ERC supplemental claim process opened for third-party payroll companies
The IRS announced that it will open a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the employee retention credit. The deadline is Nov. 22. Read More
FASB seeks input on hedge accounting ASU
The proposed Accounting Standards Update is intended to clarify guidance on hedge accounting and address incremental hedge accounting issues arising from the global reference rate reform initiative. Read More
Chair outlines Private Company Council’s top 4 priorities
Credit losses, debt modifications, retainage and overbillings presentation, and leases are the main items on the PCC agenda. Read More
CPA Exam update: Core sections to offer more testing windows in 2025
The Core sections of the newly designed CPA Exam were graded quarterly during the testing model’s first year, but 16 grading periods are scheduled for next year. Read More
IRS increases special per diem rate for business travel
The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS. Read More
Using behavioral science in a financial-planning practice
By understanding psychological influences on decision-making, CPA financial planners can work with clients more effectively and improve how they operate their practice. Read More
Clarification proposed for CPAs’ consulting services engagements
An AICPA committee approved a proposed revision to Statement on Standards for Accounting and Review Services (SSARS) No. 21 addressing the applicability of the standard when preparing financial statements as a part of consulting services. Read More
Final regs. issued on consistent-basis and basis-reporting rules
The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements. Read More
More organizations are turning to AI in the finance function
Research finds a significant increase in the percentage of companies leaning into finance AI, even as many struggle to develop sufficient talent to oversee execution. Read More
Proposed regs. would exclude tribal general welfare benefits from income
The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income. Read More
Corporate AMT proposed regulations issued; some penalties waived
The IRS issued proposed regulations providing guidance on the corporate alternative minimum tax (AMT) and a notice that waives the penalty for failure to pay estimated tax with respect to the corporate AMT for 2024. Read More
AICPA, NASBA propose a new pathway to CPA licensure
The CPA Competency-Based Experience Pathway offers an additional option for CPA candidates. Comments on the proposal are being accepted through Dec. 6. Read More
