News

The Internal Revenue Service announced today in Revenue Procedure 2024-39 PDF. that grants certain applicable entities that are making an elective payment election a six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organization Business Income Tax Return, with relevant schedules and forms.

The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a news release (IR-2024-263).

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.

Governor Ned Lamont today announced that the Federal Emergency Management Agency (FEMA) is making a schedule change to Connecticut’s two recently opened Disaster Recovery Centers (DRCs) that have been providing in-person support with applying for federal disaster assistance to those impacted by the August 18, 2024, severe storm and flooding.

The Internal Revenue Service released the latest tax gap projections Thursday, which pertain to tax year 2022, showing an increase over the previous projections, with the gap between taxes owed and paid growing to $696 billion.

More than half of finance leaders believe technology will improve audit quality, but the human element is irreplaceable.

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

In its attempt to speed processing of employee retention credit (ERC) claims, the IRS changed its policy for pre-refund examinations and should consider reviewing nearly 185,000 claims totaling almost $42 billion, the Treasury Inspector General for Tax Administration (TIGTA) said in a recent report (TIGTA Rep't No. 2024-400-068 (Sept. 30, 2024)).

By leveraging artificial intelligence’s ability to deliver actionable insights on market trends, CFOs can unlock new growth avenues for their companies.

AI tools will help to transform practices over the next few years, but what exactly will the impact be and how can you get started?

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

Thousands of candidates attended the latest AICPA/NASBA webinar on Navigating the CPA Exam. In case you missed it, you can view the webinar in its entirety.

A large majority of finance leaders have been tasked with new responsibilities in 2024. Not surprisingly, many of those responsibilities revolve around technology.

Our sixth annual Priorities for Business Leaders survey, conducted in partnership with Bredin from July 3 to 19, 2024, highlights the strategic priorities reported by companies with 5-499 employees. The survey reveals that 85% of business leaders expect higher revenue over the next 12 months (up from 76% last year), and 50% plan to increase full-time employee headcount to support their growth objectives.

The Internal Revenue Service announced today that Direct File will be available in double the number of states than last year's pilot.

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.

The Department of the Treasury and the Internal Revenue Service today issued guidance addressing long-term, part-time employees in 403(b) retirement plans under the SECURE 2.0 Act, which applies to 403(b) plans beginning in 2025. These plans are similar to 401(k) plans but are generally for employees of charities and public schools.

The number of firms registered to carry out statutory audit work in the UK and Ireland has dropped again and is close to dipping below the 4,000 mark.

Managers and workers have differing views of mental health in the workplace.

Conservative think-tanks say CT’s children could be spared billions in legacy debt.