News

The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable. Read More

Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements. Read More

The AICPA issued a new Technical Question and Answer to provide nonauthoritative guidance regarding the audit implications of a new related-party disclosure requirement for institutions that participate in the financial assistance programs of the Higher Education Act. Read More

Investment groups are showing record interest in the field of public accounting, leading many in the profession to look at their options while also looking inward at their business model. Read More

The Service said it will release new proposed regulations and a revenue ruling to challenge the use of basis-shifting transactions used by complex partnerships in moves that could add over $50 billion to government coffers over 10 years. Read More

The IRS issued a notice extending earlier relief for a corporation’s failure to pay the part of estimated income tax attributable to the revised corporate alternative minimum tax. Read More

The Big 4 accounting firm announced that it will invest $1 billion over three years in talent and technology. The investment includes a commitment to improve pay for early-career professionals. Read More

The board took three actions to update auditing standards and procedures, including the adoption of a change to an almost 20-year-old rule that tightens the standard of liability to “negligent” from “reckless” for an associated person who contributes to a firm’s violations. Read More

New employee retention credit (ERC) claims continue to be filed, and the IRS still has a backlog of claims from before a processing moratorium was announced in September. National Tax Advocate Erin Collins says “soon” is the answer to when the moratorium will end. Meanwhile, [...]

Forty CPA candidates received the 2023 Elijah Watt Sells Award, which was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam. Read More

The fourth cohort of the ESG and Sustainable Financial Strategy Course begins June 19, presented by the University of Oxford’s Saïd Business School and AICPA & CIMA. Read More

A comment letter related to a Financial Accounting Foundation review of the PCC’s effectiveness praises the impact the council makes for private company stakeholders. Read More