News

The Internal Revenue Service today issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.

As the International Auditing and Assurance Standards Board (IAASB) works to finalize a new global standard for assurance of sustainability reporting, the AICPA is working to provide important feedback to ensure the final standard works for CPAs in the United States.

As accounting firms are increasingly targeted with cyberattacks, cybersecurity has become essential for every professional. Between data breaches, phishing attacks and malware, criminals are going after the sensitive financial data held by accountants. Modern accountants, then, must take their cyber defenses seriously for the sake of themselves and their clients.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) intended to improve the accounting for and disclosure of certain crypto assets.

The Internal Revenue Service has reorganized its leadership structure at the top, with a single deputy IRS commissioner instead of two, and four chief executives to lead taxpayer service, compliance, information technology and operations.

Last year saw a significant amount of disputes around earn-out agreements and working capital adjustments during M&A transactions, according to new research.

Effective Jan. 1, 2024, an employee’s receipt of severance pay will now result in disqualification from receiving unemployment compensation benefits for the period of time covered by the payment.

The AICPA Professional Ethics Executive Committee (PEEC) has released new authoritative guidance related to public interest entities. The new definition of publicly traded entity and the revised definition of public interest entity fulfill the AICPA's responsibility as a member body of the International Federation of Accountants (IFAC) to converge with recent changes in international ethics for accountants.

The Internal Revenue Service's Independent Office of Appeals today released its Focus GuidePDF for fiscal year 2024. The guide highlights where Appeals will be improving taxpayer service in its mission to resolve tax disputes in a fair and impartial manner without the need for litigation.

During open enrollment season for Flexible Spending Arrangements (FSAs), the Internal Revenue Service reminds taxpayers that they may be eligible to use tax-free dollars to pay medical expenses not covered by other health plans through their FSA.

Following a partly sunny summer forecast for the U.S. economy, the outlook among CPA decision-makers again clouded in the latest quarterly survey released Thursday by AICPA & CIMA, together as the Association of International Certified Professional Accountants.

Most finance teams are aware of poor data quality, but still use it to make decisions, according to a new survey.

As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the Internal Revenue Service is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. IRS is disallowing claims to entities that did not exist or did not have paid employees during the period of eligibility to prevent improper ERC payments from being made to ineligible entities.

Although a Vermont-based college flunked Connecticut on Monday in an annual report card on financial literacy instruction for high school students, a bill passed this year puts the state on track to receive an A by 2027.

Would you rather have 100 small clients or 10 big ones? An Any Answers post grappled with this debate as accountants discussed balancing stability and diversification against the potential for deeper partnerships and higher revenue.

Connecticut’s expected General Fund surplus shrank for the fourth month in a row, according to a Friday fiscal update by Comptroller Sean Scanlon, who projected the state would end the 2024 fiscal year with $153.9 million in black ink.

As the year draws to a close, practitioners have an opportunity to reach out to clients and discuss possible financial steps. The following highlights some of the more important year-end considerations.

Finance can stay prepared for a potentially bumpy 2024 by focusing on controllable factors, being agile, and carefully managing cash, capital, and expenses.

Since March, when the weekly Vendor Spotlight feature first launched, we have showcased 34 accounting solutions providers of all shapes and sizes — a wide variety of companies that, despite their differences, all focus on providing the tools that have become a necessity for any professional looking to guide their clients through the slings and arrows of this outrageous modern economy.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a final rule (RIN 1506-AB62) Wednesday extending the deadline for companies created or registered in 2024 to file initial beneficial ownership information (BOI) reports to 90 calendar days from the original 30 calendar days.