Category: AICPA News

The rules in the Small Entity Compliance Guide apply to access for some financial institutions and cover security and confidentiality, authorized use, administration of requests, and violations.

Okorie Ramsey is spanning the globe to help the world of accounting and finance reach its desired destination.

Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return.

While reporting levels remain high and overall assurance levels are increasing, the level of assurance in the United States conducted by CPA firms remains low.

IRS Commissioner Danny Werfel said Wednesday that the audits will focus on business vs. personal use of aircraft by large corporations, large partnerships, and high-income taxpayers.

Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.

Understanding the differences between these two types of retirement plans can help sole proprietors make the best choice for their bigger-picture tax and retirement savings goals.

Andrea Gacki, director of the Financial Crimes Enforcement Network, reassured a House committee that the agency can act only against willful violations of the new beneficial ownership information reporting rule.

IRS Commissioner Danny Werfel also discussed the employee retention credit and IRS funding when he appeared before the House Ways and Means Committee on Thursday.

The February AICPA accounting, audit, and attest webcast brought together experts, including the chairs of the Auditing Standards Board (ASB) and the Accounting and Review Services Committee (ARSC), to provide updates on recent news.