News

Filter by Category:

  • Tax professionals can now order more transcripts from the IRS

    November 22, 2021

    The Internal Revenue Service announced that, effective Nov. 15, 2021, tax professionals are able to order up to 30 Transcript Delivery System (TDS) transcripts per client through the Practitioner Priority Service® line. This is an increase from the previous 10 transcripts per client limit.

  • IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs

    October 19, 2021

    The IRS recently announced that if a taxpayer relies in good faith on frequently asked questions (FAQs) that the Service posts to its website, and if that reliance is reasonable, then the taxpayer will have a reasonable-cause defense against any negligence penalty or other accuracy-related penalty if it turns out that the FAQ does not correctly state the law as it applies to the taxpayer's situation. This new policy applies to all FAQs, including those released by the IRS before the policy was announced.

  • Staffing and COVID-19 relief programs are firms’ top concerns in 2021

    August 27, 2021

    Finding qualified staff is an enduring concern that continues to challenge CPA firms this year, according to the 2021 AICPA Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey. Hiring staff emerged as the No. 1 issue affecting firms that employ 6–10, 11–20, or 21 or more professionals.

  • Infrastructure bill would end ERC, increase cryptoasset reporting

    August 10, 2021

  • SBA streamlines forgiveness process for most PPP loans

    July 28, 2021

  • SBA may be dropping PPP Loan Necessity Questionnaire requirement

    June 25, 2021

    The Associated General Contractors of America (AGC) said that the U.S. Small Business Administration (SBA) is in the process of removing the requirement that Paycheck Protection Program (PPP) borrowers submit a Loan Necessity Questionnaire when applying for forgiveness on loans of $2 million or more.

  • Online sign-up now available for advance child tax credit payments

    June 15, 2021

    The IRS opened an online site Monday that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15 (see IRS News Release IR-2021-129).

  • GASB addresses accounting changes and error corrections

    June 2, 2021

    GASB proposed changes Tuesday to its accounting and financial reporting guidance for accounting changes and error corrections that have been in effect for more than 40 years.

  • SBA stops accepting new PPP applications from most lenders as general funds run out

    May 5, 2021

    The U.S. Small Business Administration (SBA) has stopped accepting new Paycheck Protection Program (PPP) applications from most lenders almost a full month before the $292 billion program’s application deadline.

  • PCAOB's 2021 inspections target pandemic concerns, predictability

    April 8, 2021

    PCAOB inspections in 2021 will focus on the effects of the coronavirus pandemic on companies’ financial reporting while also becoming less predictable, according to resources the board published Tuesday. As reported previously in the JofA, the board is focused both on pandemic-related audit challenges and a concern that firms may be disproportionately paying attention to areas of audits that are frequently inspected. The PCAOB published resources containing a general staff outlook and guidance for audit committees explaining the 2021 inspections focus.