Decision holding Corporate Transparency Act unconstitutional appealed
The U.S. Justice Department filed an appeal Monday challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional. Read More
Economic optimism, hiring plans rise despite continued concern about inflation
Economic optimism, hiring plans rise despite continued concern about inflation compared with the end of 2023, own-company sentiment is higher among finance decision-makers in a quarterly survey released Thursday. Read More
SEC adopts climate-related disclosure rule
Nearly two years after the rule was proposed, the SEC adopted a final rule will that require certain registered companies to disclose material climate data beginning in 2025, including Scope 1 and Scope 2 greenhouse gas emissions, as early as 2026. Read More
Plaintiffs: FinCEN should pause all CTA enforcement
The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses. Read More
Digital assets addressed by FASAB
The Federal Accounting Standards Advisory Board issued an exposure draft focused on seized and forfeited digital assets, the latest regulatory body to add guidance related to digital assets. Read More
The auditor’s approach to fraud: Enhanced with forensics
Professionals with forensic and fraud expertise share techniques auditors can use when completing AU-C Section 240 requirements. Read More
Federal court holds Corporate Transparency Act unconstitutional
While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement. Read More
IRS renews focus on targeting high-income nonfilers
IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017. Read More
NPAG national pipeline surveys open for responses
The National Pipeline Advisory Group pipeline surveys, intended to shape profession-wide efforts to tackle the accounting talent shortage, went live on Thursday. Read More
The key to reducing errors with AI: Technology acceptance
Emerging technology can help the finance function eliminate errors, but effective execution may hinge on companies cultivating a high level of acceptance among users. Read More
IRS announces delay for Form 1042 e-filing requirement
The Service said that U.S. withholding agents are administratively exempt from the requirement to e-file Forms 1042 during calendar year 2024, while foreign agents are exempt in calendar years 2024 and 2025. Read More
PCAOB reconsidering auditors’ role in noncompliance reporting
The regulator scheduled a virtual roundtable and reopened the comment period in response to concerns about proposed amendments to the auditor’s responsibility for considering a company’s noncompliance with laws and regulations (NOCLAR). Read More
