The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.
Category: AICPA News
CFO optimism is up, but cost concerns remain
Despite a potential recession on the horizon, 54% of CFOs are optimistic or very optimistic regarding the economy, according to Grant Thornton’s first-quarter CFO survey.
AICPA encouraged by IRS $80 billion strategic operating plan
In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.
Proposed regs. identify microcaptive reportable transactions
The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.
Safe-harbor language issued for amending conservation easement deeds
In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.
Public can share ideas on IRS customer service this week
Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.
FASAB issues statement to clarify lease terms
The Federal Accounting Standards Advisory Board issued a statement intended to provide targeted technical clarifications to further facilitate implementation of SFFAS 54, Leases.
Build ChatGPT into Excel
Many online resources demonstrate multiple codes or other ways to build ChatGPT into Excel and other applications.
IRS unveils $80 billion spending plan
The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.
Trust and consequences: Leaders who don’t listen pay a price
Business executives aren’t aware of many trust-damaging events that result in the loss of employees and consumers, according to a PwC survey. A proper response to these blind spots could pay dividends.