New interpretations of noncompliance with laws and regulations (NOCLAR) coincide with an ASB standard regarding prospective auditors’ NOCLAR responsibilities.
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National Taxpayer Advocate report targets IRS service
In her Objectives Report to Congress for fiscal 2023, National Taxpayer Advocate Erin Collins describes steps the IRS can take to improve its return and correspondence processing and telephone service to taxpayers.
PCAOB amends auditing standards to strengthen requirements
The PCAOB adopts amendments to its auditing standards to strengthen requirements that apply to audits involving multiple firms.
Supreme Court to resolve FBAR penalty dispute
By agreeing to hear a Romanian-born businessperson’s appeal, the Supreme Court will address a circuit split over how to stack maximum penalties for multiple nonwillful civil violations for failure to file the FBAR.
IRS voice bots help set up payment plans
The IRS deploys more AI-powered phone abilities, enabling taxpayers calling the Service to authenticate their identifies and arrange to pay tax liabilities.
GASB streamlines guidance on compensated absences with unified model
The GASB updates the model for compensated absences to enhance recognition and measurement requirements and simplify disclosure requirements.
Survey reveals need for businesses to build trust with consumers
A PwC survey finds that consumers don’t trust companies on nearly the level that business leaders believe they do.
Senate Finance airs post-Wayfair sales tax burdens
Small business owners describe scrambling to comply with varying sales tax compliance rules across a welter of jurisdictions.
Better taxpayer service among GAO priorities for IRS
The US Government Accountability Office’s 25 top to-do items for IRS tax administration focus on service, tax fraud, cybersecurity, information reporting, audits and staffing.
Addressing continued rise in Sarbanes-Oxley Act compliance costs
An annual survey reveals higher compliance costs in 2022 and suggests that automation may present a path to better efficiency.
FASB invites stakeholders to share views on accounting for government grants
FASB is seeking feedback on whether IAS 20 represents a workable solution for improving generally accepted accounting principles for business entities as it relates to the accounting for government grants.
GASB guidance focuses on improving, clarifying standards for accounting changes
GASB issued guidance designed to improve the accounting and financial reporting requirements for accounting changes and error corrections.
Midyear IRS mileage rate increase follows precedent, recent pleas
Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.
Tax-avoidance schemes round out ‘Dirty Dozen’
The IRS highlights additional abusive taxpayer arrangements and tactics as its annual “Dirty Dozen” series ends.
Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions
A document issued Thursday by Treasury offers clarity related to, for example, tax and management consulting services that would not be prohibited by the U.S. sanctions announced last month.
Standard mileage rate to increase for last half of 2022
Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.
‘Dirty Dozen’: Spear phishing targets tax pros
Emails appearing to come from the IRS or a tax software provider may aim to steal tax return preparers’ account and client information.
IRS warns of impostors in ‘Dirty Dozen’
The IRS’s annual series continues with caveats about fake communications intended to bilk taxpayers out of their tax and financial information.
IRS challenges emerge as top concern for firms
Challenges when working with the IRS emerged as the top issue for firms with 10 or fewer professionals, according to the 2022 AICPA Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey.
‘OIC mills’ and ‘ghost’ preparers in ‘Dirty Dozen’
Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.
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