Category: AICPA News

The IRS ruled that cash-method taxpayers who stake cryptocurrency native to a proof-of-stake blockchain and receive cryptocurrency validation rewards must include the fair market value of the rewards in gross income in the year they are received.

FASB is seeking comments on a proposed Accounting Standards Update that is intended to provide investors with more decision-useful information regarding a public business entity’s expenses.

CPAs assess how their return preparation products performed.

The AICPA said the National Pipeline Advisory Group will “play a critical role in guiding” the conversation and making calls to action to address the slowdown in young people choosing accounting as a career.

Having made significant progress in the ongoing effort against fraudulent employee retention credit claims, IRS Commissioner Danny Werfel said the agency has entered a new phase of increasing scrutiny on dubious submissions while renewing consumer warnings against aggressive marketing.

Too many businesses are unaware of the beneficial ownership information reporting requirements, which will be a burden for small businesses, the AICPA told Congress.

The AICPA Auditing Standards Board’s Technology Working Group has developed a new practice aid that will emphasize how technology should be seen as a key enabler, elevating audit effectiveness and efficiency for the future. It uses risk assessment procedures under SAS No. 145 as the example.

The SEC adopted final rules requiring companies that file documents with the commission to disclose material cybersecurity incidents and provide periodic disclosure of the registrant’s cybersecurity risk management, strategy, and governance in annual reports.

A new rule will allow rollovers from a 529 educational savings plan to a beneficiary’s Roth IRA up to a certain dollar limit. This article explains what advisers need to know.

Aidan Hunt was appointed at age 20 to the IRS Advisory Council, a panel that advises the IRS commissioner and recommends administrative and policy changes.