IRS vows new enforcement efforts aided by AI
Commissioner Danny Werfel describes an IRS that focuses on the wealthy and uses artificial intelligence to find discrepancies in large partnership filings. Read More
FASB approves cryptoassets standard
The board voted to issue a standard that defines the financial reporting requirements for certain crypto holdings and how the value of those assets should be measured. Read More
FASAB seeks comment on guidance for management discussion and analysis
The Federal Accounting Standards Advisory Board is seeking feedback on an exposure draft aimed at updating the guidance for management discussion and analysis (MD&A). Read More
ESOP exploration: Can the ‘new’ ownership model age well?
As one of the nation’s largest CPA firms announces the formation of an employee stock ownership plan, the managing partner at a midsize firm entering its third decade as an ESOP shares some perspective. Read More
FASB issues new chapter of its Conceptual Framework
FASB issued a new chapter of its Conceptual Framework related to the recognition and derecognition of criteria and guidance on when an item should be incorporated into and removed from financial statements. Read More
AICPA seeks comments on proposed changes to QM standards
The exposure draft of the Statement on Standards for Attestation Engagements aims to align quality management standards with standards for audits, reviews, and compilations. Read More
Guidance issued on consequences of certain state payments after 2022
The IRS issued guidance on the treatment of refunds of state or local taxes and certain other payments made by states made to individuals in 2023 and future years, including spillover payments made in 2023 under 2022 programs covered by IRS News Release IR-2023-23. Read [...]
Businesses must e-file Form 8300 for $10,000+ cash payments in 2024
The new e-filing requirement, beginning in 2024, applies to businesses mandated to e-file certain other information returns, such as Forms 1099 series and Forms W-2. Read More
Quality management standards: How to perform a root cause analysis
An expert discusses the requirements to perform a root cause analysis as part of monitoring and remediation. Read More
Inflation no longer the top challenge for CPA decision-makers, survey shows
Finance executives in business and industry still have concerns, but optimism is on the rise and expectations of business contraction are far lower, according to the quarterly Business and Industry Economic Outlook Survey. Read More
Prevailing wage and apprenticeship requirements guidance issued
The IRS issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship requirements. Read More
Two-year reprieve granted from Roth catch-up requirement
Employees who participate in a Sec. 401(k) or similar retirement plan and whose prior-year Social Security wages were over $145,000 have been given a two-year reprieve from the new requirement that any catch-up contributions they make to the plan must be designated as after-tax Roth [...]
