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Tax practitioners have many questions about how to track and report the basis of digital assets, and no clear guidance exists. Here are tips from the AICPA Virtual Currency and Digital Assets Tax Task Force.
The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.
The 2023 AICPA Compendium of Tax Legislative Proposals — Simplification and Technical Proposals, which includes 61 proposals covering a wide variety of subjects, opens with a proposal to standardize definitions in the Internal Revenue Code so that terms have the same meaning throughout the Code.
Anoop Natwar Mehta is traveling the country, meeting with the next generation of accounting professionals. Along the way, he’s gained some valuable perspective that can fuel company leaders’ efforts to hire the best and brightest.
It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.
Those on the front line of the sustainability reporting landscape share what’s to come in 2023 and what accounting professionals need to know to prepare.
AICPA and the U.S. Department of Labor sign the first three companies to a program aimed at addressing talent shortage in accounting and finance.
Two former IRS commissioners addressed the agency’s issues at an AICPA panel and sounded a note of optimism for the future, based on new funding and pending technology improvements.
This quick-hitting episode covers recent news of interest, including IRS and Social Security Administration annual announcements, why the AICPA is requesting guidance from the IRS and Treasury, and advice for negotiating after you’ve received a job offer.
Three CPAs discuss the particulars of proposed revisions issued by the AICPA for the Statements on Standards for Tax Services.
The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.
In a second letter, the AICPA takes issue with broad new documentation requirements for refund claims involving the Sec. 41 credit, outlined in an IRS memo in fall 2021.
This express podcast episode with transcript hits the highlights of recent Journal of Accountancy news coverage of student loan debt forgiveness, an AICPA letter urging penalty relief from the IRS, and more.
The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.
In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”
Despite “confusion and misinformation” about the Inflation Reduction Act’s allocations, concerns continue about the funding levels for taxpayer service, the AICPA’s president and CEO said.
A comment letter applauds efforts to develop global standards for disclosing sustainability information and provide suggestions related to the two exposure drafts.
Negotiations on a reconciliation bill — a successor to the Build Back Better proposal — continue in Congress. But negotiators face a Sept. 30 deadline to get the bill passed.
Looking ahead to next filing season, the AICPA renews previous calls for taxpayer relief and administrative remedies to help the IRS clear overages in its return and correspondence inventories.
A CPA describes his journey from a small practice to advising the IRS and Congress on issues of tax policy and administration.
SPONSORED REPORT
Get Clients Ready for Tax SeasonThis comprehensive report looks at the changes to the child tax credit, earned income tax credit, and child and dependent care credit caused by the expiration of provisions in the American Rescue Plan Act; the ability e-file more returns in the Form 1040 series; automobile mileage deductions; the alternative minimum tax; gift tax exemptions; strategies for accelerating or postponing income and deductions; and retirement and estate planning.
