Accounting graduates are seeing higher initial pay, and a majority of large firms plan to address workload issues in the next six months. These trends are welcomed, but more is needed, writes Sue Coffey, CPA, CGMA, CEO–Public Accounting for the Association of International Certified Professional Accountants.
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Taxpayer advocate: Unprocessed ERC claims could total 1 million at year end
National Taxpayer Advocate Erin Collins told the AICPA & CIMA National Tax Conference that the number of unprocessed employee retention credit claims will grow before the final filing deadline in April.
Financial planners and caregiving: Helping clients manage the challenges
Planning for caregiving involves immediate and future financial implications along with tax considerations and documentation. Preparing for eventual life needs provides clients and their caregivers emotional support along with clear direction about the financial possibilities.
CRFB leader: Tax policy may not be a Trump administration high priority
The head of the nonpartisan Committee for a Responsible Federal Budget told the AICPA & CIMA National Tax Conference that extending the Tax Cuts and Jobs Act would add $5 trillion to the national debt.
BOI update: 6.5 million of 32 million reports filed so far
FinCEN official says the reports “track more closely” with businesses created in 2024, which have a tighter deadline to file than businesses created earlier.
A new top 10 firm? Two top 15 firms band together
CBIZ completed its acquisition of Marcum, a deal that creates a team of 10,000-plus and revenue that could land CBIZ in the top seven.
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.
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.
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.
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.
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.
Reinforcing DEI accountability
Even as the climate for diversity, equity and inclusion remains volatile, the near- and longer-term impacts of DEI on the accounting profession amplify shared accountability.
BOI reporting deadlines extended for certain victims of 5 hurricanes
The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.
FASB proposes guidance on business combinations
FASB published a proposed Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in a business combination.
IRS to end automatic penalties for late filing of foreign gift, bequest forms
National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA.
Accounting for software: FASB proposes amendments to its guidance
The Financial Accounting Standards Board seeks public comment on targeted improvements to the reporting of internal-use software.
How students use — and don’t use — ChatGPT
A study involving 390 students suggests a preference for using ChatGPT as a supplement to traditional resources, such as class notes and textbooks, to complete accounting assignments.
Shorter supply chains: US companies set sights on the Americas
Most senior executives are pleased by the impact of moving their supply chains closer to home, according to a KPMG report. Learn four keys to considering whether a change would benefit your company.
Annual inflation adjustments announced for tax year 2025
The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.
New fellowship honoring Melancon will support doctoral students
Barry C. Melancon Professional Accounting Research (PAR) Fellowship recognizes the legacy of the retiring CEO and will support research in public and management accounting.
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FROM THIS MONTH'S ISSUE
Tax season quick guide
Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.
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