Auto depreciation limitations increase
The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied. Read More
AICPA’s member insurer to cover BOI work for accounting firms
CNA, which has policies with 25,000 AICPA member accounting firms, said in a statement last week that its professional liability policies generally will cover work services associated with the Corporate Transparency Act, which includes rules for BOI reporting. Read More
House OKs $78B tax bill with changes to ERC and child tax credits
The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act. Read More
7 reasons for deficiencies in audits of broker-dealer annual reports
A PCAOB spotlight report recommends actions that auditors and firms can take to produce compliant attestation engagements. Read More
Finance leaders have trust issues with their data
Almost 40% of CFOs in a global survey do not completely trust the accuracy of their organization’s financial data, and trust is even lower for finance leaders who are closer to the numbers. Read More
Flexibility at work: More companies move away from in-office model
The percentage of U.S. companies requiring employees to work fully in offices has dropped by nearly 25% since the beginning of 2023, with a hybrid model continuing to take hold. Read More
The importance of a pre-marriage ‘money date’
A conversation before marriage about the state of each partner’s finances and their thoughts about money can have long-term benefits for the couple’s financial goals and relationship. Read More
Don’t wait on action on tax bill to file returns, IRS tells taxpayers
With tax season opened as of Monday, Commissioner Danny Werfel said the IRS will handle any necessary changes if a bill passes after returns are filed. Read More
IRS to hold ERC education sessions for tax pros in February
The sessions, which will be hosted by IRS Criminal investigation special agents at locations nationwide, are aimed at tax professionals who claimed ERCs for clients on previous years’ tax returns. Read More
Digital asset question added to more forms for 2023 tax returns
IRS adds a question about digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts. Read More
BOI reporting and unauthorized disclosure penalties increased
The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased. Read More
What top accounting academics suggest to attract talent
With enrollment in accounting programs on the decline, three academic leaders offer suggestions for improvement. Read More
