The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.
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9 facts about HSAs that might surprise your clients
Understanding health savings accounts’ useful, lesser-known features is key to helping clients make the most of this important retirement planning tool.
Switch hitter: How a baseball standout became a CPA
Felipe Crespo reached the pinnacle as a baseball player, and now he’s reaching new heights with his accounting firm in Puerto Rico.
FinCEN provides time estimates for compiling beneficial ownership details
FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.
Auditing best practices: What academic fraud research reveals
Complying with AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, when conducting financial statement audits challenges practitioners’ professional skills and knowledge regarding identification, assessment, and response to fraud risks. Academic research reveals best practices for enhancing fraud-related financial audit performance.
Auto depreciation limitations make a big leap for second year in a row
The IRS issued sharply higher new depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.
How firms use stay interviews to boost retention
Asking employees the right questions can give organizations what they need to know to hold onto staff. Learn how, when, and why to gather this valuable feedback.
FASB provides update on disaggregation project
Tentative board decisions call for entities to disaggregate costs incurred that are expensed as occurred and costs incurred that are capitalized as inventory.
IRS to accept 2022 tax returns starting Jan. 23
The IRS said that most electronic filers will receive their refund within 21 days if they choose direct deposit and there are no issues with their tax return. The deadline to file is Tuesday, April 18.
FinCEN proposes rules about access to beneficial ownership information
Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.
National taxpayer advocate: IRS in better shape now than a year ago
Erin Collins mentions improvement in her annual report to Congress, but she says the IRS still needs to deal with the unanswered phone calls, including the 16% answer rate at the Practitioner Priority Service line.
Advice for M&A professionals tasked with a finance transformation
Most mergers and acquisitions involve some form of a finance transformation, according to a new Deloitte survey that looks at related challenges and how to address them.
PEEC updates code for compliance audits
The AICPA Professional Ethics Executive Committee (PEEC) approved updates to the AICPA Code of Professional Conduct, including two new definitions and one revised definition.
Unemployment compensation exclusion corrections led to 12 million refunds
Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.
Addressing ESG: Experts advise action but also patience
Regulation is an important step to establishing a baseline for ESG reporting, but it’s only a first step, according to panelists at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
TIGTA: 14,000 taxpayers improperly subject to private collection agencies
A TIGTA audit report says the IRS wrongly included over 14,000 low-income taxpayers among those subject to private collection agencies. The IRS disputed the report, saying those taxpayers aren’t protected by the Taxpayer First Act.
Audit tips from PCAOB inspections leader
The director of the PCAOB inspections team recently issued a call to action for auditors at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
Key tax and retirement provisions in the Secure 2.0 Act
The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.
2024 CPA Exam Blueprints released
Updates to the CPA Exam Blueprints introduce flexibility and reflect the changing role and demands of today’s CPAs. Three sections of the Exam will cover Core competency skills, and the candidate can select a Discipline for the fourth section.
Business standard mileage rate increases for 2023
The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.
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