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CFO optimism is declining as cost concerns rise

  • September 22, 2022

There is a severe decline in optimism about the economy among CFOs across the country — thanks to increasing costs of goods and services, increasing energy costs, and supply chain challenges — according to a survey by Grant Thornton. Continue Reading

Meaning of ‘filed’ defined for purposes of delinquent partnership returns

  • September 21, 2022

For purposes of the limitation period for adjustments of partnership losses under former Sec. 6229(a), a delinquent partnership return has been "filed" when an Internal Revenue Service official authorized to obtain and receive delinquent returns informs a partnership that a return is missing and requests it; the partnership provides the return in the manner requested; and the IRS official receives it, the Ninth Circuit held. Continue Reading

3 ways to evolve accounting education

  • September 21, 2022

The window on the current CPA Exam format is quickly closing, making the new CPA Evolution licensure format an imperative classroom focus. Here are three ways that educators can better prepare students for CPA Evolution. Continue Reading

The dos and don’ts of disengaging

  • September 21, 2022

Whether due to the "great resignation," the "great reassessment," or the "baby boomer departure," the CPA profession is experiencing a diminishing workforce while facing "standards overload," handling a variety of relief programs, coping with innumerable IRS issues, and dealing with the constant stress of limited resources and elevated client demands. Continue Reading

New PPP loan tax guidance appears

  • September 19, 2022

This week's topics: ;IRS memorandum states that PPP loan forgiveness is taxable if taxpayer did not actually qualify for forgiveness granted ;AICPA adds to items requested for additional penalty relief under Notice 2022-36 Continue Reading

Got a letter or notice from the IRS? Here are the next steps

  • September 14, 2022

When the IRS needs to ask a question about a taxpayer’s tax return, notify them about a change to their account, or request a payment, the agency often mails a letter or notice to the taxpayer. Getting mail from the IRS is not a cause for panic but, it should not be ignored either. Continue Reading