Hot Topics Article Archives - Page 3

PEEC and ASB Issue New Requirements for CPAs Regarding NOCLAR

Published June 27, 2022

The AICPA Professional Ethics Executive Committee (PEEC) recently developed and approved new interpretations related to noncompliance with laws and regulations (NOCLAR) within the AICPA Code of Professional Conduct. The new interpretations of the "Integrity and Objectivity Rule" (ET §1.100.001 and ET §2.100.001) are titled "Responding to Noncompliance With Laws and Regulations" (ET §1.180.010 and ET §2.180.010). The ...

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Crises Change, So Make Contingency Plans

Published June 27, 2022

A Q&A with Chicago Booth’s René Caldentey about crisis-ready supply-chain management COVID-19 hurt supply chains. Will conflict in Ukraine stress them further? It is obviously having a huge effect on a number of sectors, most notoriously on energy markets, which have an immediate impact on logistics costs. More broadly, it is not just war but the fact that the geopolitical environment of countries and regions changes the way ...

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How Leaders Can Make the Most of Remote Work for Employees

Published June 23, 2022

For some organizations, it’s back to in-office work as usual, but the majority of enterprises are embracing remote and hybrid models. A new report from Forrester entitled The Anywhere-Work Preflight Checklist shows that when done correctly, businesses embracing remote and hybrid work are able to grow talent, culture and technology over time. However, if the move is not done correctly or at all, companies may experience disastrous ...

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IRS Blasted for Destroying Millions of Information Returns

Published June 16, 2022

The Internal Revenue Service is coming under criticism from Congress and the American Institute of CPAs for destroying an estimated 30 million paper-filed information returns to cope with its backlog last year, with one lawmaker even calling for the IRS commissioner to be replaced immediately. The Treasury Inspector General for Tax Administration released a report on the processing of business tax returns, noting that the IRS decided ...

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IRS Increases Mileage Rate for Remainder of 2022

Published June 13, 2022

WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rate for the final 6 months of 2022. Taxpayers may use the optional standard mileage rates to calculate the deductible costs of operating an automobile for business and certain other purposes. For the final 6 months of 2022, the standard mileage rate for business travel will be 62.5 cents per mile, up 4 cents from the rate effective at ...

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