Even if regulations don’t legally apply to private companies, they often apply from a practical standpoint. A new resource offers guidance on the importance of assuring sustainability data for public and private companies alike.
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IRS chief: Racial disparities in audits will be addressed within a year
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
PCAOB prioritizes two standard-setting projects
The board plans to take action in the next 12 months related to firm and engagement performance metrics and substantive analytical procedures.
AICPA joins coalition to increase awareness of new BOI requirement
Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.
FASAB seeks feedback on its existing standards
The FASAB is seeking comments on its Reexamination of Existing Standards project to ensure that its standards meet users’ needs and provide financial information that supports public accountability and transparency.
AICPA supports extending mailbox rule to electronic filing and payments
The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.
FASB issues proposed changes to profit-sharing arrangements
FASB is seeking comments on a proposed Accounting Standards Update related to guidance for entities on determining whether profits interest and similar awards should be accounted for as share-based payment arrangements.
IRS backlog lessens; agency plans to resume collection notices
The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.
Create a magnetic culture at your firm
To ensure a future of abundance, leaders must do better at attracting and nurturing talent.
How the mega-backdoor Roth works
A strategy for effectively super-funding a Roth is available to some individuals who have a 401(k) or 403(b) account through work. This article explains the basics.
Black CPAs: IRS must end higher audit rates for Black taxpayers
Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.
PCAOB enhances transparency of inspection reports
The PCAOB has enhanced its inspection reports with a new section on auditor independence and other improvements that are designed to “increase transparency by making publicly available more information that is relevant, reliable, and useful for investors and other stakeholders.”
SEC increases transparency requirements for private, public securities
One set of amendments affects advisers for large hedge funds and private-equity funds; a second set of amendments increase public company disclosures related to buybacks.
Proposed regs. provide rules for repatriation of intangible property
The regulations would terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation
IRS returns to in-person public hearings; telephone still an option
With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.
How the Financial Accounting Foundation plans to strengthen oversight
The organization’s latest effort provide a more convenient way for stakeholders with questions about due process in standard-setting to voice their concerns.
Grow your firm with intention
It’s time to question whether growth is always a good thing. Growth for growth’s sake shouldn’t be the goal.
NASBA approves one-year extension to CPA Exam window
CPA candidates would have 30 months to complete the CPA Exam once they pass the first section, pending adoption of the amendment by state boards of accountancy.
Sustaining the workforce: How sustainability can help the cause
Company leaders leaning into the opportunity presented by the evolving ESG landscape share their success stories during the 2023 Future of Finance Virtual Summit.
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.
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Help clients avoid surprises with year-end planning strategies for managing taxable income, maximizing deductions, and adjusting to OBBBA changes affecting individuals and businesses.
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