Category: AICPA News

National Taxpayer Advocate Erin Collins expressed concern for voluntary compliance amid Treasury’s promise that increased IRS funding will not be used to audit people earning under $400,000. She spoke during a session at the annual AICPA & CIMA National Tax Conference.

Two former IRS commissioners addressed the agency’s issues at an AICPA panel and sounded a note of optimism for the future, based on new funding and pending technology improvements.

New interpretations of AICPA’s Code of Professional Conduct contribute to the fight against financial fraud, money laundering, bribery, and other noncompliance issues. Learn more about your role and specific steps you can take when encountering NOCLAR.

Understanding and evaluating inherent risk will remain a critical piece of your audit risk assessment process, and SAS No. 145 has brought a number of changes to enhance clarity and audit effectiveness.

The difference between taxes owed and taxes paid was $496 billion annually for tax years 2014 through 2016, and that figure is likely to grow, the IRS said.

The IRS announced that it has hired new customer service representatives, who will be trained to provide help to taxpayers in time for the 2023 tax season.

In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.

The proposed Accounting Standards Update intends to provide investors and other allocators of capital (collectively, investors) with more decision-useful information in a joint venture’s separate financial statements and reduce diversity in practice in this area of financial reporting.

Adopted rules aim to ensure that company executives return erroneously awarded compensation and that mutual fund investors receive transparent information. A proposed rule adds to investment advisers’ responsibility to their clients.

Most CFOs expect to offer a hybrid work model for the foreseeable future, a decision that may help with talent acquisition but that could create new obstacles related to talent retention.