A new top 10 firm? Two top 15 firms band together
CBIZ completed its acquisition of Marcum, a deal that creates a team of 10,000-plus and revenue that could land CBIZ in the top seven. Read More
AICPA board approves update to peer review standards
The AICPA Peer Review Board approved changes that align with new quality management standards for firms’ accounting and auditing practices. Read More
Final regs. modernize process for sale of taxpayers’ property
The regulations under Sec. 6335, which had not changed substantially since they were first issued in 1954, did not reflect modern electronic methods of submitting bids and accepting payment from bidders. Read More
FASB sets new reporting standards for disclosure of expenses
FASB published an Accounting Standards Update requiring public companies to disclose additional information about certain expenses in the notes to financial statements. Read More
Inflation adjustments to retirement account limits issued for 2024
The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs. Read More
Fraudsters get $47 million from practitioner priority service line scheme
The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration. Read More
Reinforcing DEI accountability
Even as the climate for diversity, equity and inclusion remains volatile, the near- and longer-term impacts of DEI on the accounting profession amplify shared accountability. Read More
BOI reporting deadlines extended for certain victims of 5 hurricanes
The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton. Read More
FASB proposes guidance on business combinations
FASB published a proposed Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in a business combination. Read More
IRS to end automatic penalties for late filing of foreign gift, bequest forms
National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA. Read More
Accounting for software: FASB proposes amendments to its guidance
The Financial Accounting Standards Board seeks public comment on targeted improvements to the reporting of internal-use software. Read More
How students use — and don’t use — ChatGPT
By Jacqui Wukich, CPA, Ph.D.; Cassy Henderson, Ph.D.; and Ronald J, Daigle, CPA, CGMA, Ph.D. Read More
