Category: AICPA News

Report finds huge surge in malware infections via .XLL files.

The PCAOB is creating two new advisory groups and inviting public comment on their structure and operation. The new groups are the Standards and Emerging Issues Advisory Group and the Investor Advisory Group. The comment period runs through Feb. 28.

A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.

Businesses are experiencing more, and more costly, incidents of fraud, compliance breaches and cyberattacks but are not doing enough to protect themselves, KPMG says in its 2022 Fraud Outlook report, A Triple Threat Across the Americas. The report recommends five steps companies can take to mitigate the risk of losses to this “triple threat” of dangers.

The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.

The evaluation of whether contracts involving cryptoassets contain embedded derivatives, and borrowing, lending and mining of cryptoassets all come with complex accounting implications. This nonauthoritative guidance can steer entities in the right direction on reporting the performance of these assets more consistently in the financial statement.

Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.

The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.

Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased or stayed the same over the past year.