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News Updates

A path to improving firms’ employee retention

November 27, 2023

Tax and other public accounting firms can help create a brighter future for the profession with these strategies, which include managing workloads, offering training and growth opportunities, and providing flexible work arrangements.

  • pipeline
  • workforce

Something Strange Happens to The Human Brain During Zoom Calls

November 08, 2023

The human brain processes interactions on virtual meetings differently than it does for in-person interactions. A Yale University study reveals the differences and their potential impact.

Massachusetts state tax implications for sales of PTE interests

November 06, 2023

A recent Massachusetts court case addresses the sourcing and treatment of gains from the sale of a pass-through entity and provides a road map for how other states may approach the issue.

  • ptet

AICPA, NESCPA & Other State Societies call for one-year extension of BOI report deadline

November 01, 2023

In a letter to Treasury’s Financial Crimes Enforcement Network, the AICPA and State CPA Societies say the additional time will give businesses a fair and reasonable time frame to become aware of the new and complex rule.

GOP plan to fund Israel aid with IRS cuts would cost $90bn, warns commissioner

November 01, 2023

A House proposal to cut $14.3B in IRS funding in order to pay for emergency aid to Israel could impact the agency's ability to audit high-income taxpayers, IRS Commissioner Danny Werfel warned on Tuesday. Werfel said that for every $100M reduction in the budget, 1,000 exams for high-wealth filers will not be conducted, potentially costing taxpayers $90B over time. “All of those funds go to increased scrutiny on tax evasion going on at the highest wealth, and that is millionaires and billionaires and large corporations and large complex corporations,” Werfel said. “When you reduce those audits, you reduce the amount of money that we can collect and return to the Treasury for other priorities.” His claim is based on IRS modeling that shows a six-to-one ratio of money spent on tax enforcement to revenue collected.

  • irs

What comes next in the IRS' ERC withdrawal process?

November 01, 2023

The Internal Revenue Service is providing a way for businesses to withdraw incorrect claims for the Employee Retention Credit, but what about the claims that have been paid out already?

  • irs
  • erc

What to do before the TCJA tax breaks expire

November 01, 2023

The Tax Cuts and Jobs Act of 2017 introduced temporary provisions, such as higher estate tax exemptions and lower individual income tax rates, which will expire at the end of 2025. That will have significant implications for financial, retirement, and estate planning.

  • tax

Why working longer is a short-sighted retirement plan

November 01, 2023

Americans generally retire earlier than planned due to unforeseen circumstances, such as job loss or poor health. That fact is one reason that planning to work longer isn’t a sound retirement strategy.

New tax law makes clean energy investments easier for businesses

October 31, 2023

The passing of the 2022 Inflation Reduction Act (IRA) in the United States has made it easier for businesses to optimize their tax strategy by investing in clean energy. The IRA allows renewable energy developers to transfer their Investment Tax Credits (ITCs) to tax-paying corporations, providing a way to monetize unused ITCs. This new approach eliminates the need for complex tax equity partnerships and offers higher returns, increased flexibility, and reduced structuring costs. Finance chiefs can now stay ahead of the curve on clean energy investments by taking advantage of ITC transfers, which have a short payback period and compete with short-term investments. The Inflation Reduction Act has revolutionized the tax landscape, providing businesses with a simpler and more cost-effective way to benefit from clean energy investments.

  • tax

IRS allows electronic signatures for certain tax forms

October 30, 2023

The IRS has announced it will allow electronic signatures to be used on certain tax forms indefinitely. This decision comes after the temporary relief provided during the COVID-19 pandemic, which allowed taxpayers to use digital or e-signatures on specified paper forms. The IRS has also extended the use of encrypted email until October 31, 2025, for direct communication with IRS employees. These digital flexibilities have been well-received by tax professionals and taxpayers, making it easier to comply with tax requirements and communicate with IRS compliance personnel. The IRS has updated its Internal Revenue Manual to accept alternatives to handwritten signatures, including images of signatures and digital signatures. The tax forms that this e-signature flexibility applies to include various forms related to tax returns, registrations, and declarations. The IRS aims to leverage technology to reduce burden on the tax community while maintaining security and protection against identity theft and fraud.

  • irs

FinCEN continues outreach on BOI reporting, may release YouTube videos

October 05, 2023

The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements.

AICPA, NESCPA back legislation to add accounting to STEM education

October 04, 2023

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.”

  • aicpa

Did you resell a Taylor Swift ticket? Expect a Form 1099-K

October 04, 2023

It’s a new era for concert tickets on the secondary market. Tickets for Taylor Swift’s current tour resold for an average price of $2,183, and those resellers should prepare to receive a Form 1099-K and report the income.

  • tax

What happens to Society Security if there's a government shutdown?

September 27, 2023

Some but not all services related to Social Security would be paused in the event of a government shutdown, according to a letter detailing the Social Security Administration's contingency plans.

Special per diem rate for business travel rises

September 26, 2023

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.

  • irs

IRS developing contingency plan as government shutdown looms

September 25, 2023

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

  • irs

Interest rates didn't rise, but they aren't likely to fall

September 25, 2023

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.

  • economy

ERC abuse brings renewed push for regulation of paid tax preparers

September 22, 2023

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.

  • congress
  • erc

FinCEN posts guide to help small businesses with BOI reporting

September 22, 2023

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

Getting started with ChatGPT

September 22, 2023

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.

  • ai