TSCPA News

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Peer Review Focus Areas for ERISA Audits

March 15, 2023 One of the many specialized areas CPAs can focus on is audits of employee benefits plans, which are subject to the Employee Retirement Security Act of 1974 (ERISA). There is typically elevated risk in these engagements because the Department of Labor (DOL) oversees the Form 5500 filings to which the audited financial statements are attached.

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2023 Legislative Update

March 15, 2023 From January through late spring, the Tennessee Society of CPAs and its lobbying team works with the Tennessee General Assembly to ensure the Legislature’s work aligns with our industry’s priorities.

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Changes

March 15, 2023 Fifty years ago, in January 1972, the late David Bowie released the single “Changes” from the album “Hunky Dory."

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AICPA Issues New Standard on Group Audits

March 7, 2023 As part of its efforts to converge its standards with those of the International Auditing and Assurance Standards Board, the AICPA Auditing Standards Board recently issued Statement on Auditing Standards No. 149, providing a risk-based approach to group audits.

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IRS Office of Professional Responsibility Provides Guidance on ERC Claims

March 7, 2023 In response to requests from tax practitioners, the IRS Office of Professional Responsibility recently issued guidance on practitioners’ professional responsibility obligations in connection with clients’ Employee Retention Credit claims, including prior federal tax returns claiming the ERC that the practitioners did not themselves prepare.

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