KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES - JANUARY 2022

1. Biden Bill Has Tax Cut for Mere Millionaires, Hike for Mega Rich

For millionaires trying to decipher if they will pay more or less in taxes under President Joe Biden’s Build Back Better plan, the answer largely depends on just how much income they get, and how it’s earned. Read More

2. Doeren Mayhew expands in Houston

Doeren Mayhew, a Top 100 Firm based in Troy, Michigan, has acquired Darlene Plumly CPA, growing the firm’s footprint in the Houston market. Read More

3. Crowe offers year-end tax-planning guide during uncertain times

Crowe LLP has released its year-end tax-planning guide to help taxpayers and tax professionals deal with the many tax changes of the past year and the ones expected to come next year from the Biden administration. Read More

4. M&A roundup: EisnerAmper and Ryan expand

EisnerAmper, a Top 20 Firm based in New York, has added the partners and staff from Caler, Donten, Levine, Cohen, Porter & Veil, a firm based in West Palm Beach, Florida. Read More

5. Senate Finance Committee releases tax provisions of Build Back Better Act

The Senate Finance Committee released its portion of the Build Back Better Act on Saturday containing tax provisions and other updated legislative text. Read More

6. IRS Extends Electronic Signatures on Tax Forms Through Oct. 31, 2023

The IRS recently released Memos NHQ-10-1121-0005 and NHQ-01-1121-0004, which extend the ability to electronically sign a number of different tax forms and compliance documents through Oct. 31, 2023. The memos revise and supersede the extension that the IRS provided on April 15 that had been set to expire at the end of 2021. Read More

7. CPA executives concerned about inflation, hiring

Inflation worries and the labor shortage are dragging down optimism in the U.S. economy, according to a survey by the American Institute of CPAs. Read More

8. Thomson Reuters announces new partnerships, product roadmap

Thomson Reuters Tax & Accounting previewed some of its upcoming products at a recent conference and unveiled some new partnerships, along with a delay of its Onvio cloud software. Read More

9. Grant Thornton adds benefits to entice and retain employees

Grant Thornton has increased its employee benefits to attract new talent and keep staff from leaving for other firms, including absorbing employee premium increases associated with its medical benefits for the 2022 calendar year to offset inflation for its workforce. Read More

10. PEEC delays interpretation, adopts temporary policy statement

The AICPA Professional Ethics Executive Committee (PEEC) has further delayed the effective date of the Information Systems Services interpretation and has adopted a temporary policy statement related to employment statutes that may be in conflict with certain independence interpretations. Read More

11. IRS Schedules K-2 and K-3 released to enhance reporting of international tax matters

The Treasury and the IRS released today updated early drafts of new Schedules K-2 and K-3 for Forms 1065, 1120-S, and 8865 for tax year 2021 (filing season 2022). Read More

12. Biden Aims to Slash ‘Time Tax’ for Social Security, Storm Aid

President Joe Biden signed an executive order Monday that seeks to reduce bureaucratic hurdles for Americans seeking government benefits such as Social Security, student loan relief and disaster aid. Read More

13. Zero Taxes, Golf and Mansions Create a Crypto Island Paradise

The St. Regis Bahia Beach Resort in Puerto Rico boasts a golf course and oceanfront residences in a 483-acre nature reserve, set along azure waters and lush rainforest. Read More

14. Intuit projects up to 17M new small businesses in 2022

The COVID-19 pandemic may be lasting longer than expected, but it hasn’t dampened Americans’ appetites for business formation, according to accounting software developer Intuit, which projects that 17 million companies will be created in 2022. Read More

15. RPA on the rise in accounting

Robotic process automation has become a necessary technology for many accounting firms that are trying to achieve more efficiency as the staff becomes harder to find during the ongoing pandemic. Read More

16. Early sunset of the employee retention credit gets penalty relief

Employers that received an advance payment of the employee retention credit (ERC) or reduced their employment tax deposits in anticipation of receiving the ERC for the fourth calendar quarter of 2021 may repay or deposit the taxes without penalty under guidance issued Monday by the IRS. Read More

17. Adams Brown Acquires Kane, Mitchell and Co., LLC

Adams Brown, a leading regional CPA and business advisory firm, acquired Overland Park-based Kane, Mitchell and Co., LLC (KMC) effective December 1, 2021. Read More

18. New liability risks for the new year

The successful expansion of many accounting practices during the pandemic has set them up for liability risks in the year ahead. Read More

19. IRS Joins Nonprofit Groups to Promote $600 Charitable Tax Deduction

The Internal Revenue Service has joined with several leading nonprofit groups to highlight a special tax provision that allows more people to deduct donations to qualifying charities on their 2021 federal income tax return. Read More

20. Pandemic Pivots for the Tax and Accounting Profession

As tax professionals the last 18 months have taught us so much about the industry and our profession. Most importantly, it’s shown us that change is inevitable – and often unexpected – and our clients’ needs are ever-evolving. Read More

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