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Finance chiefs are confident their roles will change sooner rather than later, according to a Sage CFO survey discussed by CFO.com.

In an email to tax professionals on April 5, reported by CPA Practice Advisor, the IRS said it’s making changes that will impact how practitioners obtain a client’s tax transcripts, as part of the agency’s efforts to combat identity theft and protect taxpayer information.

The AICPA and numerous state CPA societies have written to the Treasury and Financial Crimes Enforcement Network (FinCEN) asking that enforcement of beneficial ownership information (BOI) reporting requirements be suspended until one year after court cases have been resolved.

For sustainable process improvements, start with your people before you apply technology, notes CFO.com.

The vast majority (90%) of finance leaders are projecting higher AI budgets in the coming year, with none planning a reduction, CFO Dive reports.

The IRS has added a question about income from digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts for 2023 tax returns. The question appeared on 2022 returns for individuals, seniors, and nonresident aliens. The change comes as the IRS grapples with how to handle digital assets, notes the Journal of Accountancy.

Prevalent threats range from a contentious presidential election and expectations for a benign end to inflation to the hazards of adopting generative AI, notes CFO.com.

The IRS has announced work is underway on the Simple Notice Initiative, a sweeping effort to simplify and clarify about 170 million letters sent annually to taxpayers.

Selling a practice is a life-changing event for most people. It means letting go and deciding to retire. However, even after the sale occurs, problems can arise. Accounting Today offers some points to consider to help minimize risk.

As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the IRS is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. The letters are being sent as the IRS continues increased scrutiny of ERC claims in response to misleading marketing campaigns that have targeted small businesses and other organizations.

A robust process for managing policies and procedures helps CFOs minimize risks while keeping costs lower for the review process itself, notes CFO.com.

Whether or not you're on the AI bandwagon, you'll want to pay attention to the rapid advances in the generative pretrained transformer, better known as GPT, the learning model used by ChatGPT. About half of all tasks U.S. workers perform could be completed faster by generative AI without losing quality, according to a study cited in the Journal of Accountancy.

More than 30 million small companies will be subject to a new reporting requirement in 2024 — and many of them don’t even know it. This simple rule applies to most non-financial companies with less than $5 million in annual sales from U.S. sources. It merely requires companies to report basic information about individuals who exercise substantial control over the entity, or own at least 25% of it, in order to deter shell companies and other opaque ownership structures.

Finance leaders should keep this three-part process in mind to set the framework for an efficient and productive team, notes CFO.com

The IRS will set up a new unit to focus on large or complex passthrough entities as it continues to pay closer attention to high-income compliance issues, reports the Journal of Accountancy.

While AI error risks can be reduced, many organizations are unprepared as they “wrangle huge volumes of information across patchwork systems, static spreadsheets, and fragmented processes,” Workday said via CFO Dive.

Recently issued IRS Notice 2023-54 provides transition relief for the change in the required beginning date for required minimum distributions (RMDs) under the SECURE 2.0 Act, as well as guidance related to certain specified RMDs, reports the Journal of Accountancy.

Shifting company culture is not fast, but progress is being made in laying the strategic groundwork for embedding sustainability into organizations’ DNA, CFO.com notes.

The FTC's Safeguards Rule requires a Written Information Security Plan (WISP), whereby financial institutions, including tax preparers, must develop, implement and maintain a comprehensive security plan to protect customer and client information. The Tax Adviser explains more about these provisions, which took effect on June 9, 2023.

finance leaders have consistently flagged the talent pipeline and digital transformation as the top issues on their to-do list. The search for solutions requires an abundance of skill, notes the Journal of Accountancy.