Rapid-Fire Accounting News: Batgirl Cancellation, IRS Funding, & New CPA Exam Exposure Draft

Rapid-Fire Accounting News for Busy CPA Candidates

See More: Accounting News


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.”


Get Your Free CPA Notes


  • FAR – Governmental Accounting
  • AUD – Audit Sampling
  • REG – Partnership Taxation
  • BEC – IT
  • Enter Your Best Email & Get Started


jeff-elliott-cpa-ninja-cpa-review-another-71

To Your Success,

Jeff Elliott, CPA (KS)

Founder, NINJA CPA & Another71


Related Posts

accounting news

CPA Exam & Accounting News (4/28/23)

Rapid-Fire CPA Exam & Accounting News for Busy CPA Candidates ChatGPT’s Disastrous Accounting Class Performance A recent study from Brigham Young University has revealed that ChatGPT, an AI chatbot, failed to perform well in an accounting class, despite previously acing numerous academic challenges. The study involved 327 co-authors from 186 educational institutions across 14 countries […]

nasba 30 months

NASBA’s Game-Changing Rule Amendment: What It Means for CPA Candidates

The National Association of State Boards of Accountancy (NASBA) has increased the length of conditional credit for the Uniform CPA Examination from 18 months to 30 months, based on the date that scores are released, to provide more flexibility for candidates seeking licensure as a CPA. The revised rule also seeks to provide uniformity among […]

accounting news

Rapid-Fire Accounting News: Key 2024 CPA Exam Dates, 2023 Tax Brackets, & Audit Concerns

Rapid-Fire Accounting News for Busy CPA Candidates See More: Accounting News 1: Key 2024 CPA Exam Dates Announced NASBA: “As we get closer to 2024, new information is being made available to help candidates plan their testing schedules in 2023 and into 2024.” 2: 2023 Tax Brackets Are Out & Why Rates Are So High […]

accounting news

Rapid-Fire Accounting News: Zero Profit Growth Forecast, Potential EY Split, & Student Loan Forgiveness Update

Rapid-Fire Accounting News for Busy CPA Candidates See More: Accounting News 1. U.S. Business Executives Project Zero Profit Growth for Coming Year AICPA: “Driven by Inflation Concerns, U.S. Business Executives Project Zero Profit Growth for Coming Year, AICPA & CIMA Survey FindsYou won’t pay federal income taxes on canceled student loan debt through 2025, but […]

Leave a Reply