Research finds algorithms, unscrupulous preparers behind audit bias
Subsequent research has replicated the racial gap in audit rates found in a study led by Stanford University and pointed to both unscrupulous tax preparers who submit EITC claims and algorithmic bias in the IRS’s audit selection process as causes. Read More
Mississippi youth passes CPA Exam – at age 15
Jimmy Chilimigras, headed to law school in August, is believed to be the youngest person to ever pass the CPA Exam. Read More
FASB proposes improvements to accounting for purchased financial assets
FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting for purchased financial assets. Read More
In one minute, this simple tool could save practitioners hours
Practitioners now have at their fingertips an interactive PDF that can quickly help determine whether AR-C Section 70 of SSARS No. 21 is required to be applied when performing accounting services. Read More
Historic global standards for sustainability reporting released
The IFRS Foundation’s International Sustainability Standards Board issued IFRS S1 and IFRS S2 on Monday, the first two global standards for sustainability reporting. Read More
COVID-19 coverage without a deductible ends next year
A high-deductible health plan will no longer be permitted to provide coverage without a deductible for testing for and treatment of COVID-19 after Dec. 31, 2024. Read More
PCAOB details priorities for audit inspections
The PCAOB has released expanded details regarding its list of priorities for 2023 audit inspections, most notably risk of fraud, risk assessment and internal controls, and auditing and accounting risks. Read More
Taxpayer advocate: 2023 tax season better at IRS; IT upgrades imperative
In her annual midyear report to Congress, National Taxpayer Advocate Erin Collins says the difference between the 2022 and 2023 tax seasons was “like night and day.” Read More
Pilot program set to help all stakeholders along the talent pipeline
The Experience, Learn & Earn program aims to turn accounting students into employees faster and in a more economical way, to the benefit of companies seeking talent. Read More
Why accounting firms need a strong strategic plan
As accounting firms look to transform their business model to keep pace with marketplace and demographic changes, it is imperative that they have a written strategic plan. This article outlines the plan’s elements and explains their value. Read More
IRS updates list of automatic accounting method changes
The IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 29 changes that the Service describes as significant. Read More
PEEC seeks feedback on proposed changes to the Code of Professional Conduct
The AICPA Professional Ethics Executive Committee is releasing proposed changes to the Code to align definitions of public interest entities and publicly traded entities with international ethics standards. Read More
