News

Relatively few small businesses aided by COVID tax relief

August 03, 2022

Small business owners have been hampered by complicated tax forms and processes that kept them from claiming pandemic-related tax credits and payroll tax deferrals, according to a new government report. Only up to 7% of small business owners were able to claim the tax relief, and they fell mainly within specific racial, ethnic and gender groups.

  • business and industry
  • coronavirus
  • practice management
  • federal tax

Tax Work is Key to Driving Supply Chain Resilience

August 03, 2022

Supply chain challenges can wreak havoc on businesses that rely on a steady stream of products, services, or components to survive. We’ve seen some immense disruptions over the last two years, and we’ll likely continue to experience them. We should expect future crises, as a complex, unpredictable global economy filled with interdependent, diverse economic agents and entities that continue to rise.

  • business and industry
  • practice management
  • federal tax

Senate deal paves way to reconciliation bill with tax provisions

July 28, 2022

A path toward a long-sought congressional vote on a federal budget reconciliation bill appeared to open Wednesday as Sen. Joe Manchin, D-W.Va., endorsed fast-track legislation that would contain a variety of tax provisions.

  • advocacy - federal
  • federal tax

Update from the DOL: Second quarter 2022 tax and wage report filing deadline extended from July 31, 2022, to August 31, 2022

July 28, 2022

Connecticut Department of Labor (CTDOL) Commissioner Danté Bartolomeo has extended the second quarter 2022 tax and wage report filing deadline from July 31, 2022, to August 31, 2022. This extension will allow employers more time to establish ReEmployCT accounts, upload documents and file reports, and address any issues TPAs may have related to employer access. The extension applies to late fees and interest, which will not be assessed until September 1, 2022, and penalties, which will not be assessed until October 1, 2022.

  • advocacy - state
  • federal tax

IRS Statement on balance due notices (CP-14)

July 27, 2022

The IRS is aware that some payments made for 2021 tax returns have not been correctly applied to joint taxpayer accounts, and these taxpayers are receiving erroneous balance due notices (CP-14 notices) or notices showing the incorrect amount.

  • federal tax

We've Got a Bigger Problem Now

July 22, 2022

Frustrating dealings with the IRS – whether due to slow responsiveness, backlogs or other performance issues – were cited as the top challenge of smaller firms with 10 professionals or less, according to the 2022 PCPS CPA Firm Top Issues Survey, sponsored by the American Institute of CPAs’ practice management section.

  • practice management
  • federal tax

Corporate tax departments expecting changes

July 21, 2022

Corporate tax executives are anticipating changes in government tax requirements over the next two years, but they feel less prepared to deal with them than they did last year, according to a new survey.

  • business and industry
  • practice management
  • advocacy - federal
  • federal tax

New IRS Strategic Plan: Agency issues five-year plan with goal to help taxpayers

July 20, 2022

The Internal Revenue Service today released a new five-year Strategic Plan that outlines its goals to improve taxpayer service and tax administration.

  • federal tax

IRS urges tax pros to protect clients with IP PINs

July 19, 2022

The Internal Revenue Service and its Security Summit partners in the tax prep industry and state tax authorities are encouraging tax professionals Tuesday to inform their clients about Identity Protection Personal Information Numbers to safeguard against identity theft.

  • federal tax

Reconciliation Bill Deadline Looms in Congress – Potential Impact on Corporations

July 15, 2022

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.

  • advocacy - federal
  • federal tax

IRS implements new fingerprinting process for e-file

June 29, 2022

The Internal Revenue Service is planning to mandate a new electronic fingerprinting process for e-file applications for tax practitioners starting Sept. 25.

  • state tax
  • federal tax

Cannabis: Opportunities for CPAs in a multibillion-dollar industry

June 28, 2022

Despite the differences between state and federal cannabis laws, "cannabusinesses" are at the expanding forefront of a $25 billion industry with enormous potential.

  • accounting and auditing
  • practice management
  • federal tax

Exposure Draft: Proposed 2024 CPA Exam changes

June 28, 2022

The Exposure Draft (ED), Maintaining the Relevance of the Uniform CPA Examination® - Aligning the Exam with the CPA Evolution Licensure Model, presents an informed and thoughtful proposal for the 2024 CPA Exam. Interested parties may comment on the ED by sending responses to practiceanalysis@aicpa.org no later than September 30, 2022.

  • accounting and auditing
  • advocacy - federal
  • federal tax
  • practice management
  • technology and cybersecurity

IRS Senior Stakeholder Liaison Joseph McCarthy: Don't lose access to IRS eServices!

June 27, 2022

IRS E-services will be shut off sometime this summer for those tax professionals who have not validated their identities using ID.me.

  • federal tax

Senate committee searches for Wayfair remedy for small biz

June 27, 2022

Since the Supreme Court decision in Wayfair vs. South Dakota four years ago, the sales tax arena has been filled with complexity and confusion. States acted quickly to take advantage of the opportunity afforded by the removal of physical presence test as a prerequisite for them to impose sales tax nexus.

  • advocacy - federal
  • federal tax

AICPA publishes Q&A to explain SEC guidance on cryptoassets

June 26, 2022

The AICPA has published a set of questions and answers that explains recently released SEC staff guidance regarding the accounting for entities that have obligations to safeguard cryptoassets held for their platform users.

  • accounting and auditing
  • technology and cybersecurity
  • federal tax

IRS extends e-filing to more 1040-series amended returns

June 23, 2022

Taxpayers are now able to file amended returns electronically in more of the Form 1040 series, the IRS announced Thursday in a news release.

  • federal tax

IRS: Taxpayers now have more options to correct, amend returns electronically

June 23, 2022

The Internal Revenue Service announced today that more forms can now be amended electronically. These include people filing corrections to the Form 1040-NR, U.S. Nonresident Alien Income Tax Return and Forms 1040-SS, U.S. Self-Employment Tax Return (Including the Additional Child Tax Credit for Bona Fide Residents of Puerto Rico) and Forms 1040-PR, Self-Employment Tax Return – Puerto Rico.

  • federal tax

National Taxpayer Advocate report targets IRS service

June 22, 2022

While the IRS was able to promptly process 85% of returns in the 2022 filing season and expedite its resolution of some of the most common taxpayer errors, the Service's backlog of paper-filed returns bogged down further, National Taxpayer Advocate Erin Collins said in a report.

  • federal tax

IRS makes more progress on tax return backlog

June 21, 2022

The Internal Revenue Service provided updated details Tuesday on where it stands in its processing of millions of tax returns in its backlog, saying that as of June 10, it had processed more than 4.5 million of the more than 4.7 million individual paper tax returns received in 2021.

  • federal tax