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 [...]
FinCEN posts guide to help small businesses with BOI reporting
A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules. Read More
‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say
‘Tsunami’ of claims filed for employee retention credit almost 2 years after it ended caught the attention of the IRS. Experts say that required the IRS to take action to halt fraud. Read More
Remembering the mentorship and impact of Sidney Kess
Kess, who died at age 97, was “a friend to everybody” – and a strong proponent of sharing knowledge with others. Read More
ESG Symposium synopsis: How to put firms in the driver’s seat
A new California law is the latest “market driver” pushing ESG reporting forward. With regulations rapidly developing on a global scale, the time has arrived for CPA firms to grab the wheel. Read More
PEEC addresses attest client fees and ethics in professional education
The AICPA Professional Ethics Executive Committee has approved changes to the Code of Professional Conduct related to attest client fees and ethical responsibilities for testing for professional qualifications and competencies. Read More
Moratorium imposed on new ERC claim processing to curb abuse
The IRS issues a moratorium on new ERC claims processing through at least the end of the year and allows taxpayers to withdraw claims that have been filed but not processed. Read More
A refresher on fraud and the responsibility for its detection
The opportunities, incentives, and rationalizations to commit fraud abound. Recall what the practitioner’s responsibilities are in an assurance engagement and be sure you are playing your part to ensure the work you do continues to help protect businesses and stakeholders. Read More
