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.
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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.
How nonfilers can claim 2021 tax credits
Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.
Taxpayers need relief now, AICPA and other organizations say
The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.
Audit quality stable amid pandemic, audit committee members say
Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased or stayed the same over the past year.
Final regulations affect owners of foreign stock
Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.
IRS issues procedures for employee status determinations
Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
AICPA joins coalition seeking relief from IRS service challenges
A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.
FAQs address calculation and reconciliation of recovery rebate credit
Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.
Diversity continues to rise among CFOs and CEOs, survey shows
Data from an annual report by executive recruiting firm Crist | Kolder shows that women and racial and ethnic minorities have a greater percentage of leadership roles than in previous years.
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