Skip to main content

News

Senate Democrats reintroduce bill to provide payroll tax credit to restaurants

January 24, 2023

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.

  • advocacy - federal

House Republicans plan vote to abolish IRS, replace income tax with consumption tax

January 12, 2023

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.

  • advocacy - federal

Melancon looks ahead to tax season challenges

January 11, 2023

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.

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

House votes to strip IRS funds intended to catch tax cheats

January 10, 2023

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.

  • advocacy - federal
  • federal tax

IRS refunded $14.8B for unemployment compensation exclusion

January 06, 2023

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.

  • advocacy - federal

AICPA Unveils Blueprints for Redesigned CPA Exam

January 04, 2023

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.

  • business and industry
  • career resources
  • practice management
  • advocacy - federal

Omnibus spending package passes without tax extenders

December 23, 2022

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.

  • advocacy - federal
  • federal tax

2023 brings lots of new to the IRS while keeping one problem: backlogs

December 21, 2022

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.

  • advocacy - federal
  • federal tax

SEC OKs Changes to Insider Securities Trading Rules

December 19, 2022

The amendments close some of the loopholes in the 10b5-1 rule governing stock trading by corporate executives.

  • business and industry
  • advocacy - federal

AICPA Expresses ‘Deep Concerns’ Regarding Form 1099-K Reporting Threshold

December 16, 2022

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.

  • business and industry
  • advocacy - federal
  • federal tax

IRS announces new deputy chief for the Taxpayer Experience Office

December 16, 2022

The Internal Revenue Service announced Courtney Kay-Decker as the new Deputy Chief Taxpayer Experience Officer today.

  • advocacy - federal
  • federal tax

Highlights: AICPA & CIMA Conference on Current SEC and PCAOB Developments

December 14, 2022

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.

  • accounting and auditing
  • advocacy - federal

Tax pros blast IRS's 'nearly nonexistent' priority phone service

December 06, 2022

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."

  • advocacy - federal
  • federal tax

Financial Accounting Foundation Appoints Nine New Members to the Financial Accounting Standards Advisory Council

December 05, 2022

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).

  • accounting and auditing
  • advocacy - federal

Financial Industry is Third-Most Targeted By Hackers

November 23, 2022

New research highlights the growing costs and broad ramifications of poor cybersecurity.

  • business and industry
  • practice management
  • technology and cybersecurity
  • advocacy - federal

Employers embrace apprenticeship program for finance business partners

November 14, 2022

Like many CFOs, for many reasons, Paul Young, CPA, CGMA, prefers to fill senior roles with people already in the organization.

  • business and industry
  • career resources
  • practice management
  • advocacy - federal

Audit Regulators Vow a Tougher Regime

November 12, 2022

The PCAOB pushes for harsher enforcement while the SEC urges audit firms to "apply an appropriate fraud lens throughout the audit."

  • accounting and auditing
  • advocacy - federal

IRS Commissioner Charles Rettig’s final message

November 10, 2022

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.

  • advocacy - federal
  • federal tax

National taxpayer advocate: 2022 could be ‘Groundhog Day’ for IRS backlog

November 10, 2022

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.

  • advocacy - federal
  • federal tax

2022 CT Election Results

November 09, 2022

CTNewsJunkie has a dynamic election results center.

  • advocacy - state
  • advocacy - federal