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Hear all about it: What’s in the December JofA

The JofA’s editor-in-chief highlights the news, features and advice that CPAs will find useful in the December issue of the magazine. Listen to the podcast or read the transcript.

Lower Form 1099-K threshold delayed again

The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.

AICPA adopts revised tax standards

AICPA members should be aware that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards are effective Jan. 1, 2024.

Line items

Moratorium imposed on new ERC claim processing to curb abuse … Guidance issued on applicability and calculation of new corporate AMT … Long-awaited guidance provided for amortization of R&E expenditures … IRS vows new enforcement efforts aided by AI … Businesses must e-file Form 8300 for $10,000+ cash payments in 2024

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.

IRS emphasizes strides as it presses to keep funding

Commissioner Danny Werfel focused on IRS efforts to get wealthy corporations and high-income individuals to pay taxes they owe as he made his case for the Service to keep both its annual appropriations and funding from the Inflation Reduction Act.

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Agentic accounting has arrived: What’s hype and what’s real?

Artificial intelligence (AI) is moving beyond chatbots and into accounting workflows. A new generation of agentic AI tools can plan, execute, and adapt as they complete tasks, raising expectations for what automation can do inside firms and finance departments. What can agentic AI realistically do today and what challenges are there in its implementation? Find out in this Journal of Accountancy sponsored report.

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