GASB guidance expands risk-related reporting requirements
A new statement requires governments to disclose concentrations and constraints that could make them vulnerable to a substantial impact. Read More
IRS to begin accepting and processing 2023 tax returns on Jan. 29
IRS commissioner Danny Werfel promised “marked improvement” for the upcoming tax season, when almost 129 million individual tax returns are expected to be filed. Read More
CFOs’ optimism about the economy remains low
Less than half of finance leaders in North America rate current economic conditions as “good or very good,” according to Deloitte’s 4Q23 North American CFO Signals survey, and most have a negative outlook regarding this year. Read More
CPAs at a crossroads: Real approaches to artificial intelligence
A former firm partner with expertise in ChatGPT or other AI tools shares why CPAs can’t afford to sit on the sideline and shares how to be responsive to your clients, your team at work, or both. Read More
IRS collects record-setting $4.9T in total tax revenue in FY 2022
The Treasury Inspector General for Tax Administration said in its annual report that the total tax revenue collected from return filings was about $790 billion more than in FY 2021. Read More
Draft form, instructions posted for corporate AMT
The IRS instructions say that all corporations must file Form 4626, unless they fall under one of four exclusions, to determine whether they are an applicable corporation, and, if so, to calculate the tax. Read More
A new fiduciary rule: What CPA financial planners need to know
Many financial advisers who offer retirement investment advice would be subject to new ethical requirements under recently proposed regulations, a U.S. Department of Labor official explains in this Q&A. Read More
ERC voluntary disclosure program requiring 80% claim payback launched
The IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit claims and avoid penalties and interest. Read More
Final rule issued on access to beneficial ownership information
The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain [...]
FASB seeks input on new chapter of conceptual framework
FASB issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. If finalized, the chapter would represent the completion of the framework. Read More
AICPA, NASBA approve revisions to CPE standards
The AICPA and NASBA approved revisions to The Statement on Standards for Continuing Professional Education (CPE) Programs, as well as the NASBA Fields of Study document. Read More
PCAOB shares inspection priorities for 2024
A staff report reveals what is top of mind for PCAOB inspectors and what auditors in the board’s purview should prioritize in the coming year. Read More
