The AICPA Auditing Standards Board issues SAS No. 149 and SQMS No. 3. SAS No. 149 introduces the term “referred-to auditor” and revises the definition of component auditor.
Advertisement
NEWS
Saving for college: The new 529-to-Roth IRA transfer rule
A provision in the SECURE 2.0 Act enables greater flexibility in saving for children’s education while also helping 529 plan beneficiaries to get a jump-start on retirement savings.
In-person IRS tax forums scheduled for first time since pandemic start
The three-day forums, last held in person in 2019, are designed specifically for CPAs and other tax professionals.
How to handle state unclaimed property notices
Find out the types of unclaimed property notices companies receive and best practices on handling them.
Lookback period extended for refunds related to pandemic postponements
In determining the beginning of the lookback period for refund claims for returns with due dates postponed by Notice 2021-21 or Notice 2020-23, the IRS will disregard the periods from April 15, 2020, to July 15, 2020, and from April 15, 2021, to May 17, 2021. This change will align the lookback periods with the postponed return filing due dates.
Supreme Court holds FBAR penalty is imposed per report, not per account
The Supreme Court held that the $10,000 maximum penalty for the nonwillful failure to file a compliant report applies on a per-report, not a per-account, basis.
District Court holds IRS owes tax preparers partial refund of PTIN fees
A district court held that the PTIN fees charged by the IRS from 2011 to 2017 were excessive and ordered the IRS to determine an appropriate partial refund of the fees.
FAF debuts enhanced access to online accounting standards
The Financial Accounting Foundation released its free, enhanced online access to the FASB Accounting Standards Codification and the GASB Governmental Accounting Research System.
Opportunity knocks for firms as ESG reporting, assurance levels rise
More large companies than ever are reporting ESG data and obtaining assurance, according to a global survey, prompting many U.S. audit firms to explore how to best position themselves for an increased role.
Taxpayers in disaster areas of 3 states have until Oct. 16 to file returns
Taxpayers in most of California and parts of Alabama and Georgia have had their tax filing and payment deadlines further extended to Oct. 16. The postponement covers a wide variety of returns and taxes.
First global sustainability standards approach the finish line
The International Sustainability Standards Board announces that IFRS S1 and IFRS S2 will be released in June and effective for some companies in 2024.
Final regs. expand company e-filing requirements
Final regulations require certain companies to e-file returns for tax years ending on or after Dec. 31, 2023, and lower the e-filing requirement threshold to 10 returns.
AICPA recommends 12 digital asset FAQs for IRS to post online
The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.
Taxpayers can now submit information online in response to 9 IRS notices
The change could help over 500,000 filers annually who receive these notices, including those who receive credits such as the child tax credit, the IRS said.
IRS misses Friday deadline to turn over $80 billion spending plan
Treasury Secretary Janet Yellen ordered the IRS to have the plan to her by Feb. 17. An IRS spokesman said the agency “expects to deliver the plan to the Secretary in coming weeks.”
AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code
The 2023 AICPA Compendium of Tax Legislative Proposals — Simplification and Technical Proposals, which includes 61 proposals covering a wide variety of subjects, opens with a proposal to standardize definitions in the Internal Revenue Code so that terms have the same meaning throughout the Code.
SEC adopts rule changes to reduce risks, proposes two other rules
The SEC adopted rule changes to reduce risks in clearance and settlement, shortening the standard settlement cycle for most broker-dealer transactions in securities, and proposed two other rules.
Some corporate taxpayers eligible for IRS CAP pilot on prefiling feedback
The IRS announced on Monday a new pilot phase Compliance Assurance Process (CAP) program called Bridge Plus to provide prefiling return review to some large corporate taxpayers in the Bridge phase.
How firms can support employees with sick kids
Accounting firms can support employees with sick children who struggle to balance caregiving responsibilities with work duties. Find out how.
Taxpayers can exclude certain 2022 state payments from federal returns
Taxpayers who received certain general welfare or disaster relief payments or refunds in 2022 will not have to include them in income on their federal returns, the IRS announced on Friday.
Features
FROM THIS MONTH'S ISSUE
Data governance: How finance builds trust in data
Learn how finance can use data governance to improve data quality, strengthen internal controls, and build trust in business data.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
