FinCEN uses TV ad to tell businesses about BOI
The PSA uses a chat between friends in a coffee shop to educate small businesses about beneficial ownership information reporting, which 32.6 million businesses must file. Read More
ERC disallowance letters go to 28K businesses, moratorium adjusted
The IRS moved the moratorium date forward into early 2024. Also, it announced sending disallowance letters to some businesses with invalid claims and plans for payments to others. Read More
BOI requirements roll along despite concerns about too little outreach
FinCEN, which oversees beneficial ownership information reports, has received just 2.7 million of the 32.6 million reports that it expects. Through June, FinCEN said, it has reached more than 90,000 stakeholders. Read More
Tax practitioner complaint leads to review of advocate phone service
A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration. Read More
Helping pre-retirees choose a retirement spending limit
Retiring clients need a realistic and accurate target that ensures they neither outlive their savings nor unnecessarily restrict their “fun money” spending. Here are some steps to follow. Read More
Melancon: Supreme Court decisions are ‘big deal’ for tax pros
Barry Melancon, CPA, CGMA, AICPA & CIMA’s CEO, said the decisions will create uncertainty for a profession that craves certainty. Read More
Switching to mastery-based college accounting classes
How do you go from teaching and testing material in a set time to providing students time (and multiple testing opportunities) to gain 100% mastery of the material? Find out in this Academic Update article. Read More
Pipeline plan of action: Read the Accounting Talent Strategy Report
One year after its formation, the National Pipeline Advisory Group published its recommendations for improving the talent pipeline. Read More
Broker-dealer audit deficiencies on the rise, PCAOB finds
The board’s annual report identifies deficiencies in 70% of audit engagement reviews, offers advice aimed at reducing the number. Read More
Midsummer update: CPA licensure program continues to add students
Experience, Learn and Earn, a program designed to ease attainment of the final 30 hours of the education requirement for CPA licensure, has 94 summer-session students representing more than 50 employers. The deadline for the fall semester is Thursday. Read More
5 new warning signs of a bad claim for pandemic-era ERC
The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program. Read More
Funding spurs IRS improvements, but challenges remain, commissioner says
IRS provides fifth quarterly update on transformation efforts, with Commissioner Danny Werfel saying the agency is making “substantial progress.” Read More
