The Georgia Society of CPAs (GSCPA) recently asked Governor Kemp to veto Senate Bill 368 (SB 368). While GSCPA understands the intention to protect our state, we believe SB 368 imposes excessive burdens on businesses operating in Georgia. Letter... read more

The Georgia Society of CPAs, along with the AICPA, recently called on the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN) and voiced serious concerns regarding the enforcement of the Beneficial Ownership... read more

It’s time to renew your Georgia Public Accounting Firm license. Your license expires June 30, 2024, so visit https://gaboa.mylicense.com/egov/Login.aspx any time before then to renew. If this is your first time renewing, you will need to... read more

Frazier & Deeter and Mercer University are partnering on a research study regarding ‘IT and Accounting Executives’ opinions and attitudes towards ‘materiality as it relates to cyber security breaches.’ To assist in... read more

The Concept The goal is to create a long-term, flexible plan that can offer a path to licensure that would not be on an accredited transcript but is still defined in great detail. It would include an education and experience component to measure... read more

In recent weeks, the United States Postal Service (USPS) and the CPA profession have observed notable delays in mail delivery, which could potentially impact the timely filing of tax returns and payments. As CPAs and advisors to your clients, it... read more

HB 1162 amends Title 48 of the Official Code of Georgia, relating to revenue and taxation, to revise the terms "Internal Revenue Code" and "Internal Revenue Code of 1986" and thereby incorporate certain provisions of the federal law into Georgia... read more

The Georgia State Board of Accountancy (GSBA) has introduced amended rules regarding continuing professional education (CPE) for Certified Public Accountants (CPAs) in Georgia. These changes aim to ensure CPAs continually enhance their technical... read more

The Georgia State Board of Accountancy (GSBA) has recently adopted two major initiatives regarding the CPA Exam that reflect a commitment to accommodate candidates amidst evolving circumstances. CPA Exam Window Effective January 1, 2024, the GSBA... read more

By Sonny Grover, CPA; Darren Guillot; and Rick Meyer, CPA, MBA, MST You can’t say that we didn’t warn you! It’s the season for IRS ERC exams – yes, right during tax season, when you have nothing better to do. Have you or... read more

The American Institute of Certified Public Accountants (AICPA) and the National Association of State Auditors, Comptrollers, and Treasurers (NASACT) have formed a joint working group to better understand the challenges around CPA resources within... read more

By Darcy Pyle, GA DOR It’s tax season and that means updates and changes!  While we have a few small changes to the pass-through entity election in 2023, the 2023 tax filing season is relatively calm as far as changes go.  We should see the... read more

The Georgia Society of CPAs Hosts Post-Implementation Review of GASB Statement 75   Issue:   The Georgia Society of Certified Public Accountants (GSCPA) recently hosted an event at the GSCPA offices for the Governmental Accounting Standards Board... read more

The Georgia Society of CPAs has called on federal legislators to support two bills that have been introduced – Senate bill S. 2623 and companion legislation in the House, H.R. 4035, the Protecting Small Business Information Act of 2023.... read more

Atlanta, GA – Following direction from Governor Brian P. Kemp, the Department of Revenue today announced that certain return and payment deadlines for taxpayers have been extended to February 15, 2024, for Georgians impacted by Hurricane... read more

To protect taxpayers from scams, IRS orders immediate stop to new Employee Retention Credit processing amid surge of questionable claims; concerns from tax pros, aggressive marketing to ineligible applicants highlights unacceptable risk to... read more

WASHINGTON — Taxpayers affected by Hurricane Idalia in parts of Georgia that began Aug. 30, 2023, now have until Feb. 15, 2024, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announce... read more

IR-2023-162, Sept. 5, 2023 WASHINGTON — The Internal Revenue Service today issued a frequently asked question in Fact Sheet 2023-20 to provide guidance to pass-through entities for electronically filing Schedules K-2 and K-3 to the IRS to... read more

