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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.

Even with tax season over, the Internal Revenue Service is keeping busy — exploring a free filing system, encouraging individuals to take advantage of the EITC, issuing $14 billion in refunds for overpayments on unemployment compensation, and changing the rules for the R&D credit. Read Accounting Today's roundup of five notable stories on recent IRS moves.

CFO.com explains how small businesses can implement diversity, equity, and inclusion initiatives to strengthen their culture and continue to evolve.

The AICPA has released an expanded plan focused on boosting the profession's talent pipeline. The plan calls for stakeholders to work together to increase the number of accounting graduates and the number of graduates who obtain CPA licensure.

The IRS will review its processes to make sure it does not audit Black taxpayers at higher rates than others and will make any changes before the next filing season, the IRS commissioner said in response to a university study that showed racial differences in audit rates, explained by the Tax Adviser.

The IRS revealed portions of its strategic operating plan to spend the $80 billion it was allocated over 10 years in the Inflation Reduction Act of 2022. The $8.7 billion IRS spending plan through 2024 includes almost $3.5 billion for operations support; $1.78 billion for enforcement; and almost $1.7 billion each for business systems modernization and taxpayer services, notes the Journal of Accountancy.

CFOs play a key role in advocating for preventative cybersecurity actions that help reduce the cost of cyber risks, notes CFO.com

Rising inflation can prompt workforce demands for higher salaries to offset rising living expenses. These rising salaries are adding to cost management and inflation mitigation pressures finance must handle, asserts Financial Management.

The IRS has launched a secure online system for submitting responses to certain IRS notices. This will allow taxpayers or their tax professional to electronically upload documents rather than mailing them, helping reduce time and effort resolving tax issues. The nine notices relate to military personnel serving in combat zones, as well as recipients of the Earned Income Tax Credit and Child Tax Credit.

CFOs are overhauling their technology budgets as inflation, slumping economic growth and other external forces jeopardize their earnings targets, notes CFO Dive.

With the SECURE Act containing upward of 100 new retirement provisions, here are six of the most notable changes taking effect this year, according to CPA Practice Advisor.

The IRS has announced that businesses can now file Form 1099 series information returns using a new online portal. Known as the Information Returns Intake System (IRIS), this free electronic filing service is secure, accurate and requires no special software. Though available to any business of any size, IRIS may be especially helpful to any small business that currently sends their 1099 forms on paper to the IRS.

The new year promises many changes for the IRS, and one old problem: a backlog of mail and a backed-up phone system that leaves taxpayers and practitioners on hold and frequently drops calls even after a long wait, notes the Journal of Accountancy.

While stress is difficult to avoid during this hectic time, practice leaders can mitigate the impact of stress on employees, says CPA Practice Advisor.