The IRS announced late in December that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations so that it will not apply to transactions in 2022.
Advertisement
NEWS
Prop. regs. to provide withholding relief on sales of foreign PTPs
The IRS announced that it will issue proposed regulations providing some relief to brokers that are required to withhold on the transfer of an interest in a publicly traded partnership (PTP) if the PTP is a foreign-traded entity.
FASB defers sunset date of reference rate reform guidance
FASB extended the period of time preparers can use the reference rate reform relief guidance by two years, to 2024.
2023 brings lots of new to the IRS while keeping one problem: backlogs
The IRS and a possible new commissioner have until Feb. 17, 2023, to advise Treasury Secretary Janet Yellen how they plan to spend $80 billion that Congress budgeted for the agency over the next 10 years.
PCAOB proposes new auditing standard
The PCAOB issued a proposed new standard that is designed to strengthen and modernize the requirements for the auditor’s use of confirmation.
5 ways firms can use technology to transform audits
Technology has been transforming audits for years, and that trend will only accelerate with the Statement on Auditing Standards (SAS) No. 142, Audit Evidence, which took effect on Dec. 15, 2022.
Quiet your inner critic
Here are ways to control that judgmental voice in your head that makes you question your abilities and achievements.
FASB releases GAAP Taxonomy reports
FASB has released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy.
FASB set to draft cryptoasset disclosure standard
The board made several tentative decisions related to the project, which will affect public and private entities, including investment companies and not-for-profits.
SEC adopts insider trading rule, proposes 4 rules to protect stock traders
While the adopted rule adds more checks and balances related to insider trading, the proposed rules aim to remedy SEC Chair Gary Gensler’s concerns that capital markets “are not as fair and competitive as possible for individual investors.”
One size does not fit all clients: SAS No. 145 on scalability
Understand the opportunities to maximize efficiency in your audits of less-complex entities. SAS No. 145 will tell you that risk assessment is not a one-size-fits-all proposition and provides opportunities to scale work throughout the process.
PCAOB gains ‘complete access’ to audit firms in China
The PCAOB confirms that China is honoring an agreement signed in August that allows the board free rein to inspect public companies that trade on the U.S. capital markets.
FASB issues updated insurance standard
The amended standard provides transition guidance for improving the accounting for long-term duration contracts.
The AICPA’s tax policy and advocacy work: 2022 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
Automatic extension provided for furnishing health coverage statements
Final regulations provide an automatic extension of time for providers of minimum essential coverage to furnish statements to individuals regarding their coverage.
Highlights: AICPA & CIMA Conference on Current SEC and PCAOB Developments
Regulators encourage accounting professionals to continue to tell their clients’ story while providing updates on the standards they’re required to uphold in the process.
Final regs. issued on centralized partnership audit regime
Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the calculation of imputed underpayments.
Prop. regs. identify syndicated conservation easements as listed transactions
In the wake of adverse decisions in the Sixth Circuit and the Tax Court, the IRS announced it is issuing proposed regulations, which it intends to finalize in 2023, that identify certain syndicated conservation easement transactions as listed transactions.
PCAOB report analyzes impact of estimates and specialists requirements
The PCAOB released a report addressing the impact of 2018 standards related to auditing accounting estimates and the auditor’s use of the work of specialists.
Domestic filing exception requirements modified in draft Scheds. K-2, K-3
Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and furnishing the 2022 schedules.
Features
FROM THIS MONTH'S ISSUE
Building a better CPA firm: Stepping up service offerings
A key step in business model modernization is determining how to implement services that satisfy clients and employees.
From The Tax Adviser
August 30, 2025
2025 tax software survey
July 31, 2025
