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IRS Free Filing Program to Become Permanent with Expanded Scope

May 31, 2024

The IRS will make its new free filing program, Direct File, permanent starting in the 2025 tax season. It will be available to all states and the District of Columbia, with plans to expand the taxpayer situations within its scope, reports the Journal of Accountancy.

Treasury Issues Proposed Guidance on Technology-Neutral Clean Energy Tax Credits

May 30, 2024

The new credits, which cover wind, solar, hydropower, nuclear, geothermal and other technologies, are one of the Inflation Reduction Act’s most significant reforms, according to the Treasury Department, and reported by Utility Dive.

The CFO’s Changing Role: Problem-Solving, Tech and Leadership

May 23, 2024

Finance chiefs are confident their roles will change sooner rather than later, according to a Sage CFO survey discussed by CFO.com.

IRS Adds Security Steps For Tax Pros to Receive Transcripts

April 09, 2024

In an email to tax professionals on April 5, reported by CPA Practice Advisor, the IRS said it’s making changes that will impact how practitioners obtain a client’s tax transcripts, as part of the agency’s efforts to combat identity theft and protect taxpayer information.

AICPA Recommends BOI Enforcement Be Delayed

April 08, 2024

The AICPA and numerous state CPA societies have written to the Treasury and Financial Crimes Enforcement Network (FinCEN) asking that enforcement of beneficial ownership information (BOI) reporting requirements be suspended until one year after court cases have been resolved.

Finance Team Collaboration Drives Lower Process Costs

April 03, 2024

For sustainable process improvements, start with your people before you apply technology, notes CFO.com.

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.