News

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.

The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Public business entities are required to adopt the guidance in Update 2024-03 in annual reporting periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027.

Jay Civitollo and Christopher Nardone were both elected partner at CohnReznick LLP, effected February 1, 2025. Both Jay and Christopher work in the Assurance division.

More than a dozen new laws will take effect Jan. 1 in Connecticut, including changes to absentee ballots, mandatory paid sick leave, and expanded protections for home health care workers.

The new Connecticut Paid Sick Leave Act is shaking things up significantly. If you’re an employer in Connecticut, here’s what you need to know – including a few potential pitfalls to avoid.

A federal appeals court on Thursday reinstated a nationwide injunction halting enforcement of beneficial ownership information (BOI) reporting requirements, reversing an order the same court issued earlier this week. In its latest order, the Fifth Circuit Court of Appeals said it was reinstating a lower court's injunction "in order to preserve the constitutional status quo while the merits panel considers the parties' weighty substantive arguments," referring to the panel of judges who will decide the appeal.

Finance transformation has taken accounting departments by storm in the past decade as more and more organizations are asked to do more with less – but it isn’t always easy to know where to start on the finance transformation journey. There are specific actions you can take to move forward in terms of people, process, and technology to create efficiencies, reduce cost, and improve employee morale all while maintaining proper controls.

The AICPA Peer Review Board voted in November to approve Peer Review Standards Update (PRSU) No. 2, which aligns peer review standards with new quality management standards that go into effect late next year. The update also clarifies and improves existing technical guidance.

The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a draft continuing resolution proposed in the House of Representatives. The 1,500-page short-term funding bill, which would keep the government funded until March 14, 2025, could be voted on today by the House and shortly thereafter by the Senate.

The Innovative CPA Group (ICG) proudly continues its tradition of giving back through a series of impactful volunteer initiatives throughout the holiday season. With a strong commitment to fostering community connections and supporting those in need, ICG remains dedicated to making a positive difference during this time of year.