National Taxpayer Advocate Erin Collins writes on her blog that there’s little time left for the IRS to clear its backlog by end of 2022 as the IRS commissioner promised Congress earlier this year.
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Plan approval program expands to Sec. 403(b) retirement plans
The IRS and Treasury will allow churches, public schools, and charities with Sec. 403(b) retirement plans use the same individually designed retirement plan determination letter program that qualified retirement plans use.
Practitioner Perspectives series to continue within IRS Appeals
The Practitioner Perspectives series will continue at the IRS Independent Office of Appeals as part of the office’s focus guide for fiscal year 2023. During the series, tax practitioners share insights and feedback with Appeals employees.
IRS seeks comments on several green energy tax credits
The IRS asks for comments by Dec. 3 on tax credits included in the Inflation Reduction Act, including the commercial clean vehicles provision.
FASB seeks comment on proposed improvements to GAAP taxonomy
FASB is seeking comments on the Proposed Improvements for the 2023 GAAP Financial Reporting Taxonomy Reference Project.
CEOs cite consequences of not meeting expectations related to ESG
Global business leaders say the impact of ESG goes beyond simply satisfying investors and accounting standards.
National taxpayer advocate has concerns about $400,000 audit promise
National Taxpayer Advocate Erin Collins expressed concern for voluntary compliance amid Treasury’s promise that increased IRS funding will not be used to audit people earning under $400,000. She spoke during a session at the annual AICPA & CIMA National Tax Conference.
NOCLAR: What CPAs in public practice need to know
Here is a summary of the key requirements that apply to members in public practice when offering services to clients, and how CPAs can understand, advise, communicate, withdraw, and document details when faced with NOCLAR.
Past commissioners set optimistic tone for next IRS commissioner in AICPA panel
Two former IRS commissioners addressed the agency’s issues at an AICPA panel and sounded a note of optimism for the future, based on new funding and pending technology improvements.
NOCLAR: What CPAs in business should know
New interpretations of AICPA’s Code of Professional Conduct contribute to the fight against financial fraud, money laundering, bribery, and other noncompliance issues. Learn more about your role and specific steps you can take when encountering NOCLAR.
Growing tax gap shows need for better service, compliance, IRS says
The difference between taxes owed and taxes paid was $496 billion annually for tax years 2014 through 2016, and that figure is likely to grow, the IRS said.
IRS hires 4,000 customer service reps, plans to hire 1,000 more
The IRS announced that it has hired new customer service representatives, who will be trained to provide help to taxpayers in time for the 2023 tax season.
New process provided for anonymous reporting of ERC mills
In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.
FASB seeks input on proposed changes to accounting for joint ventures
The proposed Accounting Standards Update intends to provide investors and other allocators of capital (collectively, investors) with more decision-useful information in a joint venture’s separate financial statements and reduce diversity in practice in this area of financial reporting.
SEC adopts two rules, proposes a third
Adopted rules aim to ensure that company executives return erroneously awarded compensation and that mutual fund investors receive transparent information. A proposed rule adds to investment advisers’ responsibility to their clients.
Talent trends: Offering hybrid work model is only the start
Most CFOs expect to offer a hybrid work model for the foreseeable future, a decision that may help with talent acquisition but that could create new obstacles related to talent retention.
IRS initiates pilot program to thwart line-jumping on PPS calls
The IRS has begun a pilot program designed to thwart services that let callers jump ahead in the IRS Practitioner Priority Service phone queue.
When is a Roth conversion beneficial?
When deciding whether to convert a traditional IRA to a Roth, several factors should be considered, including some that might not be immediately obvious.
Retirement account inflation adjustments issued for 2023
The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.
Resources for organizations requiring an audit related to COVID-19 relief
AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.
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