Claim Period for Franchise Tax Property Measure (Schedule G) Refunds Opens Today
Attention eligible business owners: The claim period for franchise tax property measure (Schedule G) refunds opens today.
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PCAOB Adopts New Quality Control Standard With a Risk-Based Approach Designed to Drive Continuous Improvement in Audit Quality
The Public Company Accounting Oversight Board (PCAOB) today adopted a new standard designed to lead registered public accounting firms to significantly improve their quality control (QC) systems.
View MoreTo protect against identity theft, IRS adds additional protections to Centralized Authorization File, Transcript Delivery System; changes designed to protect sensitive tax pro, taxpayer information
With identity theft and refund fraud an ongoing concern, the Internal Revenue Service today highlighted additional protections for tax professionals being taken to increase security for the Centralized Authorization File (CAF) program and placed new guidelines on requesting client transcripts by phone.
View MoreTreasury, IRS issue frequently asked questions regarding disaster relief related to retirement plans and IRAs
The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2024-19, relating to rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters.
View MoreIRS Updates List of Automatic Accounting Method Changes
The IRS recently issued Rev. Proc. 2024-23, providing an updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13, as subsequently modified, apply.
View MoreTSCPA Franchise Tax Update
On Thursday, April 25, 2024, the 113th General Assembly adjourned sine die.
View MoreIRS releases final guidance on transfers of certain credits under the Inflation Reduction Act
The Department of Treasury and Internal Revenue Service issued final regulations today describing rules and definitions for the transfer of eligible credits in a taxable year, including specific rules for partnerships and S corporations.
View MoreTSCPA Supports Designating Accounting as a STEM Profession
Recognizing accounting as a STEM field will help ensure future generations of CPAs are highly skilled.
View MoreFASAB Issues Statement of Federal Financial Accounting Standards 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1
The chair of the Federal Accounting Standards Advisory Board (FASAB or “the Board”), George A. Scott, announced today that the Board issued Statement of Federal Financial Accounting Standards (SFFAS) 63, Omnibus Amendments 2024-1: Amending SFFAS 38, 49, and Technical Bulletin 2011-1.
View MoreIRS Announces Changes to Delivery Methods for Transcripts
As part of the IRS’ effort to continue combatting identity theft and protecting taxpayers’ personal information, the agency announced it will be making changes that will impact how tax professionals receive transcripts.
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