Treasury Secretary Janet Yellen ordered the IRS to have the plan to her by Feb. 17. An IRS spokesman said the agency “expects to deliver the plan to the Secretary in coming weeks.”
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NEWS
AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code
The 2023 AICPA Compendium of Tax Legislative Proposals — Simplification and Technical Proposals, which includes 61 proposals covering a wide variety of subjects, opens with a proposal to standardize definitions in the Internal Revenue Code so that terms have the same meaning throughout the Code.
SEC adopts rule changes to reduce risks, proposes two other rules
The SEC adopted rule changes to reduce risks in clearance and settlement, shortening the standard settlement cycle for most broker-dealer transactions in securities, and proposed two other rules.
Some corporate taxpayers eligible for IRS CAP pilot on prefiling feedback
The IRS announced on Monday a new pilot phase Compliance Assurance Process (CAP) program called Bridge Plus to provide prefiling return review to some large corporate taxpayers in the Bridge phase.
How firms can support employees with sick kids
Accounting firms can support employees with sick children who struggle to balance caregiving responsibilities with work duties. Find out how.
Taxpayers can exclude certain 2022 state payments from federal returns
Taxpayers who received certain general welfare or disaster relief payments or refunds in 2022 will not have to include them in income on their federal returns, the IRS announced on Friday.
NASBA upholds 150-hour education requirement for CPA licensure
Board president reaffirms commitment to protecting CPA mobility while continuing efforts to find solutions for talent acquisition issues affecting everyone in the profession.
IRS seeks information on 21 states regarding special payments, refunds
The national taxpayer advocate criticized the IRS for delaying the release of guidance on state special tax payments or refunds made in 2022 that she said could affect tens of millions of taxpayers.
5 ways to reconnect with old contacts
Reestablishing old relationships may feel intimidating but can be very rewarding. These five strategies can help to reconnect.
Proposed tip-tracking program aims to improve tip reporting compliance
The IRS proposes a new voluntary program for service industry employers to track tips in an attempt to improve tip reporting compliance.
GASB proposes implementation guidance on subscription-based IT arrangements
GASB issued a proposed implementation guidance that is intended to clarify, explain, or elaborate on existing guidance on subscription-based information technology arrangements.
Talent acquisition: AICPA chair hears student voices, shares strategies
Anoop Natwar Mehta is traveling the country, meeting with the next generation of accounting professionals. Along the way, he’s gained some valuable perspective that can fuel company leaders’ efforts to hire the best and brightest.
Change allows more vehicles to qualify for the new clean vehicle tax credit
Treasury and the IRS said Friday the IRS will use the EPA Fuel Economy Labeling Standard in proposed regulations to define which vehicles are eligible for the Sec. 30D clean vehicle tax credits, enacted as part of the Inflation Reduction Act.
PCAOB offers new guidance for quality control remediation
Newly published insights can help audit firms avoid public disclosure of quality control criticisms issued by the PCAOB.
Wait times for practitioner phone line reduced, IRS official says
Kenneth Corbin, commissioner of the IRS Wage and Investment Division, said calls are being answered in under 10 minutes as a result of more staff and stifling the “voice bots.”
How to communicate with purpose
Effective communication is an essential skill for accountants and finance professionals. Here are five basic tactics that impactful communicators use.
The number of CFOs who are women hits an all-time high
The percentage of CFOs who are women hit an all-time high last year, and racial and ethnic minorities also continue to make gains in obtaining roles in the C-suite, according to an annual report from Crist Kolder.
Using ChatGPT with Excel
This month’s column explains how the new AI tool known as ChatGPT can help with challenging Excel tasks such as creating PivotTables and writing macros.
How corporate boards can forge healthy relationships with managers
Boardrooms that foster strong working relationships are good for business. The National Association of Corporate Directors offers some advice.
New online portal available for businesses to file Forms 1099
Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.
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