News

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

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

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

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

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

Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions

June 10, 2022

A U.S. accounting firm is not prohibited by a White House executive order regarding U.S. sanctions against Russia from providing tax advisory and preparation services to the U.S. subsidiary of a Russian company in certain scenarios, according to guidance issued Thursday by Treasury's Office of Foreign Assets Control (OFAC).

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

Senators request details on IRS info return destruction

May 27, 2022

The IRS's decision in 2021 to destroy about 30 million unprocessed tax information returns is "deeply concerning," the U.S. Senate Finance Committee's Republican senators wrote in a letter Thursday to IRS Commissioner Charles Rettig.

  • advocacy - federal
  • federal tax

IRS urged to strengthen compliance on pandemic tax breaks

May 17, 2022

Congress gave billions of dollars in tax credits to employers in response to the COVID-19 pandemic that helped pay for providing paid sick and family leave and retaining employees, but now the IRS needs to step up its compliance efforts, according to a new report.

  • coronavirus
  • state tax
  • advocacy - federal
  • federal tax

GASB chair works on improving standards for government accountants

May 02, 2022

Governmental Accounting Standards Board chair Joel Black has been overseeing GASB for nearly two years as state and local governments deal with the continuing fallout from the pandemic while accounting for all the aid they received from the federal government.

  • accounting and auditing
  • advocacy - federal

Challenge to SALT deduction cap fails in Supreme Court

April 19, 2022

The Supreme Court declined to review a New York-led constitutional challenge to the $10,000 cap on state and local tax deductions imposed by Congress in the 2017 tax law.

  • state tax
  • advocacy - state
  • advocacy - federal
  • federal tax

Biden proposes higher corporate tax rate, 20% billionaire minimum tax

March 28, 2022

President Joe Biden's administration released its $6 trillion budget Monday for the federal government's 2023 fiscal year, which begins October 2022.

  • advocacy - federal
  • federal tax

Commissioner to Congress: IRS will clear backlog by year’s end

March 17, 2022

IRS Commissioner Charles Rettig told House members in a hearing Thursday that the Service will process its backlog of unprocessed work — some of it dating back to 2020 — by the end of 2022.

  • advocacy - federal
  • federal tax

IRS plans to hire thousands likely to fall short

March 14, 2022

The Internal Revenue Service’s ambitious plans to hire 10,000 more employees over the next year are going to be difficult to attain as a new report reveals that the IRS met only 67% of its hiring goals for last year in a key area.

  • advocacy - federal
  • federal tax

Lawmakers push IRS to provide tax relief, suspend more notices

March 14, 2022

A bipartisan group of 100 lawmakers in the House and Senate wrote a letter to IRS Commissioner Charles Rettig asking him to provide further relief to taxpayers who have been receiving warning notices from the IRS this tax season.

  • advocacy - federal
  • federal tax

Congress to hear from IRS commissioner on filing season

March 11, 2022

IRS Commissioner Charles Rettig will report on the current tax filing season to the House Ways and Means Committee's Oversight Subcommittee next week, the subcommittee's chair, Bill Pascrell Jr., D-N.J., announced Thursday.

  • advocacy - federal
  • federal tax

IRS budget increase slashed in latest spending bill

March 09, 2022

An omnibus spending bill released by congressional appropriators would reduce a budget increase for the Internal Revenue Service previously passed by the House by over half.

  • advocacy - federal
  • federal tax

SEC proposes new rules for cybersecurity reporting

March 09, 2022

The SEC is proposing amendments to its rules that would enhance and standardize public company disclosures regarding cybersecurity risk management, strategy, governance, and incident reporting.

  • technology and cybersecurity
  • advocacy - federal

Employers added 678K jobs in February, but lost 800 in accounting

March 04, 2022

Employment rose by 678,000 in February, the U.S. Bureau of Labor Statistics reported Friday, although the number of accounting and bookkeeping jobs declined by 800.

  • advocacy - federal

Face-to-face IRS help available in more than 30 cities (including Waterbury) on Saturday, March 12

March 04, 2022

The Internal Revenue Service today announced that many Taxpayer Assistance Centers (TACs) will offer face-to-face Saturday help without an appointment from 9 a.m. to 4 p.m. on Saturday, March 12. Normally TACs are only open weekdays.

  • state tax
  • advocacy - state
  • advocacy - federal
  • federal tax

Taxpayer Experience Office formally established to improve service across the IRS

March 04, 2022

As part of a longer-term effort to improve taxpayer service, the IRS has officially established the first-ever Taxpayer Experience Office and will soon begin taking additional steps to expand the effort.

  • state tax
  • advocacy - federal
  • federal tax