FinCEN extends BOI reports deadline for certain companies
Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024. Read More
IRS surveys tax professionals to help it improve services
The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission. Read More
FASB issues new segment reporting guidance
The final Accounting Standards Update, required for annual periods beginning after Dec. 15, 2023, is designed to “improve financial reporting by providing additional information about a public company’s significant segment expenses” in a timely manner. Read More
FASAB releases 3-year strategic plan, annual report
Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years. Read More
Lower Form 1099-K threshold delayed again
The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000. Read More
Prop. regs. issued on conservation easement deduction disallowance
The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities. Read More
AICPA adopts revised tax standards
AICPA members should be aware that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards are effective Jan. 1, 2024. Read More
Proposed crypto regs. define ‘broker’ too broadly, industry says
The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing. Read More
How artificial intelligence can help save accounting
A CPA argues that accountants can use AI technologies such as ChatGPT to tackle the profession’s most pressing challenges. Read More
Werfel: IRS must move quickly to show what a well-funded agency can do
While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference. Read More
Retirement and gender: Helping to close the gap
Women currently in the workforce are well behind male counterparts when it comes to saving for retirement, a survey finds. Read More
IRS announces annual inflation adjustments for tax year 2024
The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025. Read More
