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FASB adds three new projects to technical agenda
FASB announced the addition of three new projects to its technical agenda based on feedback received during its 2021 agenda consultation project.
Survey: LGBT+ employees feel supported by inclusion initiatives
A majority of LGBT+ respondents to a Deloitte survey are more inclined to remain with their current employer because of their inclusion initiatives, although noninclusive behaviors remain a concern.
IRS sets procedure for Superfund list changes
The IRS also has posted general Superfund FAQs and tax rates for some chemical substances subject to the recently reinstated excise tax.
Cannabis: Opportunities for CPAs in a multibillion-dollar industry
CPAs across the U.S. are investing resources in a flourishing $25 billion industry: cannabis. As more states legalize cannabis each year, the AICPA & CIMA Cannabis Industry Conference, Aug. 8–10, shows how you can enter the field.
Regs. proposed for present value of estate deductions
Administrative expenses and claims against estates allowable under Sec. 2053 beyond a three-year grace period would be discounted for current deduction, under proposed rules issued by the IRS.
AICPA publishes Q&A to explain SEC guidance on cryptoassets
The AICPA has published a set of questions and answers that explains recently released SEC staff guidance regarding the accounting for entities that have obligations to safeguard cryptoassets held for their platform users.
IRS extends e-filing to more 1040-series amended returns
Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.
PEEC and ASB issue new requirements for CPAs regarding NOCLAR
New interpretations of noncompliance with laws and regulations (NOCLAR) coincide with an ASB standard regarding prospective auditors’ NOCLAR responsibilities.
National Taxpayer Advocate report targets IRS service
In her Objectives Report to Congress for fiscal 2023, National Taxpayer Advocate Erin Collins describes steps the IRS can take to improve its return and correspondence processing and telephone service to taxpayers.
PCAOB amends auditing standards to strengthen requirements
The PCAOB adopts amendments to its auditing standards to strengthen requirements that apply to audits involving multiple firms.
Supreme Court to resolve FBAR penalty dispute
By agreeing to hear a Romanian-born businessperson’s appeal, the Supreme Court will address a circuit split over how to stack maximum penalties for multiple nonwillful civil violations for failure to file the FBAR.
IRS voice bots help set up payment plans
The IRS deploys more AI-powered phone abilities, enabling taxpayers calling the Service to authenticate their identifies and arrange to pay tax liabilities.
GASB streamlines guidance on compensated absences with unified model
The GASB updates the model for compensated absences to enhance recognition and measurement requirements and simplify disclosure requirements.
Survey reveals need for businesses to build trust with consumers
A PwC survey finds that consumers don’t trust companies on nearly the level that business leaders believe they do.
Senate Finance airs post-Wayfair sales tax burdens
Small business owners describe scrambling to comply with varying sales tax compliance rules across a welter of jurisdictions.
Better taxpayer service among GAO priorities for IRS
The US Government Accountability Office’s 25 top to-do items for IRS tax administration focus on service, tax fraud, cybersecurity, information reporting, audits and staffing.
Addressing continued rise in Sarbanes-Oxley Act compliance costs
An annual survey reveals higher compliance costs in 2022 and suggests that automation may present a path to better efficiency.
FASB invites stakeholders to share views on accounting for government grants
FASB is seeking feedback on whether IAS 20 represents a workable solution for improving generally accepted accounting principles for business entities as it relates to the accounting for government grants.
GASB guidance focuses on improving, clarifying standards for accounting changes
GASB issued guidance designed to improve the accounting and financial reporting requirements for accounting changes and error corrections.
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