Atlanta, GA – Governor Brian P. Kemp today issued a State of Emergency order for all of Georgia in preparation for Hurricane Idalia's anticipated impact later this week. Currently, the storm system is expected to move through the state... read more

Credit Will Reduce Tax Burden and Help Youth Aging Out of Foster Care ​ALPHARETTA, Ga. (July 24, 2023) – The Fostering Success Act, Inc., a new non-profit, has launched to help Georgians contribute to a new $20 million state tax credit... read more

Participate in the 2023 AICPA PCPS/CPA.com National Management of an Accounting Practice Survey for insights. The business world is shifting, and the accounting profession is not immune, so we need to adapt and change as well. There are... read more

Washington, D.C. (May 15, 2023) – The American Institute of CPAs (AICPA) joined a coalition of organizations who have come together to make taxpayers and practitioners aware of the new Beneficial Ownership Information (BOI) reporting... read more

The Internal Revenue Service wants small business taxpayers to know they will soon see changes to help them better interact with the Internal Revenue Service in ways that work best for them. New improvements to phone service, in-person and online... read more

ATLANTA (May 2, 2023) | Today, Governor Brian P. Kemp signed Senate Bill 56 into law. Sponsored by Senator Chuck Hufstetler (R – Rome), this measure would require the State Revenue Commissioner to contract with the board of the... read more

IR-2023-71 — The Internal Revenue Service wrapped up the annual Dirty Dozen list of tax scams for 2023 with a reminder for taxpayers, businesses and tax professionals to watch out for these schemes throughout the year, not just during tax... read more

WASHINGTON – Today the Internal Revenue Service closed out the 2023 Dirty Dozen campaign with a warning for taxpayers to beware of promoters peddling bogus tax schemes aimed at reducing taxes or avoiding them altogether. These schemes can... read more

To: Tax Preparers From: Georgia Department of Revenue Date: March 30, 2023 Re:600 S Corporate Tax Returns   The Department is aware of an issue taxpayers are having with their 600 S returns where they are being refunded taxes paid. We are in the... read more

The Georgia Department of Revenue (GA DOR) is making corrections on their end for returns filed, so no amendeds will be needed at this point. For any returns filed going forward, as mentioned in previous alerts, you should complete the... read more

After meeting with staff at the Georgia Department of Revenue yesterday, The Georgia Society of CPAs now understands that there are a number of issues with the PTE election and correctly filling Forms 600S and 700.  For the election to be made... read more

Tax practitioners have been reaching out to GSCPA and the GA DOR asking for clarification on the statute changes and regulations regarding pass through entity taxable income. This tax alert provides clarification around the following: • Whether... read more

Disaster-area taxpayers in most of California and parts of Alabama and Georgia now have until Oct. 16, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today.... read more

HB 95 amends Title 48 of the Official Code of Georgia, relating to revenue and taxation, so as to revise the terms "Internal Revenue Code" and "Internal Revenue Code of 1986" and thereby incorporate certain provisions of the federal law into... read more

WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued final regulations amending the rules for filing returns and other documents electronically (e-file). These regulations will require certain filers to... read more

On February 16th, 2023 the FASB board met to discuss a summary of the 29 comment letters received in response to the proposed Accounting Standards Update, Leases Topic 842: Common Control Arrangements, which was issued for comment on November 30,... read more

The Internal Revenue Service provided details clarifying the federal tax status involving special payments made by 21 states in 2022. The IRS has determined that in the interest of sound tax administration and other factors, taxpayers in many... read more

The Internal Revenue Service is telling millions of taxpayers to wait to file their 2022 tax returns until the agency can decide whether state rebate checks issued in 2022 will count as taxable income, the agency said this week. Nineteen states... read more

Change is in the air! A number of years ago, volunteers on the Georgia State Board of Accountancy started discussing the need to add an ethics CPE requirement to the CPE rule in Georgia. While this conversation matured over the years, we... read more

Taxpayers need to know their tax responsibilities, including if they're required to file a tax return . Generally, most U.S. citizens and permanent residents who work in the United States need to file a tax return if they make more than a certain... read more

