CNA, which has policies with 25,000 AICPA member accounting firms, said in a statement last week that its professional liability policies generally will cover work services associated with the Corporate Transparency Act, which includes rules for BOI reporting.
AICPA Advocacy
Digital asset question added to more forms for 2023 tax returns
IRS adds a question about digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts.
The AICPA’s tax policy and advocacy work: 2023 highlights
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
IRS expands access to business tax accounts, adds features
Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.
AICPA issues guidance on potential mobility changes
As states propose changes to CPA licensure requirements, the AICPA is providing crucial mobility guidance for CPAs and firms. Read the overview to understand the issue and review the checklist to see how to continue to practice successfully and remain in compliance should changes take effect.
AICPA, others call for a one-year extension of BOI report deadline
In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA says the additional time will give all businesses a fair and reasonable time frame to become aware of the new and complex rule.
COVID-19 changes allowing e-signatures made permanent
A temporary COVID-19 change to allow e-signatures on some forms, documents, and returns has been made permanent in the Internal Revenue Manual. The AICPA had advocated for making this change to the e-signature rules permanent.
‘As if they were never filed’: IRS outlines steps to withdraw ERC claims
The withdrawal program is one step that the IRS is taking to help small businesses that may have filed an ineligible claim while also cracking down on unscrupulous promoters.
AICPA backs legislation to add accounting to STEM education
The recently introduced bills would increase awareness of accounting at an earlier age through the use of federal funding “to promote the development, implementation, and strengthening of programs to teach accounting.”
Unanswered calls, backlog of mail: IRS plan for government shutdown
The contingency plan calls for furloughs of two-thirds of IRS staff, which Treasury said will result in “significant harmful impacts” on taxpayers.
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