Scope 3 reporting: Where things stand with standard-setters
While the SEC weighs greenhouse gas emissions reporting standards, key players home and abroad weighed in on expectations for disclosures during a recent AICPA webcast. Read More
$520 million collected from millionaires by IRS enforcement efforts
IRS Commissioner Danny Werfel detailed new IRS efforts to collect taxes from high-income individuals, complex partnerships, and large corporations. He also gave an update on IRS modernization progress. Read More
Employee or independent contractor? DOL issues new guidance
A final U.S. Department of Labor rule provides an economic reality test and targets “misclassifying employees as independent contractors,” which could have tax and other implications for workers and employers alike. Read More
Taxpayer advocate: IRS again fails tax pros with PPS call answer rate
In an annual report to Congress, the national taxpayer advocate says the IRS should prioritize improving service on the practitioner priority service line, which had a 29% call answer rate. Read More
SEC accepting Professional Accounting Fellow applications
The SEC’s Office of the Chief Accountant is accepting applications for Professional Accounting Fellow positions that will begin in the summer of 2024. Read More
Auditor options when finding ineligible ERC claims
With the IRS challenging the validity of many employee retention credit (ERC) claims, what should practitioners do if they come across questionable ERC claims during audit engagements? Experts Robert Durak and Michael Westervelt provide answers. Read More
Accountants after dark: Evening work is common, research finds
More than one-third of month-end closing tasks were completed after 7 p.m., according to a software company’s review of its users’ habits. Read More
GASB guidance expands risk-related reporting requirements
A new statement requires governments to disclose concentrations and constraints that could make them vulnerable to a substantial impact. Read More
IRS to begin accepting and processing 2023 tax returns on Jan. 29
IRS commissioner Danny Werfel promised “marked improvement” for the upcoming tax season, when almost 129 million individual tax returns are expected to be filed. Read More
CFOs’ optimism about the economy remains low
Less than half of finance leaders in North America rate current economic conditions as “good or very good,” according to Deloitte’s 4Q23 North American CFO Signals survey, and most have a negative outlook regarding this year. Read More
CPAs at a crossroads: Real approaches to artificial intelligence
A former firm partner with expertise in ChatGPT or other AI tools shares why CPAs can’t afford to sit on the sideline and shares how to be responsive to your clients, your team at work, or both. Read More
IRS collects record-setting $4.9T in total tax revenue in FY 2022
The Treasury Inspector General for Tax Administration said in its annual report that the total tax revenue collected from return filings was about $790 billion more than in FY 2021. Read More
