Tech and AI trends impacting the profession

If you missed the most recent AICPA Town Hall or want to return to a particular show segment, you can access the full episode on-demand with the link below. You can also listen on the go with the AICPA Town Hall podcast .

Segments to Watch

DC and profession update: Rachel Dresen, senior director, Congressional and Political Affairs, AICPA , explained how Congress passed another continuing resolution to keep the government funded into December. She also examined a few items that could pass during a lame duck session after election season, the outcome of a recent House Financial Services Committee hearing with Security Exchange Commission (SEC) Chair Gary Gensler, and more. Watch the segment .

Tax and technical updates: Lisa Simpson , VP, Firm Services, AICPA, outlined the latest on tax relief for disaster-stricken areas. She explained recent IRS information that can help with responses to employee retention credit (ERC) claim denial letters. She also provided information on a just-released IRS announcement related to a new supplemental ERC claim process to help third-party payers like employee leasing companies resolve incorrect claims. Erik Asgeirsson , president and CEO, CPA.com , joined Lisa to discuss a new Accounting and Review Services Committee (ARSC) proposal related to preparation of financial statements. Watch the segment .

Executive Roundtable top insights: Daniel Hood , editor-in-chief, Accounting Today , and Andrew Argue, CPA , CEO and co-founder, Corvee , shared takeaways from last week’s AICPA and CPA.com Executive Roundtable, which brought together top leaders in technology and accounting to exchange ideas and insights around automation, AI, practice area innovation, impacts of private equity and more. Watch the segment. ?

Join the next AICPA Town Hall: Tune in Thursday, Oct. 10 at 3pm ET as Gene Marks CPA , president, The Marks Group , discusses economic trends affecting small and midsize business. Kimberly Blascoe, CPA , senior director, CAS Professional Services, CPA.com , and Rob Henderson, partner-in-charge, Advisory, Windes, will also share the latest trends and updates in client advisory services (CAS). Plus, the team will provide the critical technical and DC updates you rely on.

Late-breaking news and resources?

Disaster relief

• As of Sept. 30, 2024, disaster relief had not been announced for victims of Hurricane (and Tropical Storm) Helene.? Check out the IRS disaster relief pag e for news.?We’ll update you via the Journal of Accountancy as well.
• Connecticut and New York
• Louisiana
• Pennsylvania
• AICPA disaster relief resource center
• Taxpayer Advocate blog: Need for a Legislative Fix to Eliminate the Disaster Lookback Trap for Refund Claims

IRS and tax

• Increase in special per diem rate for business travel
• IRS alert: IRS warns taxpayers of promoters’ claim services to resolve unpaid taxes
• IRS alert: Offer in Compromise (OIC) program

ERC and BOI updates

• Understanding Letter 105-C, Disallowance of the Employee Retention Credit
• Journal of Accountancy: ERC supplemental claim process opened for third-party payroll companies
• Journal of Accountancy: Businesses with dubious ERC claims have another chance with the IRS
• AICPA ERC resource center
• AICPA BOI resource center

Emerging technology

• Conference:?2024 Digital CPA Conference |?Dec. 8-11 | up to?22 CPE?credits
• Webinar: DCPA24: Decoding the Future Oct. 29 | 1 free CPE credit
• Webinar:?The AICPA & CPA.com Startup Accelerator: AI — the Great Equalizer Oct. 3 | 1 free CPE credit
• Blog: Forging the pathway to possibilities together
• Podcast: The Value of Time With Lisa Griffith

Top attendee questions from September 26

Q: Can CPAs assist with BOI filings?

A: Yes, CPAs can assist with BOI filings. While certain states have issued rulings about where BOI filings might enter into unauthorized practice of law (UPL) territory, no state has outright banned CPAs from providing BOI-related services. It's important to review local state regulations to ensure compliance.

Q:? Would it be considered a contingent fee and therefore not allowed, to determine an engagement fee for a tax advisory client based on projected tax savings?

A: Contingent fees based on actual tax savings or a refund claim (such as ERC) for an original or amended tax return may be prohibited under Circular 230 and/or AICPA Statements on Standards for Tax Services (SSTSs). This is different than developing a fee in a proposal based on the value attributed to potential tax savings, which is allowed as long as it is considered a reasonable fee. Certainly, tax savings should never be guaranteed and as a CPA you are obligated to evaluate tax positions on a filed return based on the actual facts and circumstances and prevailing tax law.

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Q: What is the latest news related to IRS processing of ERC claims?

?A: There has been no update from the IRS since early August on the processing of ERC claims . At that time, the IRS noted they were sending out approximately 28,000 disallowance letters to businesses whose claims showed a high risk of being incorrect (to dispute these claims, see steps to take ). The IRS also stated they had identified 50,000 valid ERC claims and projected payments to begin on these claims starting in September. Also of note, the processing moratorium period for ERC claims was moved from Sept. 14, 2023, to Jan. 31, 2024.? Claims filed after Jan. 31, 2024, have not been processed at all as of now.