News

The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased. Read More

In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled. Read More

This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week. Read More

The Experience, Learn & Earn program, designed to help accounting graduates earn required academic credits for CPA licensure, began earlier this year with online classes at Tulane University. Read More

In response to a restless workforce looking for a lifeline, more employers are offering financial support that extends beyond pay raises. Read More

The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer. Read More

More than 70% of finance executives have worries related to privacy, ethics, and accuracy, but some respondents in an AICPA & CIMA survey say they’re moving ahead with implementation of generative AI tools. Read More

The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act. Read More

Four in five M&A professionals see deal volume increasing over the next six months, which should come as no surprise to accounting firms considering a recent flurry of activity. Read More

On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest. Read More

The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less. Read [...]

If you’re a CFO struggling to retain talent, it may be time assess whether you’re keeping up with the competition in terms of offering a flexible work schedule and adequate compensation. Read More