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Legislation Introduced to Change Tax Rules for Cryptocurrency Purchases

February 3, 2022 A group of lawmakers recently introduced bipartisan legislation to create a framework for taxing purchases made with cryptocurrency.

IRS Reassigns Employees to Help Address Backlog

February 3, 2022 The IRS recently announced that it is reassigning employees who used to process tax returns and related paperwork back to their old jobs for the next eight months to help address the agency’s backlog that began during the start of the pandemic.

OMB Releases Second Addendum to 2021 Compliance Supplement

February 3, 2022 The Office of Management and Budget recently released 2021 Compliance Supplement Addendum 2, which addresses single audit requirements for seven government programs.

TSCPA Applauds Lawmakers for Signing Bipartisan Letters Calling for Taxpayer and Tax Preparer Relief from the IRS

February 2, 2022 Tennessee Society of Certified Public Accountants applauds the five members of the Tennessee Congressional delegation who joined many of their colleagues in signing bipartisan letters to the Treasury Department urging it to improve this year’s tax filing season process.

PCAOB to Form Two New Advisory Groups

February 1, 2022 The Public Company Accounting Oversight Board recently announced the creation of two new advisory groups, the Investor Advisory Group and the Standards and Emerging Issues Advisory Group.

IRS Updates List of Automatic Accounting Method Changes

February 1, 2022 The IRS recently issued Rev. Proc. 2022-14, updating the list of accounting method changes that are available automatically.

IRS Issues Child Tax Credit 2021 Filing Season FAQs

February 1, 2022 The IRS recently released 2021 filing season frequently asked questions on the expanded Child Tax Credit to assist taxpayers in preparing their tax year 2021 tax returns.

IRS Says Online Accounts Have Most Up-to-Date Advance Child Tax Credit Amounts

February 1, 2022 The IRS is advising taxpayers to look to their IRS Online Account for the most up-to-date amounts of the advance Child Tax Credit to include on their tax returns instead of the amounts in the letters it has been sending.

Black History Month: Celebrating Accounting Trailblazers

February 1, 2022 Black History Month is an important opportunity for us to celebrate the significant contributions and achievements of Black Americans throughout our history, including Black Americans that have been trailblazers in the accounting profession. Learn more about John W. Cromwell, Jr., the first Black CPA in the U.S.

IPSASB Issues New Standard on Leases

January 31, 2022 The International Public Sector Accounting Standards Board recently issued International Public Sector Accounting Standard 43, Leases.