November 2023

November 29, 2023

FinCEN extends BOI reports deadline for certain companies

Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.

November 27, 2023

IRS surveys tax professionals to help it improve services

The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.

November 27, 2023

FASB issues new segment reporting guidance

The final Accounting Standards Update, required for annual periods beginning after Dec. 15, 2023, is designed to “improve financial reporting by providing additional information about a public company’s significant segment expenses” in a timely manner.

November 22, 2023

FASAB releases 3-year strategic plan, annual report

Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years.

November 21, 2023

Lower Form 1099-K threshold delayed again

The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.

November 17, 2023

Prop. regs. issued on conservation easement deduction disallowance

The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.

November 16, 2023

AICPA adopts revised tax standards

AICPA members should be aware that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards are effective Jan. 1, 2024.

November 15, 2023

Proposed crypto regs. define ‘broker’ too broadly, industry says

The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.

November 15, 2023

How artificial intelligence can help save accounting

A CPA argues that accountants can use AI technologies such as ChatGPT to tackle the profession’s most pressing challenges.

November 14, 2023

Werfel: IRS must move quickly to show what a well-funded agency can do

While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.

November 13, 2023

Helping close the gender gap in retirement

Women currently in the workforce are well behind male counterparts when it comes to saving for retirement, a survey finds.

November 9, 2023

IRS announces annual inflation adjustments for tax year 2024

The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.

November 8, 2023

Generative AI revolution: How auditors are leading the way

Half of finance executives report they’ve already implemented GenAI into financial reporting; the majority view auditors as crucial to the cause.

November 8, 2023

FinCEN will allow use of identifier in beneficial ownership reporting

Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.

November 6, 2023

Big companies have big hopes for 2024

About two-thirds of US large-company CEOs believe 2024 will bring better financial fortunes for their organizations, according to a survey.

November 2, 2023

Inflation adjustments to retirement account limits issued for 2024

The IRS announced the inflation adjusted limits on benefits and contributions for various retirement accounts on Wednesday, including the maximum contribution amounts for 401(k) plans and IRAs.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.