While it works through its return and correspondence backlog, the IRS will not send out certain letters and notices, including for delinquent returns and payments.
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SEC proposes new rules for private equity
Agency seeks comment on new requirements, including one that would mandate that registered fund advisers provide quarterly statements to investors.
Tax pros share IRS service challenge stories, solutions
The Tax Professionals United for Taxpayer Relief Coalition held an online session to examine possibilities of its four recommendations for improved IRS assistance and taxpayer relief.
TQA addresses health care accounting for items free of charge received for distribution
The AICPA issued nonauthoritative information addressing how for-profit health care business entities and nongovernmental not-for-profit health care entities may consider accounting for vaccines or other pharmaceuticals, medical supplies, or equipment received free of charge for distribution to specified patients.
IRS backs away from facial recognition
The IRS scrapped plans to require individuals to authenticate their identities with facial-recognition technology to use certain online services after the plans prompted scrutiny, including from Congress.
Proposal would amend auditing standard for compliance audits
The AICPA Auditing Standards Board is seeking comment on a proposed Statement on Auditing Standards that would update the appendix in AU-C Section 935, Compliance Audits.
AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals
The Service deploys an “inventory surge team” to tackle backlog while a coalition of tax professionals including the AICPA continues its call for specific relief measures.
SBA details process to appeal partial PPP loan forgiveness decisions
A recent notice from the US SBA outlines a new process for PPP borrowers to appeal partial loan forgiveness decisions made by their lender.
Federal security agencies warn of potential Russian-sponsored cyberattacks
A joint cybersecurity advisory from the Cybersecurity and Infrastructure Security Agency, the FBI, and the NSA urges businesses and other organizations, to step up their cybersecurity mitigation and detection efforts.
Clarified peer review standards approved by Peer Review Board
The AICPA Peer Review Board approved guidance that is designed to make peer review guidance for CPA firms and peer reviewers easier to read, understand and apply.
Single audit guidance for 7 programs provided in OMB’s Addendum 2
The OMB issued a second addendum to its 2021 Compliance Supplement for single audits.
Avoid these 8 PowerPoint mistakes
PowerPoint blunders can make your presentations painful to sit through. Try these tips to make your talks clearer, more concise and more memorable.
Cyberattacks via Excel add-ins jump nearly 600%
Report finds huge surge in malware infections via .XLL files.
PCAOB seeks input on plans for new advisory groups
The PCAOB is creating two new advisory groups and inviting public comment on their structure and operation. The new groups are the Standards and Emerging Issues Advisory Group and the Investor Advisory Group. The comment period runs through Feb. 28.
List of automatic tax method changes updated
A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.
‘Quick’ carryback tax refunds took nearly double the 90-day deadline
Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a US Government Accountability Office study finds.
Companies urged to bolster defenses against ‘triple threat’
Businesses are experiencing more, and more costly, incidents of fraud, compliance breaches and cyberattacks but are not doing enough to protect themselves, KPMG says in its 2022 Fraud Outlook report, A Triple Threat Across the Americas. The report recommends five steps companies can take to mitigate the risk of losses to this “triple threat” of dangers.
IRS: ‘Limited group’ getting erroneous Letters 6419
The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.
AICPA notes IRS announcement on notices, asks Service to do more
The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.
Cryptoasset accounting: Tips for common scenarios
The evaluation of whether contracts involving cryptoassets contain embedded derivatives, and borrowing, lending and mining of cryptoassets all come with complex accounting implications. This nonauthoritative guidance can steer entities in the right direction on reporting the performance of these assets more consistently in the financial statement.
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