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DOL report points out deficiencies in employee benefit plan audits

December 15, 2023

A U.S. Department of Labor (DOL) report released earlier this month showed a need for improvement in audits of employee benefit plan financial statements.

  • advocacy - federal

CTCPA Supports Letter Asking for Bills to be Included in Year-End Legislative Package to Delay BOI Reporting Requirements

December 14, 2023

In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.

  • accounting and auditing
  • practice management
  • advocacy - federal
  • boi

Federal bill bolsters CT defense companies, nuclear submarine deal

December 14, 2023

After bipartisan approval in the Senate, the House similarly passed the National Defense Authorization Act on Thursday.

  • advocacy - federal

AICPA comments on proposed standard for sustainability assurance

December 13, 2023

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.

  • accounting and auditing
  • advocacy - federal

PEEC releases new ethics guidance related to public interest entities

December 11, 2023

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.

  • accounting and auditing
  • advocacy - federal

CTCPA Supports Comment Letter Calling for an Extension and Expansion in Beneficial Ownership Reporting Requirements

November 06, 2023

CTCPA has joined AICPA and dozens of other state CPA societies to ask the Financial Crimes Enforcement Network (FinCEN) to extend and expand the deadline for beneficial ownership information (BOI) reporting requirements, specifically for Reporting Companies Created or Registered in 2024.

  • advocacy - federal
  • press room
  • boi

AICPA, others call for a one-year extension of BOI report deadline

November 01, 2023

The AICPA and over 50 affiliated organizations recommended in a letter to Treasury's Financial Crimes Enforcement Network (FinCEN) that the agency extend the effective date for the beneficial ownership information (BOI) reporting requirement by one year to give the millions of affected businesses time to learn about the new and complex rules. The letter asked that the scope of the one-year deadline delay include not only new entities created in 2024, but all entities created thereafter and all entities making updates or corrections to their original filings.

  • advocacy - federal
  • boi

IRS emphasizes strides as it presses to keep funding

October 20, 2023

The IRS will continue its pursuit of money owed to the U.S. government by sending letters to about 150 U.S. subsidiaries of foreign corporations, reminding them of their tax obligations; initiating audits of 60 large corporations; and proceeding with its investigations of high-wealth individuals who do not pay their taxes, IRS Commissioner Danny Werfel said Thursday.

  • advocacy - federal
  • federal tax

IRS: Taxpayers impacted by the terrorist attacks in Israel qualify for tax relief; Oct. 16 filing deadline, other dates postponed to Oct. 7, 2024

October 14, 2023

The Internal Revenue Service announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. In Notice 2023-71PDF, the IRS provided relief to certain taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation, or may be unable to perform other time-sensitive tax-related actions. The IRS will continue to monitor events and may provide additional relief.

  • advocacy - federal
  • federal tax

FinCEN proposes BOI reports deadline extension for certain companies

October 06, 2023

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) on Wednesday that would extend the deadline for companies created or registered in 2024 to file their first beneficial ownership information (BOI) reports. The NPRM (RIN 1506-AB62) would provide 90 days for those companies to file initial reports rather than the original deadline of 30 days from the earlier of the date on which the company receives actual notice that its creation or registration has become effective or the date on which the secretary of state first provides public notice that the company has been created or registered.

  • accounting and auditing
  • business and industry
  • forensic accounting and fraud
  • practice management
  • advocacy - federal
  • boi

AICPA backs legislation to add accounting to STEM education

October 03, 2023

Efforts to grow and diversify the pipeline of accounting talent have been buoyed by the introduction of legislation that would add accounting to grades K–12 science, technology, engineering, and mathematics education programs, better known as STEM.

  • technology and cybersecurity
  • advocacy - federal

AICPA releases quality management practice aid

September 29, 2023

Practitioners preparing for the new AICPA quality management (QM) standards now have access to a practice aid designed to help their cause. The free practice aid, Establishing and Maintaining a System of Quality Management for a CPA Firm's Accounting and Auditing Practice, is available in versions for sole practitioners and for small- and medium-sized firms.

  • accounting and auditing
  • advocacy - federal

ERC abuse brings renewed push for regulation of paid tax preparers

September 21, 2023

Abuse of the employee retention credit (ERC) by aggressive promoters who make questionable promises has pushed Treasury to renew the call for the regulation of paid tax return preparers, an action that has the AICPA's support.

  • advocacy - federal
  • federal tax

IRS orders immediate stop to new Employee Retention Credit processing

September 15, 2023

To protect taxpayers from scams, the IRS has ordered an immediate stop to new Employee Retention Credit processing amid a surge of questionable claims, concerns from tax professionals, and aggressive marketing to ineligible applicants, posing unacceptable risk to businesses and the tax system.

  • advocacy - federal
  • federal tax

Labor Department Proposes New Overtime Salary Threshold

September 08, 2023

On August 30, the Biden administration issued a Notice of Proposed Rulemaking from the Department of Labor to extend overtime pay eligibility to more than 3 million workers. The initiative comes following a similar attempt by the Obama administration over eight years ago to revise overtime eligibility regulations under the Fair Labor Standards Act (FLSA). Under the new proposal, employers would be required to provide time-and-a-half pay for eligible workers who work beyond 40 hours per week. The previous threshold for this requirement set in 2019 by the Trump administration—$35,568—would be increased to $55,000.

  • business and industry
  • not-for-profit
  • practice management
  • advocacy - federal

Federal, state gov'ts put noncompete agreements in regulatory crosshairs

August 21, 2023

Perhaps the biggest development in employment law in 2023 is the federal government’s proposal to ban noncompete clauses. The federal government’s actions coincide with, or in some instances have prompted some states to restrict or outright ban noncompete agreements in their entirety.

  • advocacy - state
  • advocacy - federal

AICPA and NASBA to Launch Learning Program Designed to Ease Path to CPA Licensure

August 07, 2023

The American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA) will launch an innovative post-graduate program this fall in collaboration with the Tulane School of Professional Advancement (SoPA). The program blends rigorous online learning with on-the-job professional experience for college accounting graduates, offering a less costly and more flexible way to complete the 150-hour course credit requirement to become a licensed CPA.

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

Accounting talent shortage is focus of new advisory group

July 31, 2023

The AICPA has formed an advisory group of accounting stakeholders that will help to shape strategy to address the profession's talent shortage.

  • advocacy - federal

Pilot program set to help all stakeholders along the talent pipeline

June 21, 2023

The 150-hour education requirement for CPA licensure has become a target for some who see it as an easy way to ease the talent pipeline issues facing the profession.

  • career resources
  • practice management
  • advocacy - federal

Wayfair at five: No signs of age

June 16, 2023

It has been five years since the U.S. Supreme Court heard South Dakota v. Wayfair. The court decided on June 21, 2018, that states could tax purchases made from out-of-state sellers, even if the seller does not have a physical presence in the taxing state. Much of what has happened in state tax law since then has been based on that decision.

  • business and industry
  • state tax
  • advocacy - federal
  • federal tax