The bill’s semiconductor production incentives would include a new 25% investment credit.
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NEWS
AICPA & CIMA comment on ISSB drafts of sustainability disclosures
A comment letter applauds efforts to develop global standards for disclosing sustainability information and provide suggestions related to the two exposure drafts.
Business leaders may consider cuts to M&A, ESG budgets
If economic challenges continue, a survey finds that mergers and acquisitions could be the first area that CFOs and CEOs target for budget cuts, followed by environmental, social, and governance.
IRS seeks transformation in new 5-year plan
The IRS’s fiscal 2022–26 Strategic Plan sets out goals to modernize its operations and interactions with taxpayers while adapting to new challenges and threats.
FASB proposes changes to transition requirements in insurance guidance
FASB issued a proposed Accounting Standards Update (ASU) that would amend transition guidance in an update from 2018 for long-term insurance contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the effective date.
What new managers wish they’d known
CPAs offer advice to help leaders as they begin their management roles.
Pandemic-paused IRS return preparer visits could resume by video
The U.S. GAO recommended that the IRS pilot videoconferencing for its program singling out “high-risk” return preparers for direct compliance checks and education with respect to refundable tax credits and other taxpayer tax benefits.
Congressional Democrats faced with ticking clock on reconciliation package
Negotiations on a reconciliation bill — a successor to the Build Back Better proposal — continue in Congress. But negotiators face a Sept. 30 deadline to get the bill passed.
AICPA recommends additional IRS backlog measures
Looking ahead to next filing season, the AICPA renews previous calls for taxpayer relief and administrative remedies to help the IRS clear overages in its return and correspondence inventories.
TIGTA: Delayed screening of IRS new hires risked taxpayer data
Temporary waiving of fingerprinting and identification procedures for new federal employees due to the pandemic could have allowed access to taxpayer data by individuals who were ineligible for federal employment.
How to advise clients buying vacation rental property
CPA financial planners can help vacation rental owners to maximize profit and peace of mind and minimize surprises.
Estates can now request late portability election relief for 5 years
The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.
GASB issues enhanced concepts for notes to financial statements
The GASB issued a concepts statement to guide the board when establishing note disclosure requirements for state and local governments — part of its response to research reexamining existing note disclosure requirements.
Feedback sought for redesigned 2024 CPA Exam Blueprints
The proposed exam’s design is driven by a desire to assure that newly licensed CPAs possess the skills needed to hit the ground running.
Audit partners see signs that inflation will persist
Three-fourths of public company audit partners believe inflation will persist for at least 12 months, according to a Center for Audit Quality survey.
Proposed regs. would define Sec. 1256 foreign currency contracts
The IRS’s definition would exclude foreign currency options or other derivatives, but such instruments may still be subject to the Sec. 1256 mark-to-market rules under other provisions.
Top 25 firm Cherry Bekaert reveals transformative private equity investment
Cherry Bekaert LLP has become the latest top 25 firm to attract private equity funding, announcing that Parthenon Capital has made a strategic investment that splits the Raleigh, NC-based firm into two parts.
GASB issues proposal requiring disclosure of certain governmental risks
Stakeholders can comment on the GASB’s draft of a proposal that would require governments to disclose information that could affect their level of services or their ability to meet obligations as they come due.
FASB issues standard to improve fair value guidance for equity securities
FASB issued an Accounting Standards Update that improves financial reporting for investors and other financial statement users.
PCAOB reveals selected areas of focus for 2022 inspections
The report highlights 10 areas of focus for inspections and shares five key reminders aimed at helping auditors as they navigate the current economic landscape.
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