The federal income tax is a pay-as-you-go tax. Taxpayers pay the tax as they earn or receive income during the year. Taxpayers can avoid a surprise at tax time by periodically checking their withholding amount. The IRS urges employees and those... read more

IRS.gov News Release: IR-2023-09 Storm victims in parts of Georgia and Alabama now have until May 15, 2023, to file various federal individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS... read more

IRS Tax Tip 2023-05 In recent years, the gig economy has changed how people do business and provide services. Taxpayers must report their gig economy earnings on a tax return – whether they earned that money through a part-time, temporary... read more

Washington, D.C. (December 23, 2022) – The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) delaying the implementation of the $600 reporting threshold for third-party... read more

IronTech Security is issuing a threat advisory because of the following statements: According to cybersecurity firm Volexity, the threat research team has found a North Korean group appears to be part of, or related to, the Kimsuky advanced... read more

The national initiative to provide immediate financial support to Black accounting students and professionals has awarded 100 scholarships totaling $93,500 .  CHICAGO, July 5, 2022 – In 1921, 25 years after the first certified public... read more

The AICPA’s Private Companies Practice Section (PCPS) is gathering insights through a short survey about issues that practitioners are facing, and the responses will help all of us develop tools and resources to assist firms in meeting the... read more

This IRS communication covers information about filing to claim the Child Tax Credit for 2021; automatic extensions; 2022 funding for low-income taxpayer clinic grants; filing deadline for tax exempt organizations and other tax-related items.... read more

The Internal Revenue Service reminded all taxpayers – particularly those who are identity theft victims – of an important step they should take to protect themselves from tax fraud. Some identity thieves use taxpayers' information to... read more

It’s time to renew your Georgia Public Accounting Firm license. Your license expires June 30, 2022, so visit https://gaboa.mylicense.com/egov/Login.aspx any time before then to renew. If this is your first time renewing, you will need to... read more

The IRS’s Cyber Security Organization has seen a drastic increase in criminals attempting to Spear phish tax professionals’ computer systems using email “lures”. Spear-phishing is a targeted attempt to steal sensitive... read more

CHICAGO, March 7, 2022 – In 1921, 25 years after the first certified public accountant (CPA) certificate was granted in the United States, John W. Cromwell Jr. became the first Black CPA. He opened a door through which thousands of Black... read more

Thursday, February 24, 2022, The Georgia Society of CPAs, along with the AICPA and 51 state CPA societies, sent a letter to Assistant Treasury Secretary Lily Batchelder and IRS Commissioner Charles Rettig regarding widespread concerns on the... read more

February 21, 2022 -The IRS announced today that a new option in the agency’s authentication system is now available for taxpayers to sign up for IRS online accounts without the use of any biometric data, including facial recognition. This... read more

If you have a great original idea for a long or short instructional exercise aligned with the CPA Evolution Model Curriculum (CPA EMC), submit it as an individual or a team to the CPA Evolution Resource Competition by October 31, 2021, and you... read more

WASHINGTON – As part of a larger effort to help people during this year's filing season, the Internal Revenue Service today announced special Saturday hours at many Taxpayer Assistance Centers (TACs) across the country. TACs provide... read more

Are you aware of an education tax credit opportunity that could provide your clients with state tax benefits while advancing public education in Georgia? Through the Qualified Education Donation (QED) Tax Credit, your individual and business... read more

The Internal Revenue Service reminds taxpayers today that the last quarter of 2021 is a good time to check withholding. Life brings constant changes to individual financial situations. Events like marriage, divorce, a new child or home purchase... read more

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The Georgia Society is working with the AICPA to recruit CPAs from all areas of the profession to be a part of a critical phase of CPA Exam practice analysis research . If you’re a CPA or know a CPA who has supervised newly licensed CPAs... read more

The DOL Employee Benefit Security Administration (EBSA) Office of the Chief Accountant (OCA) is planning to conduct a study to assess the quality of audit work performed by independent qualified public accountants (IQPAs) with respect to... read more

