TAX Nearly 60% of Americans unhappy with income tax this year According to a Gallup poll conducted in April, nearly 60% of Americans say their federal income taxes are too high, a level last seen in 2001. The latest percentage is up 6% compared to a year ago and 15 points from the recent low measured in 2018 and 2019, the poll noted. A new high of 51% said their income taxes are not fair, and an increasing number of respondents told Gallup that the federal income tax was the worst — or least fair — tax, edging out the local property tax. The report said that only one-third of Republicans agreed that their income taxes this year were fair. In 2020, 56% of political independents told Gallup their taxes were fair, and that percentage fell to 45% a few years later. Among Democrats, 63% said their taxes were appropriate, a figure that was virtually unchanged over that span.

Benzinga IRS: Q3 interest rates to remain the same The IRS announced that interest rates will remain the same for the third quarter, which begins on July 1st. The rate of interest is determined on a quarterly basis under the Internal Revenue Code. The rates will be 7% for overpayments, 6% for corporate overpayments, 4.5% for the portion of corporate overpayment that exceeds $10,000, 7% for underpayments, and 9% for large corporate underpayments. Each rate is compounded daily.

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INDUSTRY AICPA submits suggestions for 23-24 Guidance Priority List AICPA has written to the IRS with 182 suggestions regarding the 2023-2024 Guidance Priority List. In addition, the AICPA encouraged the Department of the Treasury and the IRS to continue pursuing tax simplification, recognizing the balance needed for competing interests and concerns when drafting guidance. The AICPA’s recommendations come from the organization’s Taxation Technical Resource Panels, which cover the following areas: Corporations and Shareholders; Employee Benefits; Exempt Organizations; Individual and Self-Employed; International; IRS Advocacy & Relations; Partnership; S Corporation; Tax Methods and Periods; Tax Practice Responsibilities; and Trust, Estate and Gift Tax.

CPA Practice Advisor PERSONAL FINANCE American finances severely impacted by inflation last year Americans reported a sharp decline in their financial well-being last fall as high inflation eroded earnings and savings, according to a Federal Reserve survey carried out in October 2022 and released Monday. The share of adults who reported being worse off financially in 2022 than a year earlier climbed to 35%, the highest on record going back to 2014, when the question was first asked. Overall, 73% of adults said they were either doing OK or living comfortably, down from 78% in 2021 and 75% in 2020. Inflation was the most common financial burden cited by people in the survey, Fed officials said. Some 54% of adults said their budgets had been affected “a lot” by higher prices. “For households to experience a worsening of their finances at a time when unemployment is at record lows and job vacancies at record highs is remarkable,” said James Knightley, chief international economist at ING. Inflation made it harder for people to save, the survey found. Some 51% cut their savings because of price increases. And 31% of adults who haven’t retired reported that their retirement savings plan was on track, down from 40% in 2021.

CBS News Reuters Wall Street Journal ESG Corporate diversity programs pay increased attention to religion The Wall Street Journal reports that more U.S. employers are including religion in policies aimed at promoting diversity, equity and inclusion. Companies’ increased attention to the religious affiliation of their workers comes as the Supreme Court is poised to rule on the case of Gerald Groff, a former mail carrier in Pennsylvania, who alleged he was the victim of discrimination when required to work on Sunday. A 2022 Rice University survey of more than 11,000 people and in-depth interviews with 200 more found that about two-thirds of Muslims, around half of Jews and roughly a third of evangelical Christians in the U.S. reported experiencing faith-based discrimination in the workplace. Brian Grim, president of the Religious Freedom & Business Foundation, which describes itself as a nonpartisan, nonpolitical, multifaith nonprofit, says religious affiliation “is the next big thing in diversity,” observing that it overlaps with other categories of identity such as race or sexual orientation included in policies known as DEI —diversity, equity and inclusion— or more recently, DEIB, to include the value of belonging. “This isn’t a battleground issue, it becomes a thing that brings everybody together,” Grim says. The foundation will next week publish its annual rating of major U.S. employers according to a variety of “faith-friendly” criteria, including whether religion is part of companies’ diversity training and whether they have clear procedures in place for reporting religious discrimination. Wall Street Journal TECHNOLOGY ChatGPT passes CPA exam on V4.0 ChatGPT has retaken, and passed, a practice CPA exam after failing the first time. The Accounting Today experiment this time used ChatGPT Version 4.0. It passed with an average of 84.3% across all four sections. The paper also found that ChatGPT 4.0, passed the exam for Certified Management Accountants with an average 86.6%, the exam for Certified Internal Auditors with an average of 85.5%, and the test for Enrolled Agents with an average of 83.8%. Accounting Today INTERNATIONAL Japan considers revamping tax-free shopping rule Japan is considering overhauling its tax-free shopping scheme for foreign visitors in response to a growing number of cases of tax-free items being resold overseas for profit at tax-inclusive prices. At present, visitors who stay in Japan for less than six months can purchase merchandise with the consumption tax already deducted. The government is now considering shifting to a scheme where they pay tax-inclusive prices and apply for refunds afterward. In Japan, travellers are exempted from paying the consumption tax when purchasing goods totalling ¥5,000 ($36) or more as long as they intend to use the items in their home countries. However, there have been cases, including at an Apple store, where travellers purchased massive amounts of tax-free items for resale purposes. The Japan Times Online OTHER More workers test positive for marijuana in the workplace A record number of workers are testing positive for marijuana in workplace drug screenings as legal marijuana use expands in the U.S. The trend is particularly prevalent in states where recreational use of marijuana is legal. According to a report by Quest Diagnostics, the share of workers testing positive for marijuana in drug screenings reached 4.2% in 2019, up from 2.5% in 2012. "This year's findings are remarkable because they show increased rates of marijuana positivity at a time when drug testing overall is declining," said Barry Sample, senior director of science and technology at Quest Diagnostics. Wall Street Journal Accountancy Slice delivers the latest, most relevant and useful intelligence to accountants, practice owners, auditors, CFOs and accounting influencers, each weekday morning. Content is selected to an exacting brief from hundreds of influential media sources and summarised by experienced journalists into an easy-to-read digest email. Accountancy Slice enhances the performance and decision-making capabilities of individuals and teams by delivering the relevant news, innovations and knowledge in a cost-effective way. If you are interested in sponsorship opportunities within Accountancy Slice, please get in touch via email sales team Follow us on FacebookFollow us on TwitterFollow us on Linkedin Sign Up Online Advertise This e-mail has been sent to cb31450@gmail.com Click here to unsubscribe .