Struggling to hold on to employees or find new ones, more companies expect to raise pay and offer flexible work options, a survey of CPA decision-makers shows.
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Billionaire minimum tax could pose difficulties
The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.
FASB issues expanded hedge accounting standard
The Financial Accounting Standards Board (FASB) has published an Accounting Standards Update designed to better align hedge accounting with an organization’s risk management strategies.
Biden proposes higher corporate tax rate, 20% billionaire minimum tax
Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
BBA partnership audits show high no-change rate, TIGTA says
The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget Act.
SEC seeks to regulate principal trading firms
The SEC proposed new rules Monday that would require certain entities, most notably principal trading firms, to register with the Commission and to comply with federal securities laws and regulatory obligations.
Various exempt organization notices paused
Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.
IRS reproposes unified plan rule exception for multiple-employer plans
Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.
3 ways NFPs can adapt online to the new economic climate
Telling compelling narratives online by leveraging influencers, TikTok, and freelancer platforms can increase opportunities for not-for-profits.
Lease accounting urgency ramps up for not-for-profits
After numerous effective date delays, not-for-profits are running out of time to implement the Financial Accounting Standards Board’s new lease accounting standard.
TIGTA: IRS inefficiencies worsened backlog
An audit by the Treasury Inspector General for Tax Administration recommends improvements in staff deployment, equipment and procedures.
Proposal would supersede auditing standard for group audits
The AICPA Auditing Standards Board is seeking comments on a proposed Statement on Auditing Standards that seeks to strengthen the auditor’s approach to planning and performing group audits and to improve the quality of such audits.
Roth IRAs: Are they right for your client?
The choice between a Roth IRA and a traditional IRA in saving for retirement depends on the person’s age, tax bracket, expected future earnings and other factors.
Individual taxpayers must answer cryptoasset question, IRS notes
Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
Accounting firm professionals name their favorite TED talks
Seven CPAs describe their favorite TED talks and why they find them inspiring.
Finding ‘untapped’ talent pools of CPAs
Now may be the time to rethink hiring strategies and cast a wider net for talent acquisition.
New SEC proposal would ramp up climate-change disclosures
Public companies would be required to disclose climate-related risks and financial statement metrics under a much-awaited proposal issued by the SEC.
PEEC issues wide range of ethics guidance for CPAs
Ethics guidance changed this week for CPAs as a result of new interpretations and revised interpretations issued by the AICPA Professional Ethics Executive Committee.
The state of US not-for-profits: More demands, fewer resources
A new survey by BKD CPAs & Advisors finds that most US not-for-profits are adding new services to meet increased demand despite facing shortfalls in funding and staffing.
Commissioner to Congress: IRS will clear backlog by year’s end
Testifying before a House subcommittee, Charles Rettig describes progress in meeting lingering pandemic challenges.
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