Continuing problems in timely processing of returns and correspondence may threaten more headaches.
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IRS to accept 2021 tax returns starting Jan. 24
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
New R&D credit documentation requirements clarified
Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.
What’s new for 2022 in federal taxes
A law change and some regulations take effect while an array of provisions expire.
Treasury rule provides flexibility for state and local government pandemic aid
State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds program.
GASB to consider governmental going concern standards
GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.
Single audit clarity provided related to pandemic relief programs
An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.
FASB issues 2 new financial accounting concept statements
Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.
Lenders should not report student loans discharged under ARPA
The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.
How companies are responding to rising pressure on wages and benefits
Leaders are employing a range of strategies to keep workers; some save costs elsewhere to invest in employee training and benefits. One-fourth of companies are offering signing bonuses.
FASB ASU addresses supplier finance programs
A proposed Accounting Standards Update would help investors and others better consider the effects on a buyer’s working capital, liquidity and cash flows. The comment deadline is March 21.
SALT payments before year end a priority for passthroughs
To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.
Standard mileage rates to go up in 2022
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
Protect staff’s mental health with true time off
PTO isn’t as fulfilling as it could be when staff feel the need to respond to work emails on days off or anticipate coming back to full inboxes.
IRS issues accounting-method change procedures for small businesses
New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.
ESG assurance opportunities likely to grow for CPA firms
Companies may need more rigorous assurance on environmental, social, and governance data as regulatory obligations emerge. CPA firms are poised to deliver.
Digital assets, intangibles among priorities on FASB’s new research agenda
FASB updated its research agenda Wednesday in response to comments received in a consultation earlier this year.
SEC addresses share buyback disclosures, insider trading rules
The Securities and Exchange Commission issued separate proposals Wednesday that are designed to enhance share buyback disclosures and provide protections against insider trading.
Decoding the Senate Finance Committee’s Build Back Better text
The Senate Finance Committee has released language for its portion of the reconciliation bill, which some lawmakers would like to pass before Christmas. Here’s what you need to know about the timeline and the bill, which includes several key tax provisions.
PEEC delays interpretation, adopts temporary policy statement
The effective date of the “Information Systems Services” interpretation has been further delayed by the AICPA Professional Ethics Executive Committee, which also issued a temporary policy statement related to employment statutes that may conflict with independence interpretations.
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