CPA Never under estimate the value
The board took three actions to update auditing standards and procedures, including the adoption of a change to an almost 20-year-old rule that tightens the standard of liability to “negligent” from “reckless” for an associated person who contributes to a firm’s violations.
Source: JOA News
Read More here – PCAOB tightens liability standard
New employee retention credit (ERC) claims continue to be filed, and the IRS still has a backlog of claims from before a processing moratorium was announced in September. National Tax Advocate Erin Collins says “soon” is the answer to when the moratorium will end. Meanwhile, some business owners sit and wait.
Source: JOA News
Read More here – 9 months into ERC claim processing moratorium, still a waiting game
The fourth cohort of the ESG and Sustainable Financial Strategy Course begins June 19, presented by the University of Oxford’s Saïd Business School and AICPA & CIMA.
Source: JOA News
Read More here – Sustainability course now offers 26.5 CPE credits
A comment letter related to a Financial Accounting Foundation review of the PCC’s effectiveness praises the impact the council makes for private company stakeholders.
Source: JOA News
Read More here – AICPA applauds the Private Company Council’s work with FASB
The proposed changes to several interpretations were identified to keep the AICPA Code of Professional Conduct “fit for purpose.”
Source: JOA News
Read More here – PEEC releases exposure drafts on recruiting and tax services
Speaking at ENGAGE, Erin Collins asks: How does the IRS fight bad tax advice on TikTok when employees are not supposed to access it?
Source: JOA News
Read More here – National taxpayer advocate: TikTok a difficult adversary for IRS
In a unanimous decision, the Supreme Court holds that life insurance proceeds a corporation receives to fund a share redemption agreement increases the corporation’s estate tax value.
Source: JOA News
Read More here – Supreme Court: Insurance proceeds increase corporation’s estate tax value
The percentage of respondents optimistic about the U.S. economy dropped since the first quarter. Own-organization optimism remains for about 50% of CPA decision-makers in a new AICPA & CIMA survey.
Source: JOA News
Read More here – Finance execs waver on economy, remain neutral on their own businesses
Accounting firms named finding qualified staff as their top issue, according to biennial survey results released by the AICPA’s firm practice management section.
Source: JOA News
Read More here – Finding qualified staff tops ranking of CPA firm top issues
A speaker at AICPA & CIMA ENGAGE tells attendees that the IRS is paying higher salaries to attract midcareer workers as the agency increases audits.
Source: JOA News
Read More here – Expert warns: IRS has what it needs to pursue more audits
