From CFO to CEO: An increasingly popular path
The percentage of open CEO seats filled by CFOs at large companies rose to a record level in 2023, as did the percentage of women and racially and ethnically diverse leaders. Read More
Simpler IRS notices are coming
The IRS’s new Simple Notice Initiative follows a pilot that demonstrated how redesigned notices can improve taxpayer experience while reducing call volume. Read More
FASAB releases annual handbook
The Federal Accounting Standards Advisory Board published the latest version of accounting standards for the U.S. government. Read More
As excitement about Gen AI grows, can companies keep up?
The majority of Americans are excited about the role Gen AI can play in their everyday lives, but a global survey finds that the majority of executives aren’t thrilled with their companies’ level of commitment to the rapidly growing technology. Read More
Reporting of digital assets as cash delayed until IRS issues regs.
In an announcement posted Tuesday, until regulations are issued, the IRS said businesses do not have to include digital assets in determining whether cash received in a single transaction is over the $10,000 reporting threshold. Read More
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
