An expert discusses the requirements to perform a root cause analysis as part of monitoring and remediation.
Inflation no longer the top challenge for CPA decision-makers, survey shows
Finance executives in business and industry still have concerns, but optimism is on the rise and expectations of business contraction are far lower, according to the quarterly Business and Industry Economic Outlook Survey.
Prevailing wage and apprenticeship requirements guidance issued
The IRS issued proposed regulations related to the increased tax credit or deduction amounts for clean energy facilities and projects if taxpayers satisfy certain prevailing wage and registered apprenticeship requirements.
Two-year reprieve granted from Roth catch-up requirement
Employees who participate in a Sec. 401(k) or similar retirement plan and whose prior-year Social Security wages were over $145,000 have been given a two-year reprieve from the new requirement that any catch-up contributions they make to the plan must be designated as after-tax Roth IRA contributions.
Prop. regs. require brokers to report digital asset sales and exchanges
Long-awaited proposed regulations, part of a broader effort by Treasury to close the tax gap and address tax evasion risks posed by digital assets, require brokers to report sales and exchanges of digital assets by customers.
FASAB seeks to enhance note disclosures in financial statements
The Federal Accounting Standards Advisory Board is accepting public comments on an exposure draft aimed at making note disclosures an ‘integral part’ of financial statements.
Tax pros give mixed reviews to wait times, service on PPS line
Wait times increased about the same time as the IRS ended program that thwarted line-jumping services, say tax practitioners, who also questioned the training of new hires.
SEC adopts amendments impacting broker-dealers, private fund advisers
Fewer broker-dealers will be exempt from registering with FINRA; private fund advisers face new regulations.
FASB amendments address financials of newly formed joint ventures
The Accounting Standards Update aims to bring consistency to the financial statements of joint ventures when they are formed.
Saving for college with multiple children: New considerations
Parents have new choices because of a recently enacted rule that will soon allow limited rollovers of leftover funds from 529 plans to a beneficiary’s Roth IRA.
FASB details its investor outreach efforts
FASB engaged in more than 435 investor interactions in the last year, and the feedback collected is helping fuel several high-priority projects.
Large firm shakes up business model with employee stock ownership plan
BDO USA calls the decision, effective Aug. 31, a ‘game-changer’ established in part to improve the firm’s ability to retain and attract talent.
Guidance provided for electronic filing exemptions and waivers
In a notice issued Friday, the IRS provided guidance to persons filing certain returns on how to seek religious exemptions, hardship waivers, and other administrative exemptions provided by the IRS, from electronic filing requirements.
Location of millions of tax records uncertain, TIGTA says in IRS critique
A potential fraud issue exists because the IRS does not know the location of microfilm cartridges holding millions of business and individual tax records, a new TIGTA report shows.
Future C-suite leaders banking on continued hybrid work model
In a survey of manager-level professionals at financial services institutions, 66% said they likely would leave their current roles if required to return fully to the office. At the same time, the large majority see value in some in-office work hours.
Being philanthropic with a noncharitable trust
Getting funds out of an irrevocable family trust for charity is often difficult, and new trusts should be designed with greater flexibility, according to two experts.
Update on states moving ahead with PTETs
States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.
IRS issues guidance on requirements for home energy audits
The IRS provides requirements for home energy audits for taxpayers that want to claim the energy efficient home improvement credit, which taxpayers can rely on until proposed regulations are issued.
Proposed regulations update, revise consolidated return regulations
New proposed regulations would update the regulations to reflect 50-plus years of statutory changes, remove regulations and certain transition rules that no longer have practical application, and eliminate obsolete or incorrect terms and cross-references.
Program to ease path to CPA licensure partners with Tulane University
Tulane’s School of Professional Advancement will provide a library of online courses for the first class of accounting graduates completing their 150-credit-hour requirement while earning a paycheck via the AICPA and NASBA’s Experience, Learn & Earn program.
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Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.