WASHINGTON – The Treasury Department and the Internal Revenue Service today issued Notice 2021-53 , which provides guidance to employers about reporting on Form W-2 the amount of qualified sick and family leave wages paid to employees... read more

WASHINGTON – The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2021.  The rates will be:  3% for overpayments [2% in the case of a corporation]; 0.5 % for the... read more

The Employee Retention Credit (ERC) IS HUGE! In March 2021, this credit was extended through December 31, 2021 AND EXPANDED, as part of the American Rescue Plan Act of 2021 (ARPA). But, let’s face it...many of us CPAs, the highly trusted,... read more

What story does your firm’s numbers say? Participate in the 2021 AICPA PCPS/CPA.com National Management of an Accounting Practice Survey for insights. Numbers mean a lot. Especially for us as professionals who are constantly dealing with... read more

Internal Revenue Service Security Summit partners today called on tax professionals to increase efforts to inform clients about the Identity Protection PIN Opt-In Program that can protect against tax-related identity theft. Sharing information... read more

While 2021 has seen Bitcoin and other cryptocurrencies rise in notoriety and value, we cannot overlook the increased popularity of NFTs—non-fungible tokens. Recently digital designer Mark Winkelman (aka Beeple) sold his digital collage NFT... read more

IR-2021-154, July 19, 2021 WASHINGTON – The Internal Revenue Service today launched a new feature that will give taxpayers digital control over who can represent them or view their tax records, a groundbreaking step in the agency’s... read more

WASHINGTON – Continuing an effort to battle tax-related identity theft, the IRS, state tax agencies and the tax industry announced today that the annual campaign to raise awareness among tax professionals about data security will begin next... read more

by Nyamekye Daniel   (The Center Square) – New laws that will cut income taxes for Georgians and increase tax incentives for businesses go into effect Thursday with the start of a new fiscal year. Dubbed the Tax Relief Act of 2021, House... read more

Atlanta, GA – Today Governor Brian Kemp announced the appointment of Robyn Crittenden to be the Commissioner of the Department of Revenue (DOR), Shawnzia Thomas to become Executive Director of the Georgia Technology Authority Board (GTA)... read more

WASHINGTON — The Treasury Department and the Internal Revenue Service today unveiled an online  Non-filer Sign-up tool  designed to help eligible families who don't normally file tax returns register for the monthly Advance Child Tax Credit... read more

Atlanta, GA - Today Governor Brian P. Kemp swore in Francis "Frank" O'Connell as interim Commissioner of the Georgia Department of Revenue. Commissioner O'Connell will succeed David Curry, who was appointed by Governor Kemp in 2019, effective... read more

NEW YORK, June 2, 2021 — Deloitte announced today the establishment of Making Accounting Diverse and Equitable (MADE), a commitment to generate more advisory, auditing, and tax career opportunities and leadership pathways for the next... read more

WASHINGTON – Today, U.S. Small Business Administrator Isabella Casillas Guzman issued the following statement on the closure of the Paycheck Protection Program (PPP) to new loan guaranty applications, which has provided over$798 billon in... read more

The COVID-19 pandemic forced many employees to work remotely, and some worked in states other than those where they usually worked. The shift caused much confusion for employers who questioned whether they had new tax obligations to the states... read more

WASHINGTON — The Internal Revenue Service reminds taxpayers who missed the recent tax-filing deadline who are due a refund that there is no penalty for filing late. Those who owe and missed the deadline without requesting an extension... read more

May 11, 2021   ATLANTA – Today the Georgia Department of Revenue (DOR) is reminding taxpayers of the upcoming income tax deadline on Monday, May 17, 2021. Earlier this year, the state of Georgia conformed with the U.S. Treasury Department... read more

WASHINGTON —The Internal Revenue Service reminds everyone that May includes National Hurricane Preparedness Week and is also National Wildfire Awareness Month . Now is a good time to create or review emergency preparedness plans for... read more

