Skip to main content

News

Firms plan to raise fees next year

November 06, 2024

Over half of accounting and tax firms plan to increase fees across all services in 2025, according to a new survey.

  • practice management

AICPA board approves update to peer review standards

November 05, 2024

The AICPA Peer Review Board (PRB) voted Monday to approve a standards update designed to better align peer review standards with new quality management (QM) standards and to clarify and improve existing technical guidance.

  • accounting and auditing
  • advocacy - federal

Election Day Roundup: Despite Bumps And More Than 740k Early Ballots, Turnout Stayed Brisk In Connecticut On Election Day

November 05, 2024

Connecticut voters turned out en masse Tuesday to cast their ballots, despite a large number of voters having already participated in early voting and submitting absentee ballots.

  • advocacy - state
  • advocacy - federal

Exciting Progress on the CPA Exam: A Recap of the AICPA Presentation

November 05, 2024

At the recent NASBA annual meeting, the AICPA and NASBA delivered an update on the progress of the CPA exam, highlighting significant advancements and future initiatives that promise to enhance the candidate experience.

  • business and industry
  • career resources
  • practice management

Incoming AICPA CEO Mark Koziel Addresses Fall Council

November 05, 2024

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.

  • business and industry
  • practice management
  • advocacy - federal

Navigating the Complex World of Alternative Practice Structures

November 05, 2024

During a recent session at the NASBA Annual Meeting, the complexities and misconceptions surrounding private equity (PE) investments in accounting firms were thoroughly discussed. There is no one-size-fits-all strategy when it comes to the diverse structures of private equity.

  • practice management

The 2024 Best Firms for Young Accountants

November 05, 2024

Each year, Accounting Today and Best Companies Group recognize the 100 Best Firms to Work For in the U.S. — and then we pick the 10 Best Firms for Young Accountants from among those, based on the responses of their younger staff to a comprehensive employee survey.

  • career resources
  • practice management
  • pipeline

The Future of the Accounting Profession: Insights from Barry Melancon

November 05, 2024

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.

  • business and industry
  • practice management
  • advocacy - federal

Unlocking the Future: Insights from the AI Revolution Meeting

November 05, 2024

At the NASBA annual meeting, there was a session on "AI Revolution: Unlocking the Future of Tomorrow," which showcased the remarkable pace at which artificial intelligence is being integrated into various sectors. With 80% of Fortune 500 companies weaving AI into their workflows just nine months after the launch of ChatGPT, it's evident that we stand on the brink of a transformative era.

  • business and industry
  • practice management
  • technology and cybersecurity

42% of US employees don’t want a promotion: Trial Balance

November 04, 2024

A recent survey by Randstad suggests that the future CFO talent pool may be shrinking for reasons beyond the growing shortage of qualified talent.

  • business and industry
  • career resources
  • practice management

FASB Issues Standard That Improves Disclosures about Income Statement Expenses

November 04, 2024

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update (ASU) that improves financial reporting and responds to investor input by requiring public companies to disclose, in interim and annual reporting periods, additional information about certain expenses in the notes to financial statements.

  • accounting and auditing

PCAOB Updates Standard-Setting and Rulemaking Agendas Following Significant Modernization Progress in 2024

November 04, 2024

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.

  • advocacy - federal

Planning for 2025's tax brackets and retirement rules

November 04, 2024

Cooling inflation will bring some relief in the form of slightly lower taxes next year. An average inflationary adjustment of 2.8% under IRS guidance for 2025 released earlier this month came in lower than the 5.4% hike for this year and a boost of more than 7% across the seven federal income brackets in 2023, according to an analysis by the nonpartisan, nonprofit Tax Foundation.

  • personal financial planning
  • federal tax

Upcoming 2024 Municipal Revaluations in Connecticut

November 04, 2024

A number of Connecticut municipalities listed below are scheduled to conduct real property revaluations effective October 1, 2024. Learn more from Pullman & Comley LLC >>

  • state tax
  • advocacy - state

C-suite looks to integrate cybersecurity across budgets, strategy

November 03, 2024

Companies with more mature cybersecurity approaches expect to increase cybersecurity spending and better integrate their cyber strategy into overall transformation plans.

  • business and industry
  • technology and cybersecurity

401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000

November 02, 2024

The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.

  • personal financial planning
  • federal tax

Fraudsters get $47 million from practitioner priority service line scheme

November 01, 2024

The IRS was ineffective in its efforts to stop a scheme involving fraudsters calling the practitioner priority service telephone line, resulting in estimated losses of over $47 million, the Treasury Inspector General for Tax Administration (TIGTA) said in a report dated Oct. 22 (TIGTA Rep't No. 2025-IE-R001).

  • federal tax

Mark Peterson Delivers Key Insights at AICPA Fall Council Meeting

November 01, 2024

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.

  • advocacy - state
  • advocacy - federal

PCAOB Publishes New Supplement to Staff Guidance Concerning the Remediation Process

October 31, 2024

Audit firms are encouraged to review the supplement and other resources providing transparency around remediation, a critical step in PCAOB inspections and the PCAOB’s efforts to protect investors and improve audit quality.

  • accounting and auditing

AT Think: Let's put accounting on top again

October 30, 2024

In recent years, there's been growing concern about the future of accounting. Discussions around AI replacing accountants, overworked staff and the ongoing talent shortage have all contributed to a less-than-ideal perception of the profession. But I believe in the future of accounting, and I also believe that it's up to us, as accountants, to make it great again.

  • career resources
  • practice management
  • pipeline