GASB addresses disclosure and classification of capital assets
GASB issued a proposal that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures, allowing users to make informed decisions about these and to evaluate accountability. Read More
AICPA releases quality management practice aid
The practice aid and supporting materials will help small- and medium-size firms and sole practitioners develop a QM system that aligns with a new set of QM standards. Read More
OPR publishes letter to request tax information in case files
CPAs and other individuals who practice before the IRS can use the letter as a standard form for requesting tax information that was obtained as part of an inquiry into Circular 230 violations. Read More
Unanswered calls, backlog of mail: IRS plan for government shutdown
The contingency plan calls for furloughs of two-thirds of IRS staff, which Treasury said will result in “significant harmful impacts on taxpayers. Read More
FinCEN proposes BOI reports deadline extension for certain companies
Companies registered or created in 2024 would get an extended deadline to file beneficial ownership information reports, while other companies would not, under proposed rules. Read More
QM standards: Overview of the monitoring and remediation process
An expert discusses the requirements for monitoring and remediation when implementing the new quality management standards. Read More
Special per diem rate for business travel rises
Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced. Read More
IRS developing contingency plan as government shutdown looms
Congress plans to return to Washington on Tuesday, giving members five days to reach consensus on a full budget or a continuing resolution. Read More
PCAOB offers forum for auditors; SEC releases several updates
The PCAOB forum follows proposed changes aimed at increasing the board’s ability to hold individual auditors responsible for firm violations. Read More
ERC abuse brings renewed push for regulation of paid tax preparers
AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promotors that use the employee retention credit to make money by taking advantage of small businesses. Read More
IRS to set up new work unit to focus on complex passthrough entities
IRS Commissioner Danny Werfel says new unit is “another part of [the IRS’s] effort to ensure the IRS holds the nation’s wealthiest filers accountable to pay the full amount of what they owe.” Read More
Sidney Kess, a personal remembrance
For accountants, especially those in the tax and personal financial planning worlds, the passing of Sidney Kess at age 97 is “like losing a parent to the profession,” writes Andrea Millar, CPA/PFS, who shares her memories of a legend who educated countless CPAs and helped [...]