Clients have all of 2021 to claim the employee retention tax credit As your clients continue to reopen their businesses, they might benefit from saving money they could use for investing in becoming fully operational. There are loans, grants and... read more

In response to stakeholder feedback about reopening the Shuttered Venue Operators Grant application this weekend, the application portal will now reopen Monday, April 26, 2021 at 12:00 p.m. EDT . In preparation for the opening, potential... read more

The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on... read more

Thomas G. Stephens, Jr., CPA, CITP, CGMA Business leaders across the globe are now focusing on rejuvenating their businesses in a post-pandemic environment. No doubt, the past eighteen months have been challenging for everyone. But now, as... read more

IRS Reminder on Filing Annual FBAR Still Due on April 15 The Internal Revenue Service (IRS) reminds U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual Report of Foreign Bank and Financial Accounts... read more

Don Cook On Wednesday, March 31, 2021, Sine Die marked the end of the 2021 Georgia General Assembly Legislative Session. The General Assembly met on Monday and Wednesday last week, completing days 39 and 40. The 2021 Legislative Session was very... read more

WASHINGTON — The Internal Revenue Service is reminding U.S. citizens, resident aliens and any domestic legal entity that the deadline to file their annual  Report of Foreign Bank and Financial Accounts (FBAR)  is still April 15, 2021. The... read more

Spring cleaning doesn’t just have to be for your home. Spring is a great time to get your finances in order and eliminate bad spending habits, since you get a clearer picture of your income after your taxes are done. Our tips for staying on... read more

Updated April 5, 2021 The Georgia General Assembly annually considers updating certain provisions of state tax law in response to federal changes to the Internal Revenue Code (IRC). This year’s IRC update bill (House Bill 265) was signed... read more

by Emily Sanders   Women tend to have a longer life expectancy than men, which means they spend more time in retirement and often do so with less savings, given their lower average lifetime earnings. The reason for this is demographics: women... read more

To help taxpayers, the Internal Revenue Service announced today that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made... read more

As President Joe Biden signed the PPP Extension Act of 2021 into law today, extending the Paycheck Protection Program an additional two months to May 31, 2021, and then providing an additional 30-day period for the SBA to process applications... read more

The IRS released two statements on PPP and other equipment to prevent the spread of COVID-19:   Face masks and other personal protective equipment to prevent the spread of COVID-19 are tax deductible WASHINGTON — The Internal Revenue... read more

WASHINGTON, D.C., March 25, 2021 – The American Institute of CPAs (AICPA) and the more than 44,000 CPA firms it represents today thanked Congress for final passage of the PPP Extension Act of 2021. AICPA has strongly encouraged the Small... read more

WASHINGTON – The U.S. Small Business Administration is increasing the maximum amount small businesses and non-profit organizations can borrow through its COVID-19 Economic Injury Disaster Loan (EIDL) program. Starting the week of April 6,... read more

SBA Launches Portal to Begin Accepting Shuttered Venue Operators Grant Applications on April 8 National informational webinar to review application process on March 30 WASHINGTON –The U.S. Small Business Administration is launching a splash... read more

March 18, 2021 ATLANTA – The Georgia Department of Revenue (DOR) announced today, in conformance with the U.S. Treasury Department and Internal Revenue Service (IRS), that the state of Georgia is automatically extending the 2020 individual... read more

The Treasury Department and Internal Revenue Service announced yesterday (Wednesday, March 17 th ) that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17,... read more

IR-2021-59, March 17, 2021 WASHINGTON — The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15,... read more

March 12, 2021 The IRS is reviewing implementation plans for the newly enacted American Rescue Plan Act of 2021. Additional information about a new round of Economic Impact Payments, the expanded Child Tax Credit, including advance payments of... read more

WASHINGTON –  The  U.S. Small Business Administration  announced extended deferment periods for all disaster loans, including the COVID-19 Economic Injury Disaster Loan (EIDL) program, until 2022. All SBA disaster loans made in calendar... read more