KEY ACCOUNTING INDUSTRY AND INSIGHTS UPDATES - APRIL 2022

1. CPA groups push delay of new partnership foreign-income schedules

The IRS should delay for a year its new requirement that some partnerships report foreign income because filing Schedules K-2 and K-3 is too burdensome, certified public accountants across the U.S. have complained in a letter to the agency. Read More

2. Patriot Software Granted Patent for Dual-Ledger Accounting

Cloud accounting software developer Xero announced new collaborations with the U.S. Latino business community this week, anticipating the rise of Latino-owned businesses across the country. Read More

3. Xero expands partnerships with U.S. Latino community

The Internal Revenue Service is planning to increase the enrollment and renewal fees for enrolled agents, as the user fees for examinations are also set to rise. Read More

4. FAF seeks new PCC members

The Financial Accounting Foundation is looking for nominations to the Private Company Council that shares the perspectives of privately held businesses with the Financial Accounting Standards Board. Read More

5. Congress to hear from IRS commissioner on filing season

IRS Commissioner Charles Rettig will report on the current tax filing season to the House Ways and Means Committee's Oversight Subcommittee next week, the subcommittee's chair, Bill Pascrell Jr., D-N.J., announced Thursday. Read More

6. Senator proposes to eliminate U.S. tax breaks for Russians

Senate Finance Committee chair Ron Wyden, D-Oregon, said Friday he is developing policies that could remove some tax benefits available to Russian and Belarusian individuals and entities that earn income from the U.S., as well as U.S.-based multinational companies that do business in those countries. Read More

7. AICPA & CIMA stand with the people of Ukraine

The Association of International Certified Professional Accountants, the combined voice of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA), will suspend services in Russia and Belarus. Read More

8. IRS Starts Using Chatbots for Calls

The Internal Revenue Service has announced it has begun using voice and chat bots on two of its specialized toll-free telephone assistance lines and IRS.gov, enabling taxpayers with simple payment or collection notice questions to get what they need quickly and avoid waiting. Read More

9. 2022 Changes to Popular Tax Deductions

For 2021 returns, the standard deduction is $12,550 for single filers and $25,100 for joint filers. Consider these key TCJA provisions that may affect your filing outlook. Read More

10. House Moves to Pass Omnibus Spending Bill with IRS Funding

House leadership late on March 9 hoped to get final approval of a $1.5 trillion omnibus spending bill designed to keep federal agencies open through September. The measure does not include a tax title and pares down IRS funding from an earlier 14% proposed increase. Read More

11. Baker Tilly US buys UK ERP advisory Vanilla

ERP consultancy Vanilla has been purchased by Baker Tilly for an undisclosed fee. The UK based advisory firm will help Baker Tilly expand its capabilities involving ERP and digital transformations. Read More

12. LogicGate rolls out new audit features

Risk and compliance software provider LogicGate announced new features and applications meant to enhance audit capabilities in its RiskCloud platform. Read More

13. Surging Gas-Pump Prices Have Governors Pitching Tax Rebates

U.S. governors from California to New York are proposing tax cuts, rebates and other forms of relief to drivers paying more than $4 a gallon to fill their gasoline tanks amid Russia’s war with Ukraine. Read More

14. AICPA, CIMA and Largest Accounting Firms Cease Russian Operations

The Association of International Certified Professional Accountants and the Chartered Institute of Management Accountants also announced they were suspending services in Russia and Belarus. Read More

15. Russia Considers Seizing Assets of Western Companies that Left

Russia’s government moved closer to seizing and even nationalizing foreign-owned companies that are leaving the market over the invasion of Ukraine while planning measures to coax others into staying. Read More

16. Biden pushes for coordinated approach to crypto

President Joe Biden is directing government agencies to focus more on the fast-growing crypto market, from researching a U.S. digital dollar to combating illicit finance. Read More

17. New, lower Form 1099-K threshold prompts cautions, criticisms

The new-for-2022 law change that sharply reduced the reporting threshold at which third-party payment settlement entities must issue a Form 1099-K, Payment Card and Third Party Network Transactions, drew a cautionary tax tip from the Taxpayer Advocate Service (TAS) and urging from the National Taxpayers Union Foundation (NTUF) for Congress to revoke or reduce the magnitude of the change. Read More

18. Tax Deductible IRA Contributions Can be Made Until April 18, 2022

The IRS is reminding taxpayers that they have until April 18, 2022.to make contributions to qualifying retirement accounts that may give them a deduction on their 2021 income tax return. Read More

19. Wyden Plans New Tax Rollbacks Against Russia Over Ukraine Invasion

A plan to increase financial pressure on Russia beyond sanctions imposed by the Biden administration is currently being developed by Senate Finance Committee Chairman Ron Wyden, D-OR. Read More

20. Businesses prepare for new ESG reporting standards

Senior finance professionals say their businesses are preparing for the Security and Exchange Commission's expected new environmental, social and governance (ESG) reporting requirements, even if they're unsure how to do so on a consistent and accurate basis, according to a new survey from Deloitte & Touche. Read More

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