Company leaders leaning into the opportunity presented by the evolving ESG landscape share their success stories during the 2023 Future of Finance Virtual Summit.
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NEWS
Werfel: IRS will audit individuals under $400K at 2018 rates
The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.
New PCAOB report reviews SPAC-related audits
The report analyzes more than 100 audits of special-purpose acquisition companies and recommends several takeaways for auditors.
PCAOB reveals priorities for 2023 inspections
The board will continue to pay particular attention to financial services and broker-dealer audits while reminding all auditors to be vigilant when it comes to fraud-related risks.
Nothing left to chance: The life of a lottery auditor
Auditors are accustomed to working with numbers and moving targets, but a select few work with numbers on bouncing balls.
IRS obsoletes 1958 revenue ruling on research and experimental costs
The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.
CFO optimism is up, but cost concerns remain
Despite a potential recession on the horizon, 54% of CFOs are optimistic or very optimistic regarding the economy, according to Grant Thornton’s first-quarter CFO survey.
AICPA encouraged by IRS $80 billion strategic operating plan
In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.
Proposed regs. identify microcaptive reportable transactions
The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.
Safe-harbor language issued for amending conservation easement deeds
In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.
Public can share ideas on IRS customer service this week
Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.
FASAB issues statement to clarify lease terms
The Federal Accounting Standards Advisory Board issued a statement intended to provide targeted technical clarifications to further facilitate implementation of SFFAS 54, Leases.
Build ChatGPT into Excel
Many online resources demonstrate multiple codes or other ways to build ChatGPT into Excel and other applications.
IRS unveils $80 billion spending plan
The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.
Trust and consequences: Leaders who don’t listen pay a price
Business executives aren’t aware of many trust-damaging events that result in the loss of employees and consumers, according to a PwC survey. A proper response to these blind spots could pay dividends.
Dirty Dozen: IRS scam list includes spear-phishing warning to tax pros
On its annual list, the IRS included a warning to tax pros and businesses to be cautious about opening emails and clicking on links that could result in identity theft.
How universities are working to boost the CPA pipeline
Two universities found approaches to attract more students to accounting programs and encourage them to pursue CPA licensure.
No basis step-up for grantor trust assets if not in grantor’s estate
In a revenue ruling issued Wednesday, the IRS confirms that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust when the grantor dies if the grantor’s gross estate does not include the assets of the irrevocable trust.
COSO releases internal control guidance for sustainability reporting
COSO has published supplemental guidance that can be used to apply its internal control framework to reporting on sustainability.
Proposal aims to ‘modernize’ public-company audit standards
The PCAOB is seeking feedback on a proposal focused on modernizing core auditing principles and responsibilities for public companies.
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