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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.”

  • 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.

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

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.

  • ndor

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.

  • irs
  • erc

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.

  • pipeline
  • workforce

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.

  • pipeline
  • workforce

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.

  • pipeline
  • aicpa

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.

  • erc

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.

  • economy

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.

  • aicpa
  • 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.

  • irs

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.

  • ai

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.

  • irs

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.