IRS reorganizes leadership structure with 1 deputy commissioner
Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position. Read More
FASB issues new cryptoassets standard
The Accounting Standards Update requires entities to report on certain fungible assets at fair value, with changes in fair value recognized in net income. Read More
AICPA comments on proposed standard for sustainability assurance
The comment letter, in response to the exposure draft of ISSA 5000, shows support for the global standard while suggesting revisions to ensure it can be “consistently interpreted and applied.” The AICPA’s Auditing Standards Board is considering related changes to its attestation standards. Read More
PEEC releases new ethics guidance related to public interest entities
The committee's actions include a new definition of publicly traded entity and a revised definition of public interest entity. The changes will have two-tiered effective dates. Read More
More CPA decision-makers hesitate to hire amid economic concerns
Pessimism about the U.S. economy rises in the latest quarterly Business and Industry Economic Survey, fueling a slowdown in hiring even as decision-makers remain cautiously optimistic about their own companies. Read More
IRS sends ERC disallowance letters to 20K+ taxpayers
The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit. Read More
Supreme Court hears arguments in challenge to Sec. 965 transition tax
At stake is up to $340 billion in tax revenue in case where couple is challenging tax that they say increased their liability by about $15,000 in 2017. Read More
Apprenticeship program tops 100 participants in inaugural year
Seventeen employers in 15 industries are taking advantage of the talent acquisition opportunities offered by the Registered Apprenticeship for Finance Business Partners. Read More
AICPA seeks comments on criteria for stablecoins
The AICPA’s Assurance Services Executive Committee issued an exposure draft to provide a framework to present information about stablecoins and the assets that back them in order to provide transparency for holders of these digital assets. Read More
Happy days: Americans recognize the value of financial planning
More adults would derive happiness from having a solid financial plan in place than they would from pocketing more money, a survey finds, but many of those surveyed also find it difficult to access sound financial advice. Read More
End-of-year financial and tax considerations
With 2023 coming to a close, the time is now for clients to take stock of opportunities to reduce their taxable income and plan for their financial future. Read More
FASAB releases transitional accommodations for new leases standard
The Federal Accounting Standards Advisory Board issued an amendment providing “an appropriate degree of flexibility” for an interim period. Read More
