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  • Legal Notice - DFA Adopt Rule 2022-6 Elective Pass Through Entity Tax

    September 9, 2022

    In compliance with Act 434 of 1967, The Arkansas Administrative Procedure Act, as Amended, notice is hereby given the Department of Finance and Administration intends to Adopt Rule 2022-6, titled, Arkansas Elective Pass-Through Entity Tax.

  • Tax Standards (SSTS) Exposure Draft and Invitation to Comment

    September 2, 2022

    AICPA has issued an exposure draft on changes to the Statements on Standards for Tax Services to ensure the highest ethical standards for members to support the public’s view that CPAs are the premier providers of tax services.

  • IRS Relieves Penalties for 2019 and 2020

    September 1, 2022

    A broad range of tax and information returns for 2019 and 2020 tax years will receive automatic relief from failure-to-file penalties, under Notice 2022-36 released by the IRS.

  • Security Summit Partners Urge Tax Pros to Create Plan for Data Safety

    August 16, 2022

    With data security incidents continuing, the Internal Revenue Service, state tax agencies and the tax industry —– known as the Security Summit — urge tax professionals to develop a security plan. One often overlooked but critical component is creating a Written Information Security Plan or WISP.

  • Key Tax Provisions in Senate Reconciliation Bill

    August 8, 2022

  • AICPA Seeking Input on 2024 CPA Exam Blueprints

    July 20, 2022

    The proposed 2024 CPA Exam, redesigned in response to the changing landscape of accountancy and focused on competencies crucial to the success of newly licensed CPAs, is available for review and comment.

  • Congressional Democrats faced with ticking clock on reconciliation package

    July 19, 2022

    Reconciliation Bill Deadline Looms in Congress – Potential Impact on Corporations As negotiations continue on the fast-approaching reconciliation bill, the AICPA remains active in its advocacy efforts, which includes pushing back on the implementation of a minimum book income tax on corporations. During negotiations, major components of the reconciliation package could change or be dropped altogether from a final package while new provisions could be added. The deadline to pass a reconciliation bill is September 30; with a long August recess scheduled, there is little time to pass a bill and sign into law.

  • AICPA Releases New Quality Management Standards

    June 27, 2022

    Four Standards Reflect a More Risk-Based, Scalable and Customized Approach to Quality The American Institute of CPAs’ Auditing Standards Board and Accounting and Review Services Committee have collectively released four new quality management standards designed to improve a CPA firm's risk assessment and audit quality. The new standards modernize quality control and reflect new realities in practice, such as an increased emphasis on risk assessment, changes in technology and the growing use of external service providers.

  • IRS increases mileage rate for remainder of 2022

    June 13, 2022

    IR-2022-124, June 9, 2022 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.

  • Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions

    June 10, 2022

    A U.S. accounting firm is not prohibited by a White House executive order regarding U.S. sanctions against Russia from providing tax advisory and preparation services to the U.S. subsidiary of a Russian company in certain scenarios, according to guidance issued Thursday by Treasury's Office of Foreign Assets Control (OFAC). On May 8, the United States announced expanded sanctions against Russia in response to the war in Ukraine. Those sanctions prohibited "U.S. persons from providing accounting, trust and corporate formation, and management consulting services to any person in the Russian Federation," according to a White House statement. Practitioners had questions about the sanctions' applying to various types of services, including tax-related services, and some clarity has been provided by an update to frequently asked questions (FAQs) posted by OFAC.