NTSP2401. AICPA Tax Division Update

_SUPPORTING AICPA MEMBERS THROUGH TAX ADVOCACY AND IN THEIR TAX PRACTICES_ Blake Vickers, Chair of the AICPA's Tax Executive Committee, and the AICPA Tax Policy & Advocacy and the Tax Practice & Ethics Teams will discuss the AICPA's advocacy efforts regarding implementation of the Inflation Reduction Act of 2022 (IRA ’22) and the IRS Strategic Operating Plan and how the AICPA supported members with the new rules and provisions. The panel will also discuss other tax legislative initiatives, including extenders, the Form 1099K threshold, and section 174 research and experimentation costs treatment, as well as the AICPA proposed extension filing safe harbor, disaster tax relief efforts, ERC issues, and IRS service updates. Finally, the updated AICPA’s tax standards, the Statements on Standards for Tax Services (SSTSs), will be covered.

Learning Objectives:

• Determine the prospects for tax legislation for the remainder of the year, including extenders.
• Distinguish the IRS’ efforts to clear its processing backlogs before the upcoming filing season.
• Analyze the AICPA’s updated tax ethical standards – the Statements on Standards for Tax Services.
• Identify insights into possible 2025 tax legislative proposals and IRS continuing implementation of Inflation Reduction Act of 2022.
• Calculate the AICPA’s efforts to help members improve the efficiency of their tax practices.