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On February 24, 2022, the AICPA and 52 state CPA societies sent a letter to Assistant Treasury Secretary Lily Batchelder and IRS Commissioner Charles Rettig regarding widespread concerns on the Schedules K-2 and K-3 reporting.

While much of the focus of the implementation of SAS 134-140 has been on the financial statement report and the Single Audit report, it is important to note that the when the AICPA issued updated examples in their A&A guide, it included changes to the Yellow Book report as well.

The AICPA's Healthcare Expert Panel has issued a Technical Q&A regarding the accounting for vaccines that were provided during the pandemic. The guidance applies to nonprofits and for-profit entities.

Many of the students slated for spring and summer 2022 internships will sit for the new, CPA Evolution-aligned CPA Exam, which is expected to launch in early 2024. This has implications for firms in a variety of areas, from recruiting considerations to engagement with academia. The time to start plotting out your firm’s strategy is now.

The AICPA has issued an exposure draft addressing AU-C 935, Compliance Audits. This section is used when performing Single Audits. The appendix references were in need of an update from other recently issued SASs.

On February 9, the IRS announced that it would suspend notices and letters for unfiled returns and unpaid balances. The IRS said it was doing this in recognition of the fact that the returns may have, in fact, been filed but not yet processed due to the agency’s significant backlog.

When your CPA license is up for renewal, you must enter your completed CPE into the CPE Tracker when you renew. This step is now mandatory for license renewals.

Although change is often labeled as scary, the WSCPA is excited about a change we are making. After 40 years in our building, the WSCPA is going to be selling its 9,000 square-foot building.

FASB has issued a new Chapter to the Concepts Statements focusing on Presentation. Presentation includes how the elements are presented as totals and subtotals on the face of the financial statements. While Concept Statements are not GAAP, they are the theory used by the board to create GAAP.

The conversation around diversity, equity and inclusion (DEI) should be at the forefront of all discussions at all levels within organizations to align with and create an innovative and sustainable future. In professional service firms, specifically accounting – defining and crafting DEI goals and initiatives is critical in fostering a diverse and inclusive culture.

The launch of income tax filing season last week comes as taxpayers and preparers are already feeling frustration with the IRS over unprocessed prior year returns and unanswered correspondence.

FASB has issued an exposure draft which would require additional disclosure about supplier financing arrangements sometimes referred to as reverse factoring. These disclosures would provide users with information about the agreements and the location of the obligation in the financial statements. Comments are due March 21.

A package of two bills to delay and expand exemptions for the Long Term Care Trust Act (Long Term Care Act) were signed by Governor Inslee on January 27.

The FASB has issued an update to the definition of key elements in the Concept Statements. The definitions of an asset, liability, revenue and expenses have all received an update. This blog will discuss what's changing and how the concept statements interact with the writing of ASUs.

Achieving success in the coming year will again take focus, flexibility, and creative solutions to both known and unknown challenges. The WSCPA is here to help you every step of the way.

“Diversity, equity, and inclusion” can sound vague and jargony if you don’t know how it translates into everyday action. Read on for 10 things you can do today to create a more inclusive work environment.

CPAs continue to be at high risk of social engineering attempts due to the type of information firms gather and store, and CAMICO has observed an uptick in the frequency of these attempts, along with fraudulent email requests for wire transfers. Here are practical tips and best practices for avoiding these scams.

Once primarily the financial darling of tech geeks and the dark web, cryptoassets such as bitcoin and dogecoin have emerged as household names in the past few years. Wondering if you should join the crypto club? Here's what you need to know.

Typically, when you see a title or headline that mentions the office of the future, it is focused on technology. While technology is absolutely key to any office, there are many more variables related to the office of the future which are keeping CPAs up at night.

The Professional Ethics Executive Committee (PEEC) of the AICPA has postponed the implementation of the Information System Services Interpretation an additional year. In addition, PEEC has also provided a new practice aid. The interpretation will now be effective in January 2023.