august2021 - 28

AICPA NEWS
AICPA News is a round-up of recent
announcements from the institute.
AICPA AWARDS $766K
IN SCHOLARSHIPS
TO ACCOUNTING
STUDENTS
The American Institute of CPAs
(AICPA) has granted $766,000
in academic scholarships to 150
students as part of the AICPA
Legacy Scholars program.
" The AICPA is committed to
fostering the next generation
of CPAs. The Legacy Scholars
program helps
assure we're
attracting students from diverse
backgrounds to meet the evolving
needs of the accounting profession, "
said Mike Decker, VP - CPA
Examination & Pipeline at AICPA
& CIMA (Chartered Institute of
Management Accountants). " The
Legacy Scholars program identifies
talented accounting students and
provides them financial assistance,
resources and guidance to help them begin their career. We look
forward to welcoming this year's Legacy Scholarship recipients
into the profession in the coming years. "
The program helps students pay for college, easing their
journey to becoming CPAs. Funded by the AICPA, the AICPA
Foundation, and partners, the Legacy Scholars program consists
of six distinct scholarships awarding between $3,000 and $10,000
per student. The scholarships provide support to a variety of
students, ranging from those with liberal arts degrees pursuing
graduate degrees in accounting, to minority and female scholars
to those transferring from two-year to four-year institutions.
View list of recipients at:
https://cpapracticeadvisor.com/21232664 ■
AICPA Announces
2021 'Standing Ovation'
Award Recipients
The AICPA has honored nine young CPAs for contributions
to their specialty area with the sixth annual
Standing Ovation award. The recipients, all talented
CPAs age 40 and under, were acknowledged
during AICPA & CIMA ENGAGE 2021.
The AICPA's Standing Ovation program recognizes
young CPAs who exhibit exemplary professional
achievement in personal financial planning, business
valuation and forensic accounting, and information
technology. Beyond making a notable contribution to the
profession, nomination requirements include maintaining
an active CPA license, being an AICPA member in
good standing and holding either the Personal Financial
Specialist (PFS), Certified Information Technology Professional
(CITP), Certified in Financial Forensics (CFF),
or Accredited in Business Valuation (ABV) credential.
Nominees must also be 40 years old or younger. View winners at:
https://cpapracticeadvisor.com/21232436
AICPA PROPOSES NEW
FORM AAR-EZ TO SIMPLIFY
AND IMPROVE THE AAR
PROCESS
The AICPA recently submitted recommendations to the Internal
Revenue Service (IRS) to simplify and improve the administrative
adjustment request (AAR) process under the centralized partnership
audit regime (CPAR). The recommendations provide a simplified
framework that the AICPA is referring to as a Form AAR-EZ.
The AICPA recommends the following:
■ Short-term simplification measures under the existing AAR process
■ Instruction changes, clarifications and attachments
■ Long-term AAR simplification
■ Proposed Form AAR-EZ process
■ Deemed automatic extension request(s) under the superseding return
rules
■ Limited amended partnership returns in the case of retroactive
changes
Completing and filing AARs can be a time-consuming, administrative
burden for partnerships and practitioners. Making minor adjustments
to previously filed partnership returns, including those that are not
relevant in determining the tax liability of any partners, is unreasonably
difficult due to the complexity of the AAR process.
28 AUGUST 2021 ■ www.CPAPracticeAdvisor.com
https://www.cpapracticeadvisor.com/21232436 https://www.cpapracticeadvisor.com/21232664 http://www.CPAPracticeAdvisor.com
august2021

Table of Contents for the Digital Edition of august2021
