Unprecedented federal relief expenditures of the Coronavirus State and Local Fiscal Recovery Funds left many small governments in need of single audits for the first time.
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IRS’s FATCA enforcement fell short, TIGTA says
Initial plans for the Foreign Account Tax Compliance Act’s regime of reporting US taxpayers’ foreign bank accounts and other financial assets largely have stalled, the Treasury Inspector General for Tax Administration reports.
More Schedule K-2 and K-3 FAQs posted
In eight new FAQs on its website, the IRS covers some special issues, including several that it says will be added to the forms’ instructions.
Letters from IRS to warn taxpayers about possible QOF actions needed
The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds .
Acute IRS challenges had chronic origins, GAO reports
The US Government Accountability Office draws lessons for the IRS in handling taxpayer return errors, processing those returns more timely and serving taxpayers’ needs.
NTA calls for more time to contest denial of refund or credit claim
National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.
IRS commissioner to senators: ‘Our efforts are working’
Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.
CPA firms show progress in diversity amid pipeline challenges
The AICPA’s 2021 Trends report provides information on the status of education, hiring, leadership and diversity in the accounting profession.
IRS eases application process for US residency certification
New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.
Proposed regulations revise premium tax credit’s affordability test
The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.
How to fix a broken supply chain
Fueled by increased demand and exacerbated by worker and equipment shortages, the global supply chain has been in a chaotic state for over two years.
How the war in Ukraine affects auditors’ responsibilities
Economic conditions and the environment many companies face have changed substantially as a result of Russia’s invasion of Ukraine.
Climate change: What the SEC proposal means for companies, auditors
The SEC’s recently issued climate change disclosure proposal would require companies to embrace a comprehensive, sophisticated approach to climate reporting.
FASB addresses troubled debt, vintage disclosures in CECL standard
FASB changed its credit losses standard, eliminating accounting guidance for troubled debt restructuring by creditors and enhancing disclosure requirements for vintage disclosures.
National taxpayer advocate directs IRS to implement scanning technology
Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.
How to navigate new disclosures for government assistance
After a rush of government programs provided pandemic-related relief, the Financial Accounting Standards Board issued a standard requiring new disclosures for government assistance.
The pros and cons of delaying Social Security
Make sure your decision about when to claim Social Security benefits is an informed one that takes into consideration your expected longevity along with various financial and other factors.
‘SECURE 2.0’ would further expand retirement savings options
Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
SPACs would face new disclosure requirements under SEC proposal
The SEC proposed rules that are intended to provide investors with more information and protection in initial public offerings by special purpose acquisition companies.
FASAB proposes conforming amendments to 4 technical releases
A proposal issued Wednesday by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board would amend four federal government accounting standards technical releases to conform with recently issued guidance.
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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
