Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.
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CPA executives upbeat about domestic economy in 2025, survey says
Optimism about the U.S. economy rebounded significantly among finance decision-makers, according to a new AICPA & CIMA survey. Revenue and profit forecasts are up, along with expansion and hiring plans.
More return-to-office mandates? Report looks beyond the headlines
While some large companies have recently made news by making their employees return to the office, another trend is making bigger gains across the employment landscape.
BOI: Businesses cite procrastination, lack of clarity for not filing
Nearly three in eight businesses in a poll said they were waiting until the end of the year to file beneficial ownership information reports.
FASB proposes guidance on measurement of credit losses
An Accounting Standards Update focuses on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities.
Regs. address partnership recourse liabilities, related-party rules
The IRS issued regulations that finalize proposed regulations issued in 2013. The guidance is focused on when and to what extent a partner is treated as bearing the economic risk of loss and the special rules applying to a partner related to another partner.
IRS again delays effective date of $600 threshold for Form 1099-K reporting
The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.
New FASB standard addresses induced conversions
The standard aims to provide guidance missing in GAAP for the reporting of induced conversions related to settlement of convertible debt instruments.
GASB issues two exposure drafts for comment
The Governmental Accounting Standards Board aims to bring clarity to the financial reporting of subsequent events and to a variety of topics in its implementation guide.
Managing change: 3 strategies to avoid a tech transformation tailspin
With about two in three transformations failing, a leader navigating three transformations at one time explains how she plans to avoid becoming a statistic.
Answering common questions about HSAs and Medicare enrollment
Clients often get confused about how enrollment in Medicare affects their eligibility to contribute to a health savings account and what to do if they erroneously made HSA contributions after their eligibility ceased.
ERC claims withdrawal process extended for third-party payers
The IRS said the new deadline to file under the consolidated employee retention credit claims process is Dec. 31. The previous deadline was Friday.
PCAOB will require firms to share a new set of metrics
The board approves eight firm and engagement metrics for disclosure and adds to the disclosures it requires during annual reporting and special reporting periods. It also approves its 2025 budget and puts any action related to NOCLAR on hold until 2025.
IRS will accept duplicate dependent returns submitted with an IP PIN
Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return if the primary taxpayer on the second return includes a valid identity protection personal identification number.
FASB proposes guidance on accounting for government grants
Public comments are sought on the board’s effort to provide authoritative guidance in an area not currently covered by GAAP. In addition, FASB seeks feedback on potential standard setting related to financial KPIs.
Education program expands to welcome more CPA licensure candidates
The Experience, Learn and Earn program now offers an affordable path to 150 credit hours to a larger group of accounting graduates.
PKF O’Connor Davies strikes a deal with private equity
The top 30 firm announces investment by two entities in the continuation of an industry trend.
PCAOB amendment addresses registration of inactive firms
The adopted rule empowers the PCAOB to withdraw the registration of firms that don’t file annual reports and don’t pay annual dues for two consecutive years.
FASB seeks comments on newly proposed interim reporting guidance
The guidance is intended to improve and clarify current guidance as opposed to fundamentally changing the nature of guidance in FASB ASC Topic 270, Interim Reporting.
AICPA to Congress: Delay needed in BOI reporting deadline
Without a delay, “millions of small business owners become accidentally and unknowingly delinquent in their compliance,” reads the letter, signed by CEO Barry Melancon, CPA, CGMA.
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