News Updates

Starting Sunday, Oct. 1, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.

Congress plans to return to Washington on Tuesday, giving members five days to reach consensus on a full budget or a continuing resolution.

The Federal Reserve decided to hold steady on interest rates but suggested another hike could happen before the end of the year. The Fed also warned that rate decreases might not be in the offing for a long time.

The AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.

The Financial Crimes Enforcement Network guide describes the provisions of beneficial ownership information reporting rules, answers questions, and provides tools to assist in compliance.

Wanting to try out ChatGPT but not sure where to start? This comprehensive guide can get your journey off the ground by answering common questions posed by newcomers.

Property owners have yet to claim about $128 million in funds set aside for income tax credits.

The IRS issued a moratorium on new ERC claims processing through at least the end of the year and allowed taxpayers to withdraw claims that have been filed but not processed.

Here's why the IRS has concluded that organizations supporting compensation to college student-athletes for their name, image, and likeness (NIL) generally have a substantial nonexempt purpose.

A cost-of-living adjustment of 3% would raise the average monthly Social Security benefit by about $54, but recipients won't know the final number until Medicare Part B premium amounts are announced. The Social Security Administration’s COLA determination is expected in mid-October.

CPA firms are resorting to strategies like hiring workers abroad, raising starting salaries, offering fully remote jobs, and hiring staff who haven't graduated college.

The program blends rigorous online learning with on-the-job professional experience for college accounting graduates, offering a less costly and more flexible way to complete the 150-hour course credit requirement to become a licensed CPA.

The AICPA said the National Pipeline Advisory Group will “play a critical role in guiding” the conversation and making calls to action to address the slowdown in young people choosing accounting as a career.

Having made significant progress in the ongoing effort against fraudulent employee retention credit claims, IRS Commissioner Danny Werfel said the agency has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing.

Neel Kashkari, president of the Minneapolis Federal Reserve, said that it is unclear how many more interest-rate hikes might be needed and that "we need to get inflation all the way back down to 2%." The economy has made "good progress" in the inflation fight, but "we don't want to declare victory," Kashkari said.

Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.

College student Aidan Hunt was appointed at age 20 to the IRS Advisory Council, a panel that advises the IRS commissioner and recommends administrative and policy changes.

Nearly 20% of U.S. workers have jobs that are very exposed to artificial intelligence, meaning that crucial functions could be assisted or replaced by the technology, according to the Pew Research Center. The most highly exposed jobs are generally in high-paying sectors that may value analytical skills and a college education.

The Federal Reserve has raised interest rates by another quarter of a percentage point as part of its mission to continue bringing inflation under control. Fed Chair Jerome Powell did not clarify whether the central bank will raise rates again in September, but he noted that "core inflation is still pretty elevated." Powell also said that the central bank's staff economists no longer anticipate a recession.

Citing concerns over the safety of their employees and efforts to reduce public confusion as part of a larger effort to transform IRS operations, IRS Commissioner Danny Werfel announced that the agency would end the decades-long practice of making unannounced visits to taxpayers. The change in policy is effective immediately and will cover all but a few unique circumstances. The agency will instead mail letters to taxpayers with a request to schedule a follow-up meeting.