illuminates insights from the Future of Finance project.
A pandemic-era tax break that remains rife with abuse — the ERC
The IRS issues at least its seventh warning about the employee retention credit since October 2022.
Can ChatGPT answer your clients’ questions?
We put ChatGPT to the test with hypothetical tax questions. See if you think it’s ready to compete with a CPA.
Pessimism, contraction plans rise for CPA decision-makers, survey shows
Driven by ongoing concerns about inflation, finance executives in business and industry project declines in profits for the coming year, according to a new AICPA & CIMA survey.
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