Jan. 27, 2022
MEMBER IN THE NEWS
(Dan Morris quoted.)
IRS Wants Your Face on File, Will Require Facial-Recognition Online — Privacy Experts Sound Alarm
If you want to access your tax records online, as soon as this summer you’ll have to submit a selfie to the IRS to verify your identity to access your account.
CBS News
https://www1.cbn.com/cbnnews/2022/january/irs-wants-your-face-on-file-will-require-facial-recognition-online-privacy-experts-sound-alarm
BUSINESS
Will boomerang employees be a good fit?
The Great Resignation is leading some firms to consider rehiring former employees. These workers already have valuable organizational knowledge, but there are several questions to ask before pursuing this approach.
Harvard Business Review
https://hbr.org/2022/01/dont-hire-a-former-employee-before-asking-these-questions
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Boards Embrace Diversely Skilled CFOs
Today’s current finance chiefs have increasingly followed less traditional routes on their way to the CFO position.
CFO
https://www.cfo.com/finance-leadership/2022/01/diverse-skills-leadership-alex-amezquita-andreana-guy-melamed-santangelo/
PERSONAL FINANCE
How to claim a retirement contribution credit for 2021
Low- and moderate-income taxpayers have an opportunity to save on 2021 taxes by claiming the retirement savings contribution credit if they put money into an existing IRA by April 18. Income thresholds apply, but the credit can be worth up to $1,000 for single filers and $2,000 for couples.
CNBC
https://www.cnbc.com/2022/01/26/theres-still-time-for-some-retirement-savers-to-claim-a-tax-write-off.html
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Some people might qualify for more pandemic relief money
Some households might be eligible for additional coronavirus relief money, even though the Internal Revenue Service has finished distributing the third round of payments. Families with children born in 2021 and people adding dependents to 2021 tax returns might be eligible.
CNBC
https://www.cnbc.com/2022/01/26/heres-why-new-parents-may-qualify-for-another-1400-stimulus-check.html
POLITICS & POLICY
States Look at Taxing the Metaverse, But What is It?
Sales transactions are presumed taxable in states with a sales tax (unless there’s a specific exemption or exclusion), most states haven’t yet clarified which sales tax laws apply to sales made in the metaverse. When will they start?
CPA Practice Advisor
https://www.cpapracticeadvisor.com/accounting-audit/news/21254599/what-is-the-metaverse-states-arent-sure-but-they-want-to-tax-it
PROFESSION
FTB Survey: e-File & e-Pay Journey
The FTB is asking practitioners for their feedback regarding how to improve the usage of its e-file and e-pay services. The survey is open through Friday, Feb. 4.
FTB
https://www.surveymonkey.com/r/NSWB9Z3
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Cryptoasset accounting: Tips for common scenarios
The evaluation of whether contracts involving cryptoassets contain derivatives and the borrowing, lending and mining of cryptoassets all come with complex accounting implications. This nonauthoritative guidance can steer entities in the right direction on reporting the performance of cryptoassets more consistently in a financial statement.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2022/jan/cryptoasset-accounting-tips-common-scenarios.html
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How Tax Planning Adds Value to Client Relationships
Across all industries, only 18% of businesses focus on client retention. Client acquisition is expensive, and if you’re not adding value to your client relationships, you risk losing business over the long term.
CPA Practice Advisor
https://www.cpapracticeadvisor.com/tax-compliance/news/21254365/how-tax-planning-adds-value-to-client-relationships
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Entering ‘another miserable tax season’
The 2022 filing season kicked off with no one predicting smooth sailing. Practitioners, pundits and even the IRS itself foresee problems ahead.
AccountingToday
https://www.accountingtoday.com/news/expecting-another-miserable-tax-season
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Tax Strategy: What to watch for in a difficult tax season
Many tax return preparers seem to be hoping that the 2022 tax return preparation season will not be as bad as the 2020 and 2021 seasons, with their delayed filing deadlines, transition to work from home, new COVID-related provisions and retroactive tax law changes. The IRS has, after all, announced a relatively normal tax filing season, commencing Jan. 24 and ending April 18, 2022.
AccountingToday
https://www.accountingtoday.com/list/tax-strategy-what-to-watch-for-in-this-difficult-tax-season
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7 IT Strategies to Ensure Success
As technology continues to evolve, firms must reevaluate their accounting software and IT strategy.
AccountingWeb
https://www.accountingweb.com/technology/7-it-strategies-to-ensure-success
REGULATORY
SEC seeks info from private equity funds, hedge funds
Private equity funds and some hedge funds would have to report information more quickly when they experience large investment losses or redemptions under a proposal by the Securities and Exchange Commission. Another proposal from the SEC would bolster oversight of certain trading platforms dealing with Treasury securities.
MarketWatch
https://www.marketwatch.com/story/sec-regulatory-blitz-begins-with-proposals-to-tighten-rules-on-hedge-funds-private-equity-11643209235
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Banks Face Countdown to New Cybersecurity Rules
New federal rules taking effect this spring will require all U.S. banking organizations to report “any significant computer security incident” to federal regulators no later than 36 hours after the incident has occurred.
BloombergLaw
https://news.bloomberglaw.com/tech-and-telecom-law/banks-face-countdown-to-new-cybersecurity-rules?utm_source=rss&utm_medium=TENW&utm_campaign=0000017e-5a4e-df79-ab7e-fb5e8ca80000
TAX
How nonfilers can claim 2021 tax credits
Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.
Journal of Accountancy
https://www.journalofaccountancy.com/news/2022/jan/how-nonfilers-can-claim-2021-tax-credits.html
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Lawmakers ask IRS to provide relief amid backlog
A letter from more than 200 lawmakers to Internal Revenue Service Commissioner Charles Rettig asks the agency to provide relief to taxpayers at a time when a large paperwork backlog is complicating filing season. The lawmakers want a series of steps taken, including temporarily stopping automated penalty collection.
Politico
https://www.politico.com/news/2022/01/26/pressure-irs-supply-taxpayer-relief-00002408
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IRS officials point to potential for cryptoasset fraud
Internal Revenue Service investigators are warning about the potential for significant fraud related to cryptoassets and nonfungible tokens. Money laundering and market manipulation are among possible problems, says Ryan Korner, special agent in charge of the Los Angeles field office at the IRS’ criminal investigation division.
BNN Bloomberg
https://www.bnnbloomberg.ca/crypto-nfts-are-rife-with-mountains-of-fraud-irs-says-1.1713479
TECH
Windows 11 is getting a fresh new email app
Microsoft’s push to update all its classic apps for Windows 11 has now moved on to its email platform.
TechRadar
https://www.techradar.com/news/windows-11-is-getting-a-new-look-email-app
