Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
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Restaurant industry recovery aided by CPAs, 2 leaders with longtime ties
CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.
Content for redesigned CPA Exam takes shape
The AICPA released a survey seeking feedback on the preliminary content proposed for the redesigned CPA Exam, which would be assessed in three sections that will comprise the Core of the Exam, plus material that would assess candidates’ knowledge in one of three Disciplines they choose under the new CPA Evolution licensure model.
SBA officially closes Restaurant Revitalization Fund
The SBA announced the closure of the Restaurant Revitalization Fund with a final tally of how it awarded the program’s $28.6 billion in funding.
Last of the ‘Dirty Dozen’: Schemes peddled by tax promoters
The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.
Farm businesses receive guidance on tax treatment of losses
The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
Bank information can now be updated on child tax credit portal
The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.
Proposed bill to regulate tax preparers has AICPA support
A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.
More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys
The IRS warns of tax-related scams in a third of four installments.
ASB addresses agreed-upon procedures for asset-backed securities
The AICPA Auditing Standards Board issued a statement of position Wednesday on performing agreed-upon procedures related to third-party due diligence services on rated Exchange Act asset-backed securities.
Next batch of ‘Dirty Dozen’ warns of personal info scams
In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.
Supreme Court declines to take up remote worker taxation case
The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.
IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021
Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.
Fighting fraud with business continuity planning
Preparation may be the best defense against fraud when disaster strikes.
SBA may be dropping PPP Loan Necessity Questionnaire requirement
Indications are that businesses with Paycheck Protection Program loans of $2 million or more will not have to submit a Loan Necessity Questionnaire when applying for forgiveness of their loans.
Tax consequences of nonfungible tokens (NFTs)
These new blockchain-created digital assets may be treated as intangibles for tax purposes, but a dearth of guidance leaves questions.
FASB asks for feedback on standard-setting agenda
FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).
Cultivate good online shopping habits
An AICPA survey shows two in five Americans struggle to stick to their monthly budget due to online shopping.
Business travel resuming for many after pandemic-related cuts
More than one-third of finance leaders say their organizations are resuming customary business travel or plan to do so by the end of the year.
ESG assurance: An emerging opportunity for CPAs
As momentum grows for environmental, social and governance disclosures, ESG assurance opportunities are expected to present themselves for CPAs, who currently are performing a small fraction of these engagements in the US.
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