News

The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a draft continuing resolution proposed in the House of Representatives. The 1,500-page short-term funding bill, which would keep the government funded until March 14, 2025, could be voted on today by the House and shortly thereafter by the Senate.

In Texas Top Cop Shop v Garland et al. ( case 4:24-cv-00478 December 3, 2024) , the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN).

The U.S. District Court for the Eastern District of Texas has suspended the implementation of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) reporting requirements.

The transformative leader, who is retiring on Dec. 31, guided the organization and the profession for nearly three decades.

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Mr. Scott currently serves as the director of finance and administration for the city of Brookfield, Wisconsin. His term begins July 1, 2025, and extends through June 30, 2030.

At the recent AICPA Fall Council meeting, Mark Koziel was officially introduced as the incoming CEO, and was recognized for his impactful leadership and commitment to the profession. Mark's journey from his early days in public accounting to his current role as CEO of Allinial Global was highlighted.

At the recent NASBA annual meeting and AICPA Fall Council meeting, Barry Melancon, President and CEO of the Association of International Certified Professional Accountants, provided an overview of the future of the accounting profession. His insights highlighted the changes driven by technological advancements and the vital role of Certified Public Accountants (CPAs) in navigating this evolving landscape.

The staff of the Public Company Accounting Oversight Board (PCAOB) today posted updated standard-setting and rulemaking agendas, reflecting the significant progress that the Board has made in 2024 to further advance its strategic goal of modernizing standards and rules to better protect investors.

At the recent AICPA Fall Council meeting, Mark Peterson, Executive Vice President - Advocacy, energized attendees with a comprehensive update on the current legislative, regulatory, and political landscape.

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.

Fewer US students are taking up accountancy, and 75% of CPAs are near retirement.

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

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).

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.

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.

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.

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.

The Department of Labor has announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act. This new rule takes effect on March 11, 2024.

In Rev. Proc. 2023-29, recently issued by the Internal Revenue Service, the affordability percentage for Affordable Care Act plans has been set at 8.39% beginning in 2024. This marks a significant decrease from the previous 9.12% applicable for 2023. This is the lowest percentage since the inception of the employer mandate which means these plans will cost employers more.

New London county has received a FEMA disaster emergency declaration which allows for the postponement of certain due dates for specific tax filings and tax payments. It also allows for the deduction of casualty losses attributable to emergency declaration within the declared area.