News

WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season. As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.

IR-2022-197, Nov. 9, 2022 WASHINGTON – In addition to the more than 4,000 people recently hired to fill critical customer service representative positions, the Internal Revenue Service is now seeking over 700 new employees to help taxpayers at Taxpayer Assistance Centers across the country.

In compliance with Act 434 of 1967, The Arkansas Administrative Procedure Act, as Amended, notice is hereby given the Department of Finance and Administration intends to Adopt Rule 2022-6, titled, Arkansas Elective Pass-Through Entity Tax.

With data security incidents continuing, the Internal Revenue Service, state tax agencies and the tax industry —– known as the Security Summit — urge tax professionals to develop a security plan. One often overlooked but critical component is creating a Written Information Security Plan or WISP.

The proposed 2024 CPA Exam, redesigned in response to the changing landscape of accountancy and focused on competencies crucial to the success of newly licensed CPAs, is available for review and comment.

Reconciliation Bill Deadline Looms in Congress – Potential Impact on Corporations As negotiations continue on the fast-approaching reconciliation bill, the AICPA remains active in its advocacy efforts, which includes pushing back on the implementation of a minimum book income tax on corporations. During negotiations, major components of the reconciliation package could change or be dropped altogether from a final package while new provisions could be added. The deadline to pass a reconciliation bill is September 30; with a long August recess scheduled, there is little time to pass a bill and sign into law.

Four Standards Reflect a More Risk-Based, Scalable and Customized Approach to Quality The American Institute of CPAs’ Auditing Standards Board and Accounting and Review Services Committee have collectively released four new quality management standards designed to improve a CPA firm's risk assessment and audit quality. The new standards modernize quality control and reflect new realities in practice, such as an increased emphasis on risk assessment, changes in technology and the growing use of external service providers.

IR-2022-124, June 9, 2022 WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes.

The IRS has delayed by more than a month the rollout of an electronic filing protocol for Schedules K-2, Shareholders' Pro Rata Share Items — International, and K-3, Shareholder's Share of Income, Deductions, Credits, etc. — International, filed by S corporations.