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GAO Yellow Book Updates, Private Collection of Overdue Federal Taxes, Extended IRS Call Service Hours and more

by MICPA | Apr 11, 2017   ()

GAO Issues Draft Yellow Book Updates 
The U.S. Government Accountability Office (GAO) last week issued an exposure draft containing proposed updates to Generally Accepted Government Auditing Standards (GAGAS), also known as the “Yellow Book.” The draft will be available for public comment through July 6. Key proposed changes include updated internal control requirements and guidance, revised CPE and peer review requirements and new rules for reporting waste that is detected during an audit. The Yellow Book was last updated in 2011. READ MORE

Private Collection of Some Overdue Federal Taxes Starts this Month
The IRS is sending letters to a relatively small group of taxpayers whose overdue federal tax accounts are being assigned to one of four private-sector collection agencies. The new program, enacted by Congress, enables designated contractors to collect, on the government’s behalf, unpaid tax debts. Usually these are unpaid individual tax obligations that are several years old and not currently being pursued by IRS collection employees. READ MORE

IRS Extends Call Service Hours on April 15
To help meet the high demand to its toll-free call center that typically comes as the tax deadline nears, the IRS is extending its customer service hours for Saturday, April 15.

The Practitioner Priority Service, 866-860-4259, will be open from 9 a.m. to 5 p.m. local time. READ MORE 

Will the Exam Score Release Impact You?
CPA candidates were advised of score holds for the recently updated Uniform CPA Examination. The 2017 score release dates, especially for the current testing window, are of special significance to candidates who may be up against the 18-month testing clock. Learn more in this AICPA Insights article.

5 Emerging Services Set to Transform the Accounting Profession
A recent article in AICPA Insights explores up-and-coming technologies and emerging trends – like sustainability – that are gaining traction in the U.S. and around the world. The AICPA's Assurance Services Executive Committee has been keeping a close watch on these changes and is developing guidance and resources to help CPAs provide services in line with today's rapidly evolving business environment. READ MORE

Seeking Rising Stars for the 2017 AICPA Leadership Academy
Do you know exceptional young CPAs who could benefit from expanding their professional competencies and connecting with peers with a similar passion for leadership? If so, encourage them to apply to become one of 38 young CPAs that will be selected to be a part of the 2017 AICPA Leadership Academy. This four-day networking and career development program will take place Oct. 1-5 in Durham, NC. For more information, visit aicpa.org/leadershipacademy. The deadline to apply is May 31.

Free Audit Documentation Tools Help Address Audit Quality
The most common audit issue identified by the AICPA’s Peer Review Enhanced Oversight Program was a lack of adequate documentation. A new free toolkit available at aicpa.org/documentation will help you document appropriately and comply with the standards. The tools, featured in the AICPA’s Private Companies Practice Section free Invigorate the Focus on Quality Toolkit, include a training program for firms, model working papers and more. Find the entire quality toolkit at aicpa.org/pcps/quality.

Tax Practitioner Groups Recommend New IRS Taxpayer Service Improvements
Last week, nine organizations representing diverse segments of the tax practitioner community presented a comprehensive set of recommendations to federal lawmakers designed to improve services provided by the IRS to taxpayers and tax practitioners. The AICPA helped lead the effort and endorsed these recommendations as part of its mission to support CPAs and protect taxpayers' interests. READ MORE

Source: MICPA
Source: MICPA

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