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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.

  • 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.

  • Arkansas DFA Addresses Corporate Tax Reporting Issues

    March 8, 2022

    A letter on March 8, 2022, from the Arkansas Department of Finance and Administration Corporate Tax Section regarding errors that are occurring on apportioned business income tax returns recently filed for corporations and partnerships.

  • IRS offers further K-2/K-3 relief

    February 25, 2022

  • 2022 tax filing season begins Jan. 24

    January 11, 2022

    2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline

  • IRS issues standard mileage rates for 2022

    December 20, 2021

    The Internal Revenue Service issued the 2022 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

  • 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.