Three Senate Democrats have reintroduced a bill aimed at providing payroll tax relief to businesses that applied for the Small Business Administration's Restaurant Revitalization Fund, but didn't receive a grant because the program ran out of money.
The new Speaker of the House, Kevin McCarthy, R-California, agreed as part of a deal with conservatives in the Freedom Caucus to win the speakership to allow a vote on a bill that would abolish the Internal Revenue Service and substitute a "Fair Tax" that would replace federal income taxes and other taxes with a national consumption tax administered by the states.
American Institute of CPAs president and CEO Barry Melancon spoke Wednesday about changes at the Internal Revenue Service and Congress, the prospects for the upcoming tax season, the evolving CPA licensing model, recruiting young people to the profession and more during a wide-ranging presentation to the Accountants Club of America.
The House voted to repeal billions of dollars of Internal Revenue Service funding that Democrats approved last year, an issue that is likely to crop up repeatedly this year.
The Internal Revenue Service said Friday it recently completed making final corrections to the tax year 2020 accounts for taxpayers who overpaid their taxes on unemployment compensation they received in 2020.
The American Institute of CPAs (AICPA) released the updated Uniform CPA Examination® Blueprints, the official document of content eligible for assessment on the Exam. The Blueprints are based on the knowledge and skills required of a newly licensed CPA to meet the demands of firms, employers and clients.
The $1.7 trillion omnibus spending bill that Congress passed Friday just in time for the end of the year contains a number of accounting and tax-related provisions, though it's missing the traditional set of tax extenders and some other much desired tax breaks.
The new year promises many changes for the IRS, including a new commissioner (nominated, at least) and billions of dollars to spend with just two months left to develop a plan for spending it.
The amendments close some of the loopholes in the 10b5-1 rule governing stock trading by corporate executives.
In a letter to Congressional leadership of the Senate Finance Committee and the House Ways and Means Committee, the American Institute of CPAs expressed deep concerns regarding the Form 1099-K, Payment Card and Third Party Network Transactions, reporting threshold that was lowered to $600 for 2022 and will lead to significant confusion in the tax system in the coming months. Under section 9674(a) of the American Rescue Plan Act of 2021 (ARPA), the de minimis threshold decreased from $20,000/200 transactions to $600 for any number of transactions, effective for 2022 Forms 1099-K, due to be filed in 2023.
The Internal Revenue Service announced Courtney Kay-Decker as the new Deputy Chief Taxpayer Experience Officer today.
During a discussion of disclosures for board leadership structure and risk oversight at the AICPA & CIMA Conference on Current SEC and PCAOB Developments, Cicely LaMothe, CPA, called out a pattern her division had seen while calling for what the division wants to see.
The National Association of Enrolled Agents is urging the Internal Revenue Service to use its increased funding to fix its Practitioner Priority Service, complaining in a letter to the acting head of the IRS that the service is "nearly nonexistent."
The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of nine new members to the Financial Accounting Standards Advisory Council (FASAC).
New research highlights the growing costs and broad ramifications of poor cybersecurity.
Like many CFOs, for many reasons, Paul Young, CPA, CGMA, prefers to fill senior roles with people already in the organization.
The PCAOB pushes for harsher enforcement while the SEC urges audit firms to "apply an appropriate fraud lens throughout the audit."
We are on the brink of an exciting new era for the IRS, one that is desperately needed to transform the agency to improve taxpayer service and ensure fairness in tax compliance.
Rather than clearing a backlog of tax returns by the end of next month as the outgoing commissioner promised earlier this year, the IRS is in danger of being in the same frustrating situation as it was at the end of 2021, the national taxpayer advocate said in a blog post Thursday.
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