Exposure draft:  Proposed "CPA Competency-Based Experience Pathway"

Comments due December 6, 2024

The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have proposed an initiative aimed at helping Certified Public Accountant (CPA) candidates meet initial licensure requirements. This additional option would not replace existing pathways to licensure, but instead respond to market changes and expand opportunities for the next generation of accountants.

The draft pathway is still in development and requires further evaluation and input from across the profession. Comments are due December 6, 2024, and can be submitted through this form

More information is available at this link:https://www.aicpa-cima.com/certifications/download/exposure-draft-proposed-cpa-competency-based-experience-pathway

Exposure Draft

IRS, Security Summit share online safety tips during National Cyber Security Awareness Month

The IRS and its Security Summit partners remind taxpayers to be cautious of online threats like fraud and identity theft as National Cyber Security Awareness Month comes to an end and the upcoming tax season gets underway. To reduce their chances of becoming victims or unintentionally exposing their families to identity theft and tax fraud, the two advise taxpayers to exercise caution and educate kids on how to spot and steer clear of online scams.

National Cyber Security Awareness Month

FinCEN Publishes Beneficial Ownership Reporting Outreach and Education Toolkit

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued another resource to familiarize small business owners with beneficial ownership reporting requirements. These reporting requirements are mandated by the Corporate Transparency Act, a bipartisan law enacted to curb illicit finance by supporting law enforcement efforts. This law requires many small businesses to report basic information to the Federal government about the real people who ultimately own or control them.

The toolkit contains templates and sample content that has been structured to allow private, public, and non-profit organizations to share and amplify this important information. The toolkit includes general background on the reporting requirements, as well as templates for newsletters, websites, and emails; sample social media posts and images; and information on how to contact FinCEN.

News Release: https://www.fincen.gov/news/news-releases/fincen-publishes-beneficial-ownership-reporting-outreach-and-education-toolkit

Toolkit: https://www.fincen.gov/boi/toolkit

The IRS offers the upcoming live webinars to the tax professional community:

• Energy Efficient Home Improvements Credit & Residential Clean Energy Property Credit: How the Inflation Reduction Act revised these credits on Nov. 14, at 2 p.m. ET. Earn up to one continuing education credit (Federal Tax). Certificates of completion are being offered. Click here to register.
• Beneficial Ownership Information presented by Financial Crimes Enforcement Network (FinCEN) on Nov. 19, at 2 p.m. ET. No continuing education credit is being offered. Click here to register.

Chevron doctrine overturned: Implications for tax professionals

In this joint episode, Neil Amato, host of the Journal of Accountancy podcast and Melanie Lauridsen, VP of AICPA Tax Policy and Advocacy discuss two recent Supreme Court decisions.

The Supreme Court ruling in Loper Bright Enterprises v. Raimondo overturned a 40-year-old precedent of deference referred to as the Chevron doctrine, affecting future rulemaking by eliminating the need for judges to defer to agency interpretations of ambiguous statutes. In Corner Post, Inc. v. Board of Governors of the Federal Reserve System, the Supreme Court ruled to alter the statute of limitations for challenging regulations, starting the clock when a plaintiff is injured rather than when the regulation is enforced.

These decisions introduce significant uncertainty for the accounting profession, particularly regarding IRS regulations and long-standing rules and emphasize the need for CPAs to stay informed and adaptable as the implications of these rulings unfold.
Tax Section 

Final and proposed regulations issued on retirement plan RMDs

IRS Statement on balance due notices (CP14)

June 12, 2024

The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return.

Who is affected: Taxpayers who paid electronically or by check with their 2023 tax return, may show their accounts as pending, although the IRS has received and processed payment through their banking institution. The notice may have been initiated before the payment was processed on the account, or the payment may have been processed but contained errors and requires additional handling to address the error before updating the tax account.

No immediate action or phone call needed: Taxpayers who receive a notice but paid the tax they owed in full and on time, electronically or by check, should not respond to the notice at this time. The IRS is researching the matter and will provide an update as soon as possible.

Note that any assessed penalties and interest will be automatically adjusted when the payment(s) are applied correctly by the IRS.

Taxpayers who paid only part of the tax reported due on their 2023 return should pay the remaining balance or follow instructions on the notice to enter into an installment agreement or request additional collection alternatives.

For affected taxpayers, the IRS apologizes for the inconvenience this delay in processing your payment has caused.