It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
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NEWS
Commercial clean vehicle credit safe harbor announced for 2024
The IRS announced a safe harbor for owners of commercial clean vehicles placed in service in 2024 that will allow them to take the credit without calculating the vehicle’s “incremental cost.”
IRS announces penalty relief, resumption of collection notices
The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.
FASB addresses guidance on induced conversions of convertible debt instruments
The comment deadline on the proposed Accounting Standards Update is March 18, 2024.
IRS expands access to business tax accounts, adds features
Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.
FASB releases 2024 reporting taxonomies
The 2024 GAAP Financial Reporting Taxonomy and the 2024 SEC Reporting Taxonomy are now available, along with a taxonomy related to XBRL data.
Information-reporting penalty safe harbor finalized
The IRS issued regulations on Monday providing a de minimis safe harbor from information-reporting penalties, finalizing proposed regulations issued in 2018.
DOL report points out deficiencies in employee benefit plan audits
The report examined filings from 2020, finding that 70% of audits either fully complied with auditing standards or had minor deficiencies.
Interim guidance provided for the corporate alternative minimum tax
The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.
New FASB standard addresses income tax disclosures
In response to investors, a new Accounting Standards Update will require an increased level of disaggregation of income tax disclosures on an annual basis.
Business standard mileage rate increases for 2024
The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.
AICPA issues guidance on potential mobility changes
As states propose changes to CPA licensure requirements, the AICPA is providing crucial mobility guidance for CPAs and firms. Read the overview to understand the issue and review the checklist to see how to continue to practice successfully and remain in compliance should changes take effect.
IRS reorganizes leadership structure with 1 deputy commissioner
Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position.
FASB issues new cryptoassets standard
The Accounting Standards Update requires entities to report on certain fungible assets at fair value, with changes in fair value recognized in net income.
AICPA comments on proposed standard for sustainability assurance
The comment letter, in response to the exposure draft of ISSA 5000, shows support for the global standard while suggesting revisions to ensure it can be “consistently interpreted and applied.” The AICPA’s Auditing Standards Board is considering related changes to its attestation standards.
PEEC releases new ethics guidance related to public interest entities
The committee’s actions include a new definition of publicly traded entity and a revised definition of public interest entity. The changes will have two-tiered effective dates.
More CPA decision-makers hesitate to hire amid economic concerns
Pessimism about the U.S. economy rises in the latest quarterly Business and Industry Economic Survey, fueling a slowdown in hiring even as decision-makers remain cautiously optimistic about their own companies.
ERC disallowance letters sent to 20K+ taxpayers
The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.
Supreme Court hears arguments in challenge to Sec. 965 transition tax
At stake is up to $340 billion in tax revenue in case where couple is challenging tax that they say increased their liability by about $15,000 in 2017.
Apprenticeship program tops 100 participants in inaugural year
Seventeen employers in 15 industries are taking advantage of the talent acquisition opportunities offered by the Registered Apprenticeship for Finance Business Partners.
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From The Tax Adviser
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Sec. 338(h)(10) elections in business acquisitions
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