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
C-suite goal: Keep up with new technology
Keeping up with new technology is the top personal challenge for executives, followed closely by balancing career and personal life, and embracing change and innovation, according to a new survey. Read More
FinCEN guide lists rules for some financial institutions’ access to BOI
The rules in the Small Entity Compliance Guide apply to access for some financial institutions and cover security and confidentiality, authorized use, administration of requests, and violations. Read More
Growing the profession: Insights from the AICPA chair’s travelogue
Okorie Ramsey is spanning the globe to help the world of accounting and finance reach its desired destination. Read More
The clean-energy direct-pay election for not-for-profits and governmental entities
Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return. [...]
Sustainability reporting, assurance rates on the rise globally
While reporting levels remain high and overall assurance levels are increasing, the level of assurance in the United States conducted by CPA firms remains low. Read More
