KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES - MARCH 2022

1. Senators urge IRS to provide better taxpayer support

A group of Senate Republicans, led by Sen. Mike Crapo, R-Idaho, the ranking member on the Senate Finance Committee, is asking the IRS to do all it can to help taxpayers this season. Read More

2. New Jersey Society of CPAs Opens 2022 Ovation Award Nominations

The New Jersey Society of Certified Public Accountants (NJCPA) is accepting nominations for its 2022 Ovation Awards which acknowledge individuals who demonstrate exceptional work in or support of New Jersey’s accounting profession. Read More

3. Lawmaker probes huge coaching salaries at tax-exempt schools

Congress is asking questions about the high salaries paid to college football coaches at some top schools that receive tax exemptions from the Internal Revenue Service. Read More

4. New York PTET Return and Extension Applications Now Available

The New York State Department of Taxation and Finance has announced that the Pass-Through Entity Tax (PTET) Annual Return and Pass-Through Entity Tax (PTET) Extension Web applications for taxable year 2021 are now available. Read More

5. Navigating the new Schedules K-2 and K-3

In June 2021, the IRS released final versions of two new international-related schedules that are being added to passthrough entity returns. Read More

6. Federal security agencies warn of potential Russian-sponsored cyberattacks

Uncle Sam wants businesses and other organizations, especially those that protect critical infrastructure networks, to bolster their defenses against possible cyberattacks sponsored by Russia. Read More

7. Employers added 467K jobs in January, but cut 6.6K in accounting

The employment situation in January was better than expected, as employers added a robust 467,000 jobs despite the Omicron variant, the U.S. Bureau of Labor Statistics. Read More

8. SBA details process to appeal partial PPP loan forgiveness decisions

Paycheck Protection Program (PPP) borrowers that received only partial loan forgiveness from their lenders have a new process for appealing the lender's decision to the U.S. Small Business Administration (SBA). Read More

9. SEC eyes crackdown on hedge funds and private equity with sweeping proposal on fee disclosure

The Securities and Exchange Commission is ramping up pressure on private equity firms and hedge funds to provide greater insight into fees and expenses, placing new transparency requirements on industries known for their secrecy. Read More

10. AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals

A push by the IRS to process backlogged tax returns, including by temporarily reassigning some employees to the effort, "are positive steps in the right direction," said AICPA President and CEO Barry Melancon, CPA, CGMA. Read More

11. Senator Manchin Casts More Doubt on Biden’s Agenda With Blast on Inflation

Senator Joe Manchin threw more cold water on President Joe Biden’s spending plans after inflation spiked to a 7.5% rate in January, the highest rate in four decades. Read More

12. Proposal would amend auditing standard for compliance audits

The AICPA's Auditing Standards Board (ASB) is inviting comments on a proposed Statement on Auditing Standards (SAS) that would amend AU-C Section 935, Compliance Audits, in AICPA Professional Standards. Read More

13. TQA addresses health care accounting for items free of charge received for distribution

In some circumstances, for-profit health care business entities may consider analogizing to not-for-profit guidance in the U.S. GAAP when accounting for vaccines or other pharmaceuticals, medical supplies, or equipment received free of charge for distribution to specified patients, according to technical question and answer (TQA) guidance developed by the AICPA Health Care Expert Panel and issued Tuesday by the AICPA. Read More

14. Crypto paychecks have more appeal outside the U.S.

Employees all over the world are opting to get paid in cryptocurrencies, though they’re still in a small minority, according to global payrolls and hiring company Deel. Read More

15. Single audit guidance for 7 programs provided in OMB’s Addendum 2

Requirements were issued in January for procedures that single audit practitioners need to follow in their engagements related to seven government programs in a second addendum to the Office of Management and Budget's 2021 Compliance Supplement. Read More

16. IMA offers advice on reducing a business’s carbon footprint

The Institute of Management Accountants released a guide to the steps that businesses can take to cut carbon and other greenhouse gas emissions in their operations under the leadership of accountants. Read More

17. PPP, ERC can lead to sustained business for CPA firms

Compliance and consulting work related to COVID-19 relief created new business opportunities for CPA firms, which now can continue to grow by building on those opportunities. Read More

18. PCAOB seeks input on plans for new advisory groups

The PCAOB said Monday it is creating two new advisory groups and inviting the public to comment on their proposed structure. Read More

19. Taxpayers and preparers face uncertainty from CTC and expiring tax breaks

Tax professionals and their clients are dealing with extra challenges this tax season from tax breaks that ended last year and haven’t yet been extended, including the enhanced Child Tax Credit. Read More

20. Senate Republicans concerned about global minimum tax deal

Republican members of the Senate Finance Committee have written to Treasury Secretary Janet Yellen asking her to keep both parties in Congress involved in negotiations on a global minimum tax, arguing that such a tax would apply more broadly than originally thought. Read More

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