News Updates

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.

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.

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.

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.

Recent data from the Bureau of Economic Analysis found Nebraska at No. 2 among U.S. states for both personal income growth and growth in gross domestic product in the first quarter. Nebraska, North Dakota, and South Dakota had double-digit GDP growth while the next fastest-growing states had only 6% growth.

Three variables are crucial for ensuring that CFOs thrive in their roles, according to Accenture. These key factors are the CFO's leadership style as well as the company's culture and strategic imperative.

A survey finds that students form perceptions of the accounting profession early -- even before they enter college.

The Experience, Learn & Earn (ELE) program aims to turn accounting students into employees faster and in a more economical way, to the benefit of companies seeking talent.

Pentagon accounting error means extra $6.2bn for Ukraine The Pentagon has revealed that it overestimated the value of weapons sent to Ukraine by $6.2bn over the past two years, double the previous estimate. The accounting error was due to the military services using replacement costs instead of the book value of equipment taken from Pentagon stocks. The mistake means the department has additional funds to support Ukraine's counteroffensive against Russia. The U.S. has committed more than $40bn in security assistance to Ukraine since Russia invaded, but the new calculation shows it has provided less than $34bn. The Pentagon has used presidential drawdown authority to pull weapons and equipment off the shelves to get them to Ukraine more quickly.

The recent rise in the use of artificial intelligence suggests it is only a matter of time before the powerful tools are used to find tax loopholes. A Johns Hopkins University-based project aims to create an AI program that "can find loopholes better than a legion of blue-chip tax accountants" before major corporations develop their own. The purpose is to build software called Shelter Check that Congress, the IRS and the court system could use to identify potential loopholes in legislation or rulings. The IRS already uses AI to track down alleged tax cheats, but Shelter Check would help the feds flag sophisticated tax shelters before they can even be used. University of Maryland law professor Andrew Blair-Stanek, a former tax attorney who is part of the Shelter Check team, says the program is aimed at corporate tax dodgers with complex returns and emphasized "this is not something the average taxpayer has anything to worry about." Separately, Muse Tax, an early-stage startup based in New York, is working on a system that is also capable of navigating complex and quickly-changing tax codes, but with the aim of finding ways in which users can keep their bills to a minimum. The Muse Tax system employs OpenAI’s GPT-3 and GPT-3.5, and the company plans to soon move to the latest version, GPT-4, according to co-founder Colin Horsford. Muse Tax’s publicly announced partners include Bilt Rewards, a rewards program that allows people to earn points when paying rent, and Nestment, which facilitates pooling of capital among home buyers, primarily younger ones.

The artificial intelligence tool ChatGPT has become so popular that its free service is sometimes at capacity. Here is a closer look at ChatGPT and a list of alternative AI chatbots, as well as their strengths and weaknesses.

Illinois Gov. J.B. Pritzker has signed a law requiring employers to offer paid time off for any reason, making it the third state after Maine and Nevada to have such a mandate. Under the law, employees will gain one hour of paid leave per 40 hours worked, although certain kinds of workers will be exempt.

While many voters might not care about how much tax corporations are asked to pay, they do care about the opportunities these employers provide in their communities, so a state’s tax policies have to be aligned with the goal of landing corporate relocations and expansions. Nebraska currently has the 18th highest corporate income tax among all states. It used to be even higher.

"Should any state or jurisdiction lower the licensure requirement to 120 hours, their CPAs would no longer be automatically substantially equivalent and would no longer enjoy the mobility and reciprocal practice privileges they currently are afforded," NASBA President and CEO Ken Bishop said in a recent interview.

Women and racial and ethnic minorities continue their rise to executive roles, although the percentages remain low. The percentage of CFOs who are women hit an all-time high last year, and the number of female CFOs has almost doubled over the past 10 years, according to the Crist Kolder Volatility Report.

Dan Geltrude is unequivocal about what’s in store for accounting firms. “It’s absolutely a gamechanger for the entire profession,” the CPA told NJBIZ. The gamechanger is a new pilot program, being tested in New Jersey, to create an alternative path to the 150 credits needed to be eligible for a CPA license.