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Taxpayer Advocate Coalition Releases Statement on IRS Actions Offering Limited Taxpayer Relief
The Tax Professionals United for Taxpayer Relief coalition have released a statement in response to recent actions by the Internal Revenue Service (IRS) to suspend “some notices to taxpayers” for the upcoming tax filing season.
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AICPA Comments on Recent IRS Statement: ‘We Believe That There Is More They Can Do’
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
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AR DFA Provides Corporate Tax Law Changes for 2021
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2022 tax filing season begins Jan. 24
2022 tax filing season begins Jan. 24; IRS outlines refund timing and what to expect in advance of April 18 tax deadline
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IRS issues standard mileage rates for 2022
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.
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Tax professionals can now order more transcripts from the IRS
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.
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IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
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.
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Staffing and COVID-19 relief programs are firms’ top concerns in 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.
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GASB addresses accounting changes and error corrections
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.
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PCAOB's 2021 inspections target pandemic concerns, predictability
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.