A pandemic-era tax break that remains rife with abuse — the ERC
The IRS issues at least its seventh warning about the employee retention credit since October 2022.
COVID-19
IRS returns to in-person public hearings; telephone still an option
With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.
How remote work affected early-career auditors
A new study delves into both the negative impacts and upsides of remote working on the learning and professional development of early-career auditors.
ERC claims on returns prepared by others raise questions for tax pros
The IRS Office of Professional Responsibility issued a bulletin that reviews the Circular 230 professional responsibilities that apply to claims for the employee retention credit.
In-person IRS tax forums scheduled for first time since pandemic start
The three-day forums, last held in person in 2019, are designed specifically for CPAs and other tax professionals.
Lookback period extended for refunds related to pandemic postponements
In determining the beginning of the lookback period for refund claims for returns with due dates postponed by Notice 2021-21 or Notice 2020-23, the IRS will disregard the periods from April 15, 2020, to July 15, 2020, and from April 15, 2021, to May 17, 2021. This change will align the lookback periods with the postponed return filing due dates.
IRS seeks information on 21 states regarding special payments, refunds
The national taxpayer advocate criticized the IRS for delaying the release of guidance on state special tax payments or refunds made in 2022 that she said could affect tens of millions of taxpayers.
Innovative CPA firm leader: ‘We never had a fear of trying’
The co-founder of a leading CPA firm explains why Monday is his favorite day of the week, how his firm got out of the “rat race” of hourly billing, and how it has adapted after a merger in this podcast episode with transcript.
How COVID-19 changed the way we teach
The COVID-19 pandemic forced colleges and universities to embrace the digital age. Accounting faculty members reflect on adapting to the changes, both positive and negative.
Hopes for 2023: Addressing change fatigue, making creative connections
A leader in the accounting profession shares hopes for the new year, discusses what’s next for remote work, and explains why change fatigue should be addressed.
Future of Finance takeaways: Hopes for the workforce in 2023
A keynote speaker at two recent AICPA & CIMA conferences shares her talent development-related hopes for 2023 in this podcast episode with transcript.
Congressional report criticizes contractor used by IRS during pandemic
The statement says ID.me inflated the amount of work it could provide and the amount of federal dollars lost to pandemic fraud, the latter in an effort to increase demand for its services. In his response, the CEO says he would not use such a crisis to help his company.
One deadline approaches for over 9 million eligible for pandemic-era benefits
In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.
Resources for organizations requiring an audit related to COVID-19 relief
AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.
Understand the tax consequences of remote work
CPAs can play crucial roles in helping navigate the evolving landscape as state tax authorities ramp up efforts to source additional revenue from out-of-state workers and the companies they work for.
IRS relieves penalties for 2019 and 2020
As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.
Bills extend statute of limitation for prosecuting PPP, EIDL fraud
President Joe Biden signed bills that give the government more time to catch and prosecute fraud related to two of the most popular COVID-19 small business relief programs.
Is it time to rethink your firm’s physical footprint?
The rise of remote work is an opportunity to evaluate where work gets done.
Accounting for employee retention credits
Companies that received financial assistance during the pandemic have questions about which standards to apply related to accounting for the ERC.
CPA Q&A: Parenthood in the pandemic and finance purpose statements
A CPA leader discusses his love of space leading to a job at Virgin Galactic, how finance purpose statements can be “a guiding light,” and advice for aspiring accountants in this podcast episode with transcript.
