News

The IRS has launched a secure online system for submitting responses to certain IRS notices. This will allow taxpayers or their tax professional to electronically upload documents rather than mailing them, helping reduce time and effort resolving tax issues. The nine notices relate to military personnel serving in combat zones, as well as recipients of the Earned Income Tax Credit and Child Tax Credit.

CFOs are overhauling their technology budgets as inflation, slumping economic growth and other external forces jeopardize their earnings targets, notes CFO Dive.

With the SECURE Act containing upward of 100 new retirement provisions, here are six of the most notable changes taking effect this year, according to CPA Practice Advisor.

The IRS has announced that businesses can now file Form 1099 series information returns using a new online portal. Known as the Information Returns Intake System (IRIS), this free electronic filing service is secure, accurate and requires no special software. Though available to any business of any size, IRIS may be especially helpful to any small business that currently sends their 1099 forms on paper to the IRS.

The new year promises many changes for the IRS, and one old problem: a backlog of mail and a backed-up phone system that leaves taxpayers and practitioners on hold and frequently drops calls even after a long wait, notes the Journal of Accountancy.

While stress is difficult to avoid during this hectic time, practice leaders can mitigate the impact of stress on employees, says CPA Practice Advisor.

As enterprises around the world face formidable business challenges, here are four things CFOs should prioritize next year, according to CFO.com.

CPAs can play crucial roles in helping navigate the evolving landscape as state tax authorities ramp up efforts to source additional revenue from out-of-state workers and the companies they work for, notes the Journal of Accountancy.

Ongoing leadership development can reinforce organizational stability, even in a difficult economy, says CFO.com.

At the end of the day, cyberattacks can have a detrimental impact to firms. Don’t wait until it’s too late to develop an effective data security plan, notes CPA Practice Advisor.

Current federal tax developments (March 20, 2023)

A transformation project that integrates data, processes, and people in a single platform optimizes decision-making and planning, notes CFO.com.

IRS encourages tax professionals to increase their efforts to inform clients about the IRS Identity Protection PIN Opt-In Program to help protect people against tax-related identity theft. The IP PIN serves as a critical defense against identity thieves and is now available to anyone who can verify their identity.

The proposed 2024 CPA Exam, redesigned in response to the changing landscape of accountancy and focused on competencies crucial to the success of newly licensed CPAs, is available for review and comment, notes the Journal of Accountancy.