PCAOB Moves Project on Audit Quality Indicators to Standard-Setting Agenda
The Public Company Accounting Oversight Board (PCAOB) will consider issuing a proposal on key audit quality indicators (AQIs) in the …
FASB Proposes to Introduce Illustrative Example of Profits Interest Awards in U.S. GAAP
Businesses have two months to weigh in on a FASB proposal that provides an example to illustrate how to account …
E-Filing Patch to ‘Mailbox Rule’ Growing in Popularity
A proposal to prevent taxpayers from being hit with late penalties when payments and documents are submitted electronically on or …
Iowa Enacts Pass-Through Entity Tax SALT Cap Workaround
by Vidor A. Nosce Iowa has enacted an entity-level tax election for pass-through entities that allows a partner or shareholder …
The Potential of AI in Tax Practice Relies on Understanding its Limitations, Experts Say
Curiosity, conversation, and investment into artificial intelligence are quickly gaining traction in the tax community, but proper due diligence requires …
IRS Urges Employers to Protect Themselves By Hiring Trusted Payroll Service Providers
In a May 10 “Tax Tip,” the IRS is stressing to employers the importance of selecting a trusted third-party payroll …
Senator Asks IRS for Status Update on Employee Retention Credit Backlog
New York Democratic Senator Kirsten Gillibrand has asked the IRS commissioner to provide information on the current state of the …
U.S. Inspections Show ‘Unacceptable Rates’ of Problems in Chinese and Hong Kong Audit Firms
The U.S. Public Company Accounting Oversight Board on May 10, 2023, issued long awaited audit inspection reports on two affiliates …
FASB to Whittle Through Agenda ‘Fairly Quickly’ and Issue Consult Document Again Next Year, Chair Says
The FASB plans to complete most of the projects on its technical agenda in the next 18 months and may …
IRS Proposes to Amend Final Regs on Interests in Life Insurance Contracts
The IRS has proposed amending its final rules on interests in life insurance contracts to provide guidance on how the …