News
AI dominates CFOs’ 2024 Budget Hike Plans
February 13, 2024
The vast majority (90%) of finance leaders are projecting higher AI budgets in the coming year, with none planning a reduction, CFO Dive reports.
Digital Asset Question Added to More Forms for 2023 Tax Returns
January 26, 2024
The IRS has added a question about income from digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts for 2023 tax returns. The question appeared on 2022 returns for individuals, seniors, and nonresident aliens. The change comes as the IRS grapples with how to handle digital assets, notes the Journal of Accountancy.
Five Risks for CFOs to Manage in 2024
January 24, 2024
Prevalent threats range from a contentious presidential election and expectations for a benign end to inflation to the hazards of adopting generative AI, notes CFO.com.
IRS Launches Simple Notice Initiative Redesign Effort
January 23, 2024
The IRS has announced work is underway on the Simple Notice Initiative, a sweeping effort to simplify and clarify about 170 million letters sent annually to taxpayers.
Art of Accounting: Problems After Selling Your Practice
December 11, 2023
Selling a practice is a life-changing event for most people. It means letting go and deciding to retire. However, even after the sale occurs, problems can arise. Accounting Today offers some points to consider to help minimize risk.
IRS Expands Work on Employee Retention Credit Claims
December 07, 2023
As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the IRS is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. The letters are being sent as the IRS continues increased scrutiny of ERC claims in response to misleading marketing campaigns that have targeted small businesses and other organizations.
Manage Financial Policy and Procedures Cost Effectively
December 06, 2023
A robust process for managing policies and procedures helps CFOs minimize risks while keeping costs lower for the review process itself, notes CFO.com.
How Artificial Intelligence Can Help Accounting
November 15, 2023
Whether or not you're on the AI bandwagon, you'll want to pay attention to the rapid advances in the generative pretrained transformer, better known as GPT, the learning model used by ChatGPT. About half of all tasks U.S. workers perform could be completed faster by generative AI without losing quality, according to a study cited in the Journal of Accountancy.
New Beneficial Ownership Rule Impacts Many Small Companies
October 30, 2023
More than 30 million small companies will be subject to a new reporting requirement in 2024 — and many of them don’t even know it. This simple rule applies to most non-financial companies with less than $5 million in annual sales from U.S. sources. It merely requires companies to report basic information about individuals who exercise substantial control over the entity, or own at least 25% of it, in order to deter shell companies and other opaque ownership structures.
How CFOs Can Strengthen Their Finance Teams
September 26, 2023
Finance leaders should keep this three-part process in mind to set the framework for an efficient and productive team, notes CFO.com
IRS to Set Up New Unit to Focus on Complex Passthrough Entities
September 20, 2023
The IRS will set up a new unit to focus on large or complex passthrough entities as it continues to pay closer attention to high-income compliance issues, reports the Journal of Accountancy.
Flawed Data Ranked as Top AI Risk
September 19, 2023
While AI error risks can be reduced, many organizations are unprepared as they “wrangle huge volumes of information across patchwork systems, static spreadsheets, and fragmented processes,” Workday said via CFO Dive.
IRS Provides Transition Relief for Change in Beginning Date for RMDs
July 18, 2023
Recently issued IRS Notice 2023-54 provides transition relief for the change in the required beginning date for required minimum distributions (RMDs) under the SECURE 2.0 Act, as well as guidance related to certain specified RMDs, reports the Journal of Accountancy.
Sustainability Still Extrinsic to Many Companies’ Cultures
July 13, 2023
Shifting company culture is not fast, but progress is being made in laying the strategic groundwork for embedding sustainability into organizations’ DNA, CFO.com notes.
Complying with the Information Security Safeguards Rule for Tax Professionals
June 06, 2023
The FTC's Safeguards Rule requires a Written Information Security Plan (WISP), whereby financial institutions, including tax preparers, must develop, implement and maintain a comprehensive security plan to protect customer and client information. The Tax Adviser explains more about these provisions, which took effect on June 9, 2023.
Future of Finance: Upskilling is Crucial, but Mindset is the Crux
June 05, 2023
finance leaders have consistently flagged the talent pipeline and digital transformation as the top issues on their to-do list. The search for solutions requires an abundance of skill, notes the Journal of Accountancy.
IRS Developments to Keep an Eye On
May 31, 2023
Even with tax season over, the Internal Revenue Service is keeping busy — exploring a free filing system, encouraging individuals to take advantage of the EITC, issuing $14 billion in refunds for overpayments on unemployment compensation, and changing the rules for the R&D credit. Read Accounting Today's roundup of five notable stories on recent IRS moves.
5 DE&I Strategies for Small Businesses
May 26, 2023
CFO.com explains how small businesses can implement diversity, equity, and inclusion initiatives to strengthen their culture and continue to evolve.
AICPA Releases Expanded Plan for Addressing CPA Pipeline Challenges
May 18, 2023
The AICPA has released an expanded plan focused on boosting the profession's talent pipeline. The plan calls for stakeholders to work together to increase the number of accounting graduates and the number of graduates who obtain CPA licensure.
IRS Chief: Racial Disparities in Audits will be Addressed within a Year
May 16, 2023
The IRS will review its processes to make sure it does not audit Black taxpayers at higher rates than others and will make any changes before the next filing season, the IRS commissioner said in response to a university study that showed racial differences in audit rates, explained by the Tax Adviser.