News Updates

Taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates. Taxpayers can use the standard mileage rate but generally must opt to use it in the first year the car is available for business use. Then, in later years, they can choose either the standard mileage rate or actual expenses. Leased vehicles must use the standard mileage rate method for the entire lease period (including renewals) if the standard mileage rate is chosen.

This much-anticipated and often-controversial listing identifies the thought leaders, change-makers, regulators and other leaders who are shaping the profession, and the issues that they face as they chart the future of accounting.

With ongoing inflation, high interest rates and volatility continuing to impact the market, it isn’t hard to see why Americans are increasingly concerned about outliving their nest egg. As a result, many are rethinking their retirement. But money doesn't tell the whole story.

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.

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.

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.

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.

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?

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.

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.

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.

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.

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.”

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.

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.