News

Douglas O'Donnell, the acting IRS commissioner, told employees in an email Tuesday that he will step down from the position effective Friday.

Artificial intelligence is shaking up the accounting world, but the firms thriving in this new era aren’t just embracing technology, they’re making sure their people are on board first.

86% of C-suite leaders plan to increase investment in generative AI technology this year, but the majority of employees feel unprepared for technological changes, a new survey report said.

Chad Acord is a 41-year-old father of four who's been in the accounting profession for more than a decade. Now, after years of waiting, he's about to close the 13-college-credit-hour gap that's been keeping him from earning his CPA license.

We asked the DRS to extend three deadlines from March 15, 2025 to April 15, 2025. Based on the DRS Commissioner’s authority to extend, due to statutory limitations, he was only able to extend two of the dates to April 15, 2025 as requested: Form CT-PET, Connecticut Pass-Through Entity Tax Return and Form CT-1065/CT-1120SI, Connecticut Composite Income Tax Return.

H.R. 736, Protect Small Businesses from Excessive Paperwork Act of 2025 (Rep. Zach Nunn, IA-3), which would delay FinCEN BOI reporting for one year (until January 1, 2026), passed the House of Representatives by a vote of 408-0. The bill now goes to the Senate for consideration.

The National Football League’s finance leaders tend to stay in their positions far longer than CFOs in other industries, according to data compiled by CFO.com.

Undergraduate enrollment in college accounting programs increased during the fall semester to its highest level in four years, a 12% increase from the previous fall based on National Student Clearinghouse Research Center data.

If you want to learn what it's really like to be a professional football player, ask a professional football player. If you want to know what it's really like to be a CPA, ask a CPA.

With the rising popularity of artificial general intelligence (AGI) and its potential for business transformation, there's a significant push for CPAs to leverage AI features to save time and boost profitability. While it's certainly feasible and beneficial to use AI for enhancing operational efficiency and automating routine tasks, claiming that AI can handle complex accounting and tax-related tasks, such as preparing a detailed study, is quite a stretch. Yet, I see numerous "pop-up" shops emerging, boldly asserting that AI can handle 80% or more of an R&D credit study.

As part of its ongoing efforts to support smaller audit firms, the Public Company Accounting Oversight Board (PCAOB) today launched a new online resource page: Information for Smaller Firms. The page features PCAOB content tailored for smaller firms, including publications, videos, and more.

A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a Supreme Court ruling Thursday in a separate BOI case. But it was not immediately clear how the Financial Crimes Enforcement Network (FinCEN), which enforces BOI reporting requirements, would react to the stay, which is in effect until action by the Fifth Circuit and, potentially, further review by the Supreme Court.

For the time being, unless the Supreme Court intervenes, the nationwide injunction is likely to remain in place through at least March 25, 2025, the scheduled date for oral arguments before the Fifth Circuit.

In this role, she will provide tax planning, preparation and accounting services to individual clients as well as businesses in various industries.

SRC, Certified Public Accountants, P.C. is proud to announce two new partners, John W. Luo, CPA and Shawn R. Gessay, CPA, MSAT.

Late in last year’s legislative session, P.A. 24-132 was passed, increasing the State Single Audit threshold from $300,000 to $500,000 for nonstate entities with a fiscal year beginning July 1, 2024 or after.

Visconti & Associates, P.C., with offices in East Haven and Venice, Florida, is pleased to announce the admission of Peter Visconti, CPA as a member of the firm in the Assurance Division and Margaret Pittala, CPA as a member of the firm in the Tax and Advisory Division. The firm is now operating as Visconti Pittala & Associates LLC.

The move puts the Buckeye state at the forefront of the recent drive to address the talent shortage by widening on-ramps into the accounting profession.

Top 20 firm Citrin Cooperman announced Tuesday its second recent ownership shift orchestrated by private equity.

The Innovative CPA Group (ICG) is pleased to announce its merger with T.M. Byxbee Company, P.C. of Hamden, CT. Effective January 1, 2025, the combined firm will operate under the name “The Innovative CPA Group, LLC,” creating a unified team to deliver an expanded suite of accounting, tax, audit, advisory, and consulting services.