Rapid-Fire Accounting News for Busy CPA Candidates
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1. Batgirl Cancellation: Sunk Costs, Tax Writeoff Implications, and Brand Protection
FEE: “Why cancel a movie that you’ve already spent $90 million on? After spending so much, why not try to make back that money? Without realizing it, many who argued the movie should be released did so by invoking one of the most common economic fallacies.”
2. Only $3 Billion of the $80 Billion allocated to the IRS in the Inflation Reduction Act will go to Taxpayer Services
The Tax Advisor: “The act directs the largest portion, $46 billion, of its total of approximately $80 billion in new funding to tax enforcement. Another $25 billion is earmarked for IRS operations and $5 billion for business systems modernization. Taxpayer services gets only $3 billion.”
3. AICPA Solicits Feedback on new CPA Exam Exposure Draft Through September 30
NASBA: “The American Institute of CPAs (AICPA) is soliciting feedback on the Exposure Draft of the new design of the Uniform CPA Examination® (CPA Exam). Developed through research and input from the profession, the Exposure Draft informs the content and scope of the CPA Exam expected to launch in January 2024. Stakeholders are asked to provide feedback through September 30, 2022.”
4. Deeper dive into the Inflation Reduction Act’s Tax Provisions
Journal of Accountancy: “The budget reconciliation bill, P.L. 117-169, known as the Inflation Reduction Act, was signed into law on Aug. 16. It includes numerous tax provisions, including new corporate taxes. It also contains numerous clean-energy-related tax incentives, and money for IRS enforcement and other initiatives.”
5. 2024 CPA Exam Evolution: Interview with Michael Decker, AICPA’s VP of CPA Examinations
(Sponsored Link) UWorld Roger CPA Review: “Why is the CPA Exam changing? How will this benefit the profession? What do the candidates really need to know?”
6. Tax Court Says When Deathbed Gifts Are Complete
AccountingWeb: “One sure-fire way your clients can reduce the size of their taxable estate is to give gifts to loved ones while they’re still alive. But when are “deathbed gifts” considered to be complete for estate and gift tax purposes?”
7. Here’s What a $2 Million Retirement Looks Like in America
WSJ: “Four retirees open up about their financial lives and how they spend their time and money.”
