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Summing up Sid: The ultimate CPA and friend to all
journalofaccountancy.com > podcast...The specific award given then to Kess was the Stanley H. Breitbard Personal Financial Planning Division Lifetime Achievement Award.... ...Plenty of CPAs can say they learned something from Sid Kess, who died last week at age 97.... ...David Lifson: He was the ultimate CPA. Barry Melancon: Just incredible ability to remember names and faces and stories.... ...Marty Finn: When I met him, it was like, "Wow, this is Sid Kess. I'm meeting a giant."...

IRS to set up new work unit to focus on complex passthrough entities
journalofaccountancy.com > news > sep...The unit will be housed in the IRS Large Business and International (LB&I) division and will include some of the 3,700 people that the Service plans... ...IRS to set up new work unit to focus on complex passthrough entities The IRS will set up a new unit to focus on large or complex passthrough entities... ...LB&I Commissioner Holly Paz announced the new unit Wednesday in a speech at a Tax Executive Institute meeting in New York City.... ...to see no change in audit rates for years to come," IRS Commissioner Danny Werfel said in the release....

Sidney Kess, a personal remembrance
journalofaccountancy.com > news > sep...Editor's note: Andrea Millar served as the leader of the AICPA's Personal Financial Planning section from 2006 through 2020 and still works part-time... ...To Millar, Kess was more than just a legend in the accounting profession.... ...coach of Andrea Millar Life Planning.... ...The AICPA PFP Section grew significantly once Sid got directly involved....

FinCEN posts guide to help small businesses with BOI reporting
journalofaccountancy.com > news > sep...Treasury's Financial Crimes Enforcement Network (FinCEN) has published a guide to help small businesses navigate the new rules for reporting beneficial... ...The Small Entity Compliance Guide, which FinCEN posted Monday, describes each of the BOI reporting rules provisions; answers key questions; and provides... ...Patrick McHenry, chair of the House Financial Services Committee, the AICPA said it supports the Protecting Small Business Information Act of 2023... ...The Small Entity Compliance Guide states that FinCEN is conducting outreach "to ensure that all reporting companies are aware of their reporting...

‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say
journalofaccountancy.com > news > sep...The IRS believes the program is so rife with abuse by ERC mills that the Service imposed an immediate moratorium on the processing of new claims,... ...This is the type of language used on websites and in TV ads to get small businesses to apply for the employee retention credit (ERC), a pandemic-era... ...Possibly lost in the focus on abuse and fraud is that the ERC was a good benefit, said James Creech, senior manager with the tax advocacy and controversy... ...with the IRS and who is a member of the IRS Advisory Council....

Remembering the mentorship and impact of Sidney Kess
journalofaccountancy.com > news > sep..."I'll miss those calls," said Welch, managing partner at Meara Welch Browne P.C. "He was a unique individual.... ...Julie Welch, CPA/PFS, appreciated Kess for his mentorship, his many phone calls, and how he was always full of ideas.... ...He then attended Harvard Law School, where he helped found the Harvard Student Legislative Reference Bureau.... ...Kess grew up in Brighton Beach, N.Y., and attended Brooklyn's Abraham Lincoln High School....

ESG Symposium synopsis: How to put firms in the driver's seat
journalofaccountancy.com > news > sep...So while it's in one state, it's going to have a pretty significant impact in a lot of businesses in all states," said AICPA & CIMA CEO Barry Melancon... ...Days earlier at the AICPA and CPA.com offices in New York, mere hours after the California legislature passed the bill, more than 60 representatives... ...That came as no surprise to the AICPA's CEO of public accounting, Sue Coffey, CPA, CGMA.... ...Melancon wrote the official AICPA & CIMA response, showing support for the ISSB's efforts while stating, in part, "We believe that the ISSB's priority...