FASAB committee issues updates to guidance on leases
The board’s Accounting and Auditing Policy Committee issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates. Read More
Social Security wage base, COLA set for 2024
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2024 to $168,600 and a 3.2% cost-of-living adjustment for Social Security benefits for 2024. Read More
Pool of accounting graduates shrinks, AICPA report finds
The AICPA 2023 Trends report shows a significant decrease in accounting graduates, but university accounting departments foresee an increase in enrollment. That, combined with a projected increase in the general student population, presents an opportunity for the profession. Read More
Clean-vehicle buyers can transfer tax credits to reduce purchase price
Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024. Read More
FASB amends codification to align with SEC disclosures
The Accounting Standards Update incorporates 14 disclosures from a 2018 SEC final rule into GAAP. Read More
Long-term-care planning using trusts
Even some clients who have substantial assets plan for the possibility of relying on Medicaid for long-term care by creating irrevocable trusts to preserve assets. Read More
Harnessing collaboration for workplace transformation
Advances in technology are turning the business world upside down — and accounting is no exception. The paradigm shift taking place calls for radical innovation and transformation. Collaboration is the key. Read More
FinCEN continues outreach on BOI reporting, may release YouTube videos
The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements. Read More
Some common uses for trusts
Common types of trusts that CPAs should be familiar with include grantor trusts, special-needs trusts, domestic asset protection trusts, and trusts for solo 401(k)s. Read More
AICPA backs legislation to add accounting to STEM education
The recently introduced bills would increase awareness of accounting at an earlier age through the use of federal funding “to promote the development, implementation, and strengthening of programs to teach accounting.” Read More
New from the IRS: Reduced fee for PTINs, updates to Tax Pro Accounts
The IRS issued rules to reduce the PTIN fee to an $11 user fee plus an $8.75 third-party contractor fee for the next three fiscal years and announced new features for Tax Pro Accounts. Read More
New PCAOB standard addresses confirmation in the audit
The standard aims to modernize the process that auditors use to verify information via a third party about one or more financial statement assertions. Read More
