AICPA leaders highlight the profession’s opportunities for CPAs from diverse backgrounds.
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NEWS
Audit committee cybersecurity disclosures on the rise
The number of public company audit committees that disclose their role in cybersecurity risk oversight has grown dramatically over the past five years, according to a Center for Audit Quality report.
Companies embrace unusual new strategies to survive a labor crunch
With millions of jobs vacant, company leaders are being tested. Here are some ways smaller businesses are coping with multiple openings and trying to recruit new talent.
FAQ guidance on income change reporting for advance child tax credit
The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.
Employee retention credit: Opportunities remain
The employee retention credit was created in March 2020, but changing requirements have caused some confusion over eligibility. It’s important for businesses and their tax preparers to know who can take the credit and how much relief they can receive.
Tax treatment of COVID-19 homeowner relief payments clarified
A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
PCAOB gets new chairperson, board members
Erica Williams has been named chairperson of the Public Company Accounting Oversight Board. She will be joined on the board by Christina Ho, Kara Stein and Tony Thompson. Duane DesParte will continue his service on the board and will serve as acting chairperson until Williams is sworn in.
Infrastructure bill tax provisions include ERC termination
The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.
Serving cannabis clients: Understand the risks
Practicing due diligence and understanding state and local laws are keys to success for firms that choose to engage with this industry.
IRS makes retirement account inflation adjustments for 2022
The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.
FASAB amends lease accounting requirements
Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
Lessons in career and business development during times of disruption
Forensic accounting and valuation professionals offer advice on how to leverage career and business development at a time of uncertainty.
House approves resolution to boost financial transparency
A concurrent resolution with an objective of providing more transparency to Congress about the fiscal state of the US government passed the House by a voice vote. The Senate has yet to vote on the resolution, which has the AICPA’s backing.
Carried interest reporting FAQs and guidance posted
The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.
Quality management: ARSC pursues consistency with proposed ASB standards
The quality management standard for accounting and review services would achieve consistency, where appropriate, with that proposed for audit services under a proposal issued by the AICPA Accounting and Review Services Committee.
Say ‘yes’ to saying ‘no’
Turning down requests isn’t easy, but it’s necessary for protecting your time.
When seniors are targeted in schemes
Practitioners need to understand elder fraud and what to do when they find it.
FASB proposal would amend interim disclosure requirements
Interim disclosure requirements would be changed and clarified under a proposal issued by the Financial Accounting Standards Board.
Building DEI for the future profession
Both accomplished leaders and young professionals are among the many people working to advance the accounting profession’s diversity, equity, and inclusion efforts for the future. Read insights and experiences from DEI leaders as well as some 40 Under 40 Black CPA Award winners on how to expand Black CPA representation in the profession.
FASB addresses contract assets, liabilities acquired in a business combination
Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard.
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From The Tax Adviser
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Sec. 338(h)(10) elections in business acquisitions
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