The U.S. GAO recommended that the IRS pilot videoconferencing for its program singling out “high-risk” return preparers for direct compliance checks and education with respect to refundable tax credits and other taxpayer tax benefits.
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Congressional Democrats faced with ticking clock on reconciliation package
Negotiations on a reconciliation bill — a successor to the Build Back Better proposal — continue in Congress. But negotiators face a Sept. 30 deadline to get the bill passed.
AICPA recommends additional IRS backlog measures
Looking ahead to next filing season, the AICPA renews previous calls for taxpayer relief and administrative remedies to help the IRS clear overages in its return and correspondence inventories.
TIGTA: Delayed screening of IRS new hires risked taxpayer data
Temporary waiving of fingerprinting and identification procedures for new federal employees due to the pandemic could have allowed access to taxpayer data by individuals who were ineligible for federal employment.
How to advise clients buying vacation rental property
CPA financial planners can help vacation rental owners to maximize profit and peace of mind and minimize surprises.
Estates can now request late portability election relief for 5 years
The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.
GASB issues enhanced concepts for notes to financial statements
The GASB issued a concepts statement to guide the board when establishing note disclosure requirements for state and local governments — part of its response to research reexamining existing note disclosure requirements.
Feedback sought for redesigned 2024 CPA Exam Blueprints
The proposed exam’s design is driven by a desire to assure that newly licensed CPAs possess the skills needed to hit the ground running.
Audit partners see signs that inflation will persist
Three-fourths of public company audit partners believe inflation will persist for at least 12 months, according to a Center for Audit Quality survey.
Proposed regs. would define Sec. 1256 foreign currency contracts
The IRS’s definition would exclude foreign currency options or other derivatives, but such instruments may still be subject to the Sec. 1256 mark-to-market rules under other provisions.
Top 25 firm Cherry Bekaert reveals transformative private equity investment
Cherry Bekaert LLP has become the latest top 25 firm to attract private equity funding, announcing that Parthenon Capital has made a strategic investment that splits the Raleigh, NC-based firm into two parts.
GASB issues proposal requiring disclosure of certain governmental risks
Stakeholders can comment on the GASB’s draft of a proposal that would require governments to disclose information that could affect their level of services or their ability to meet obligations as they come due.
FASB issues standard to improve fair value guidance for equity securities
FASB issued an Accounting Standards Update that improves financial reporting for investors and other financial statement users.
PCAOB reveals selected areas of focus for 2022 inspections
The report highlights 10 areas of focus for inspections and shares five key reminders aimed at helping auditors as they navigate the current economic landscape.
Tips for managing remote workers
CPAs suggest strategies for helping staff stay productive and connected wherever they are working.
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.
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