KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES - NOVEMBER 2021

1. AICPA issues audit risk assessment standard

The American Institute of CPAs released a new standard to help auditors assess the risks of material misstatement. Read More

2. Sage Acquires GoProposal to Help UK Accountants Accelerate Practice Management in the Cloud

This acquisition – the fourth fintech investment by Sage in the last 12 months – reflects Sage’s commitment to delivering ongoing innovation to its accounting partners, as cloud technologies continue to drive real benefits for accountants in practice. Read More

3. Videoconferencing with IRS is now an option for all LB&I taxpayers.

All large business taxpayers and their representatives may meet with IRS officials by videoconference upon request, the Service told its employees in the Large Business and International (LB&I) Division in a memo. Read More

4. IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs

The IRS announced on Friday that if a taxpayer relies in good faith on frequently asked questions (FAQs) that the Service posts to its website, and if that reliance is reasonable, then the taxpayer will have a reasonable-cause defense against any negligence penalty or other accuracy-related penalty. Read More

5. Florida Accounting Firm Rosenfield & Company Joins Abacus Worldwide

The Florida accounting firm Rosenfield & Company, PLLC has joined Abacus Worldwide, LLC, a progressive international association of independent accounting, consulting and legal firms. Read More

6. Accountant confidence in economic recovery lost momentum in Q3 

Global confidence among accountants in the economic recovery from the COVID-19 pandemic declined in the third quarter of the year, especially in North America. Read More

7. IMA sets up sustainability task force

The Institute of Management Accountants has established a Sustainable Business Management Global Task Force to speak about sustainability issues on behalf of the management accounting profession, accountants and finance professionals. Read More

8. IRS Again Extends Deadline for Private Activity Bonds

Under the Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA), tax-exempt private activity bonds are subject to a public approval requirement. Read More

9. Ledgible Launches Full Dogecoin Support for Tax and Accounting

Legible, a platform for taxand accounting of crypto assets, announced today native integration with Doge making it easy for those holding, selling, trading, and making purchases with Doge to generate accounting reports and plan for taxes. Read More

10. CAS practices see 20% growth rate

Client advisory services (CAS) practices saw a 20% growth rate in terms of net client fees per professional, according to the latest CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey. Read More

11. Social Security wage base, COLA set for 2022

The maximum amount of an individual's taxable earnings in 2022 subject to Social Security tax will be $147,000, the Social Security Administration (SSA) announced Wednesday. Read More

12. Corpay One wins K2 Prime Quality Award, and more

K2 Enterprises has announced the winners of its 20th annual K2 Quality Awards, which recognize quality in accounting technology. Corpay One, an AP solution, is this year’s winner of the Prime award, the category that recognizes excellence in a range of quality markers. Read More

13. PCAOB issues staff guidance on audit evidence from other sources

The PCAOB issued staff guidance Thursday on things for auditors to consider regarding the relevance and reliability of information from external sources that the auditor plans to use as audit evidence. Read More

14. IRS spotlights charity fraud awareness

The Internal Revenue Service is teaming up with international organizations and regulators this week to call attention to the dangers of charity fraud. Read More

15. Global tax changes, supply chain woes and pandemic add to transfer pricing uncertainty

International tax reforms, along with supply chain transformations spurred by the COVID-19 pandemic, are contributing to an unprecedented level of uncertainty about transfer pricing among business leaders, according to a new survey by Ernst & Young. Read More

16. Revisions proposed to AICPA ethics code address certain SEC rule changes

Revisions to four interpretations and one definition were proposed Tuesday by the AICPA Professional Ethics Executive Committee (PEEC) in an effort to address amended independence rules issued by the SEC in October 2020. Read More

17. Final regulations establish a user fee for estate tax closing letters

The IRS issued final regulations Monday (T.D. 9957) instituting a user fee of $67 for the Service to issue an estate tax closing letter. Read More

18. PCAOB calls for more comments on working with other auditors

The Public Company Accounting Oversight Board is asking for more stakeholder input on a proposal to strengthen the requirements for audits that involve multiple audit firms. Read More

19. PCAOB inspections show some improvement in 2020

PCAOB inspections showed some improvement in firms' audit performance during 2020 compared with the previous year, although a board staff report released Monday said inspectors continue to identify deficiencies that recur from year to year. Read More

20. IRS sets new requirements for R&D credit refund claims

The Internal Revenue Service’s Office of Chief Counsel is spelling out new requirements for information from companies submitting claims for research credit tax refunds to prove they’re valid. Read More

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