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Ready or Not, Here It Comes! New Regulations When Offering Programs Leading to a License Effective July 1!

July 15, 2024

There is no more hiding from the eventuality of the effective date for new Federal regulations affecting the institutions serving students in programs leading to a license or certification. Institutions and the U.S. Department of Education (Department) have a common goal to support a student participating in an educational program leading to a state license to complete the state educational requirements to pursue their goal of becoming employed in the occupation for which they were trained and educated.

  • career resources
  • advocacy - federal

SEC Charges Consensys Software for Unregistered Offers and Sales of Securities Through Its MetaMask Staking Service

June 28, 2024

The Securities and Exchange Commission today charged Consensys Software Inc. with engaging in the unregistered offer and sale of securities through a service it calls MetaMask Staking and with operating as an unregistered broker through MetaMask Staking and another service it calls MetaMask Swaps.

  • technology and cybersecurity
  • advocacy - federal

FTC Chair: New Non-Compete Agreement Rule Raises Floor, But Still Leaves Gaps

June 18, 2024

As the Federal Trade Commission prepares to enforce its ban on non-compete agreements (NCAs), the agency’s chair spoke in Hartford about some of the gaps that could still remain when the rule goes into effect.

  • advocacy - federal

IRS Direct File program may be cut by GOP next year

June 04, 2024

The Internal Revenue Service's plans to expand the Direct File free tax program nationwide next year could meet an early demise if Republicans gain control of Congress and the White House.

  • advocacy - federal
  • federal tax

AICPA makes recommendations to IRS on next Priority Guidance Plan

May 24, 2024

The AICPA has made recommendations to the IRS on its 2024–2025 Priority Guidance Plan, including on the corporate alternative minimum tax (AMT) and group exemption letters.

  • advocacy - federal
  • federal tax

NPAG recommends solutions to the talent shortage

May 14, 2024

An independent national group featuring stakeholders from throughout the accounting profession published a draft set of recommendations for tackling the talent shortage.

  • business and industry
  • career resources
  • practice management
  • advocacy - federal

Feds Increase Salary Minimum for Exempt Employees

April 29, 2024

The salary threshold required to exempt a salaried executive, administrative, or professional employee from federal overtime was increased from $35,568 to $43,888 effective July 1, 2024. The salary threshold will further increase to $58,656 on Jan. 1, 2025.

  • business and industry
  • career resources
  • practice management
  • advocacy - federal

Daniel J. Dustin Selected as Next President and CEO of NASBA

April 26, 2024

The board of directors of the National Association of State Boards of Accountancy (NASBA) announced today that Daniel J. Dustin, CPA, has been selected to become NASBA’s next president and chief executive officer. Dustin holds extensive expertise in the areas of accounting regulation and Board of Accountancy operations. His tenure as president and CEO will begin on August 1, 2024, following the retirement of current President and CEO Ken L. Bishop.

  • advocacy - federal

DOL finalizes broad ‘retirement security rule’

April 24, 2024

The U.S. Department of Labor (DOL) on Tuesday released final regulations (RIN 1210-AC02) that will subject the financial services industry to new requirements designed to protect retirement investors from receiving bad or self-interested investment advice.

  • personal financial planning
  • advocacy - federal

FTC to ban noncompetes

April 24, 2024

Existing noncompetes with senior executives — those who earn more than $151,164 annually and who are in a “policy-making position” — may remain in force.

  • business and industry
  • practice management
  • advocacy - federal

Updated FAQs provide details on phase-in timing of BOI access

April 19, 2024

Updated FAQs on beneficial ownership information (BOI) from Treasury's Financial Crimes Enforcement Network (FinCEN) include details on the timing of the phase in of access to BOI under Section 6403 of the Corporate Transparency Act (CTA), P.L. 116-283.

  • business and industry
  • practice management
  • advocacy - federal
  • boi

Tax season nears its end, but uncertainties linger

April 11, 2024

The 2024 filing season, which began with a hint of uncertainty, has progressed into one of the smoothest in recent memory — but the uncertainty still exists, fueled by court decisions and pending legislation.

  • state tax
  • advocacy - federal
  • federal tax

AICPA: BOI ruling confuses businesses; enforcement should be delayed

April 08, 2024

The AICPA and over 50 state CPA societies have written to the Treasury secretary and the director of the Financial Crimes Enforcement Network (FinCEN) asking that enforcement of beneficial ownership information (BOI) reporting requirements be suspended until one year after court cases have been resolved.

  • advocacy - federal
  • boi

CTCPA Joins AICPA, State Societies in Letter to Address 'Grave Concerns' with BOI Reporting, Request One-Year Delay

April 08, 2024

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

  • accounting and auditing
  • advocacy - federal
  • boi

CTCPA Joins AICPA, State Societies in Letter to Address 'Grave Concerns' with BOI Reporting, Request One-Year Delay

April 08, 2024

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

  • accounting and auditing
  • business and industry
  • advocacy - federal
  • boi

Supreme Court to decide estate tax impact of life insurance in closely held businesses

April 03, 2024

The U.S. Supreme Court will decide a case this term that presents a crucial question regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It focuses on closely held corporations' practice of entering into an agreement to redeem the stock of a deceased shareholder and funding the redemption with life insurance proceeds received by the company upon the shareholder's death.

  • advocacy - federal

Latest federal budget includes $20 billion rescission for IRS

March 26, 2024

The budget passed by Congress over the weekend officially rescinds $20 billion in long-term spending for the IRS, a move that the Congressional Budget Office (CBO) said will reduce federal revenues and increase the cumulative deficit.

  • advocacy - federal
  • federal tax

Enforcement, voluntary programs yield over $1 billion from ERC claims

March 22, 2024

The IRS has identified about $1 billion in potential savings from erroneous employee retention credit (ERC) claims, with over half of that money coming from enforcement efforts and the rest from the ERC voluntary disclosure program (VDP) and claim withdrawal process, officials said Friday.

  • business and industry
  • practice management
  • advocacy - federal
  • federal tax

Seven warning signs of incorrect Employee Retention Credit claims for businesses to review as key March 22 deadline approaches

March 20, 2024

To counter promoters that marketed misleading information about the Employee Retention Credit (ERC), the Internal Revenue Service urged businesses to review seven suspicious signs of a bad claim and see if the agency’s special programs can help them avoid future compliance issues.

  • business and industry
  • practice management
  • advocacy - federal
  • federal tax

Senators introduce bill to curb GRAT tax break

March 19, 2024

A pair of lawmakers proposed a bill Wednesday to end the abuse of grantor-retained annuity trusts to avoid taxes.

  • advocacy - federal