News Updates
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.”
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.
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.
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.
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.
One state property tax credit rises slightly in 2023, while another still isn’t being fully claimed
September 22, 2023
Property owners have yet to claim about $128 million in funds set aside for income tax credits.
Moratorium imposed on new ERC claim processing to curb abuse
September 15, 2023
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.
Most NIL collectives are ineligible for tax-exempt status, advises IRS
September 08, 2023
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.
Social Security COLA estimate still at 3%
August 11, 2023
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.
Less than 1% of firms can find enough staff
August 09, 2023
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.
Tulane University to pilot initiative to support 150-hour academic credit requirement
August 07, 2023
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.
Accounting talent shortage is focus of new advisory group
August 01, 2023
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.
IRS steps up ERC claim enforcement
July 31, 2023
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.
Kashkari: Fed doesn't want to declare victory on inflation
July 31, 2023
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.
AICPA advocates for delay in BOI reporting requirements
July 28, 2023
Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.
At 21, he's advising the IRS on change
July 28, 2023
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.
19% of U.S. workers have jobs that are highly exposed to AI
July 27, 2023
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.
IRS halts unannounced revenue officer visits to taxpayers
July 27, 2023
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.
Lessons to be learned from Kevin Costner's premarital agreement
July 25, 2023
A well-drafted premarital agreement can safeguard your client’s assets, protect against debts, and ensure a smoother divorce process. Kevin Costner’s situation is a valuable example of how your clients can protect themselves in the event of a divorce.