August 2024

August 30, 2024

Fact sheet addresses taxability of crowdfunding distributions

The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.

August 30, 2024

PEEC releases ethics exposure draft for Sec. 529 plans

The proposed revisions relate to monitoring challenges and independence threats related to an account owner’s direct financial interest in Sec. 529 plans.

August 29, 2024

FinCEN final rule lessens impact on small registered investment advisers

Treasury’s Financial Crimes Enforcement Network estimates the rule will require about 200 previously unaffected small RIAs to participate in FinCEN’s anti-money-laundering and terrorism programs. The number of affected RIAs is lower than the proposed rule’s estimate.

August 29, 2024

How CPAs can bring order to a disorderly world

A tech-savvy vision will help accountants use their skills to generate data, analyze problems, and instill order that begets trust.

August 22, 2024

CFO opportunities on the rise: Key trends for aspiring leaders

A noteworthy number of women landed CFO roles in the first half of 2024, but things headed in the right direction for all prospective leaders around the world seeking a shot at the highly coveted position.

August 20, 2024

Employers now have interim guidance on student loans and retirement plans

The IRS provided guidance for sponsors of 401(k) and similar retirement plans that provide matching contributions based on eligible student loan payments made by participating employees.

August 19, 2024

AICPA joins coalition to fight intensifying tax scams, schemes

The Coalition Against Scam and Scheme Threats (CASST), convened at the request of IRS Commissioner Danny Werfel, will work toward having new protections in place by the 2025 filing season.

August 15, 2024

Businesses with dubious ERC claims have another chance with the IRS

The IRS said Thursday it will reopen its voluntary disclosure program to allow businesses to correct questionable claims for the pandemic-era employee retention credit.

August 13, 2024

AICPA, state CPA societies nominate accounting for STEM designation

A letter asks the Department of Homeland Security to add accounting to its STEM Designated Degree Program List in an effort to bolster talent acquisition.

August 13, 2024

Retirement: How to respond to the changing definition of the word

A shift away from the traditional view of what it means to retire in America means that innovative approaches can lead to better outcomes for everyone.

August 13, 2024

IRS releases updated draft of Form 1099-DA for digital assets

The most recent draft of the form for reporting digital asset transactions reflects the final regulations for custodial broker reporting that the IRS released in June.

August 12, 2024

FinCEN uses TV ad to tell businesses about BOI

The PSA uses a chat between friends in a coffee shop to educate small businesses about beneficial ownership information reporting, which 32.6 million businesses must file.

August 8, 2024

ERC disallowance letters go to 28K businesses, moratorium adjusted

The IRS moved the moratorium date forward into early 2024. Also, it announced sending disallowance letters to some businesses with invalid claims and plans for payments to others.

August 6, 2024

BOI requirements roll along despite concerns about too little outreach

FinCEN, which oversees beneficial ownership information reports, has received just 2.7 million of the 32.6 million reports that it expects. Through June, FinCEN said, it has reached more than 90,000 stakeholders.

August 5, 2024

Tax practitioner complaint leads to review of advocate phone service

A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration.

August 5, 2024

Helping pre-retirees choose a retirement spending limit

Retiring clients need a realistic and accurate target that ensures they neither outlive their savings nor unnecessarily restrict their “fun money” spending. Here are some steps to follow.

August 1, 2024

Melancon: Supreme Court decisions are ‘big deal’ for tax pros

Barry Melancon, CPA, CGMA, AICPA & CIMA’s CEO, said the decisions will create uncertainty for a profession that craves certainty.

August 1, 2024

Switching to mastery-based college accounting classes

How do you go from teaching and testing material in a set time to providing students time (and multiple testing opportunities) to gain 100% mastery of the material? Find out in this Academic Update article.

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.