November 2024

November 5, 2024

AICPA board approves update to peer review standards

The AICPA Peer Review Board approved changes that align with new quality management standards for firms’ accounting and auditing practices.

November 4, 2024

Final regs. modernize process for sale of taxpayers’ property

The regulations under Sec. 6335, which had not changed substantially since they were first issued in 1954, did not reflect modern electronic methods of submitting bids and accepting payment from bidders.

November 4, 2024

FASB sets new reporting standards for disclosure of expenses

FASB published an Accounting Standards Update requiring public companies to disclose additional information about certain expenses in the notes to financial statements.

November 1, 2024

Inflation adjustments to retirement account limits issued for 2025

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

November 1, 2024

Fraudsters get $47 million from practitioner priority service line scheme

The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration.

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.