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  • 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.

  • 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.

  • Schedules K-2 and K-3 e-file capability postponed for S corporations

    May 12, 2022

    The IRS has delayed by more than a month the rollout of an electronic filing protocol for Schedules K-2, Shareholders' Pro Rata Share Items — International, and K-3, Shareholder's Share of Income, Deductions, Credits, etc. — International, filed by S corporations.

  • 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

  • IRS continues work to help taxpayers; suspends mailing of additional letters

    February 10, 2022

    IR-2022-31, Feb. 9, 2022 WASHINGTON – As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a dozen additional letters, including the mailing of automated collection notices normally issued when a taxpayer owes additional tax, and the IRS has no record of a taxpayer filing a tax return. These mailings include balance due notices and unfiled tax return notices. The IRS entered this filing season with several million original and amended returns filed by individuals and businesses that have not been processed due to challenges of the historic pandemic and is taking this step to help avoid confusion for taxpayers and tax professionals.

  • AICPA Comments on Recent IRS Statement: ‘We Believe That There Is More They Can Do’

    January 27, 2022

    Following calls by the Tax Professionals United for Taxpayer Relief Coalition, and members of both the Senate and the House for the Internal Revenue Service (IRS) to provide meaningful relief to taxpayers ahead of this tax filing season, the IRS announced today its intention to stop some notices to taxpayers as they increase resources to process backlogged files