News
Mark Koziel to become CEO of the Association of International Certified Professional Accountants
October 17, 2024
Mark Koziel, CPA, CGMA, has been named as the incoming CEO of AICPA & CIMA, which operate together as the Association of International Certified Professional Accountants.
FinCEN offers storm and terrorist attack relief for FBAR filings
October 11, 2024
The Financial Crimes Enforcement Network (FinCEN) extended filing deadlines for foreign bank and financial accounts reports (FBAR) for people in federally declared disaster areas of four hurricanes (Milton, Helene, Debby, and Beryl) and tropical storm Francine, as well as for people affected by terrorist attacks in Israel.
Boston residents face 28% tax hike as office values slump
October 10, 2024
Boston homeowners face a 28% surge in their tax bills if the Massachusetts legislature fails to sign off on a proposal to temporarily raise commercial rates before the end of next month, Mayor Michelle Wu said.
KPMG US chief calls for urgent reform to halt slide in accounting ranks
October 09, 2024
Fewer US students are taking up accountancy, and 75% of CPAs are near retirement.
Proposals Released on Additional Pathway to CPA Licensure, Changes to Uniform Accountancy Act (UAA) Model Rules
October 07, 2024
The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have issued two important exposure drafts related to the CPA pipeline and licensure: Exposure Draft: Competency-Based Experience Pathway Comments due by December 6 Exposure Draft: Proposed Amendments to the UAA Model Act and Rules Comments due by December 30
IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions
October 03, 2024
The IRS announced relief for taxpayers in all or part of seven states that Hurricane Helene damaged (IR-2024-253). The AICPA, which requested IRS relief in a comment letter, on Thursday also requested filing extensions from the Financial Crimes Enforcement Network (FinCEN) related to the filing of beneficial ownership information (BOI) and reports of foreign bank and financial accounts (FBAR) for major disaster victims.
Tax planning for the SALT cap
October 01, 2024
Taxpayers can employ several strategies in the face of limited deductibility of state and local taxes through 2025 and perhaps beyond.
CPA licensure update: Uniform Accountancy Act changes proposed
September 30, 2024
The AICPA and the National Association of State Boards of Accountancy (NASBA) are seeking input on proposed changes to the Uniform Accountancy Act (UAA) that would pave the way for states to adopt an additional pathway for CPA licensure.
FASB Seeks Public Comment on Proposed Clarifications to Share-Based Consideration Payable to a Customer
September 30, 2024
The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) to improve the accounting guidance for share-based consideration payable to a customer in conjunction with selling goods or services. Stakeholders are encouraged to review and provide input on the proposed ASU by November 14, 2024.
IRS releases draft Form 7217, Partners Report of Property Distributed by a Partnership, for public comment
September 30, 2024
The Internal Revenue Service requested public comments on draft Form 7217 PDF and Instructions for draft Form 7217 PDF today.
58% of CFOs think US election outcome will significantly impact their organization
September 23, 2024
CFOs think the federal government should address workforce issues over things like outbound investment and AI regulations, according to Deloitte.
Federal Judge Blocks FTC Noncompete Ban
August 22, 2024
A federal judge in Texas issued a permanent injunction against the Federal Trade Commission’s ban on noncompete agreements Aug. 20, two weeks before the controversial regulation’s effective date.
Harris' tax policy positions begin to take shape
August 06, 2024
Kamala Harris, with the top spot on the Democratic ticket assured her, has been busy making her vice presidential pick (announced today as Minnesota's Gov. Tim Walz) and gearing up to campaign in the "battleground" states, without spending much time laying out her tax positions — but experts say her track record is clear enough to surmise her position on a number of issues.
Fifth Circuit rules cell phone tax unconstitutional
August 02, 2024
In a case that will likely end up in the Supreme Court, the Fifth Circuit has held that the "universal service" tax that appears on cell phone bills violates Article 1, Section 1, of the U.S. Constitution.
Melancon: Supreme Court decisions are ‘big deal’ for tax pros
August 01, 2024
Two recent Supreme Court decisions involving the power of government agencies are a "big deal" for the accounting profession because they introduce a level of uncertainty that makes some tax practitioners uncomfortable, AICPA & CIMA's CEO said recently.
GASB to Welcome Three Additional Organizations to Advisory Council
July 31, 2024
The Governmental Accounting Standards Board (GASB) will soon benefit from additional stakeholder perspectives in light of a recent decision by the Trustees of the Financial Accounting Foundation (FAF) to expand the size of the Governmental Accounting Standards Advisory Council (GASAC).
IRS shares more warning signs of incorrect claims for the Employee Retention Credit; urges businesses to proactively resolve erroneous claims to avoid penalties, interest, audit
July 26, 2024
As the Internal Revenue Service intensifies work on the Employee Retention Credit, the agency today shared five new warning signs being seen on incorrect claims by businesses.
How Kamala Harris may shift the crucial tax debate in this year's election
July 23, 2024
The new presumptive presidential nominee for the Democratic Party carries a long paper trail in tax policy. That history may alter the debate in a pivotal election ahead of a looming deadline next year.
The road to November: What tax pros' clients think about the election
July 21, 2024
Few American elections have had as much at stake as this year's, and clients have a lot on their minds concerning November.
NASBA CEO Elect Daniel Dustin Appoints Four to Leadership Team
July 18, 2024
The National Association of State Boards of Accountancy (NASBA) President and CEO elect Daniel J. Dustin, CPA, has selected Kent A. Absec, Brenner Allen, Esq., William A. Emmer, CPA, and Sedrik Newbern to join the leadership team at NASBA, effective August 1, 2024. These changes to leadership follow the retirement of current NASBA President and CEO Ken L. Bishop.