GASB issued guidance for certain types of capital assets to be disclosed separately for purposes of note disclosures.
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How firms can score the right talent mix
Want to build an employee roster that hits all the right notes? These 3 tips are key.
Public sector talent shortage: Unique challenges require unique solutions
Serious concerns facing accounting in the government space can be solved only by a multistakeholder commitment to improved conditions, an AICPA/NASACT report finds.
Mark Koziel to become CEO of the Association of International Certified Professional Accountants
Mark Koziel, CPA, CGMA, has been named as the next CEO for the Association of International Certified Professional Accountants. Koziel will begin the role in January 2025. He currently leads Allinial Global, an association of independent accounting and advisory firms with $6 billion in collective revenue.
IRS processing 400K ERC claims with about $10 billion in eligibility
Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.
FinCEN offers storm and terrorist attack relief for FBAR filings
The Financial Crimes Enforcement Network extended filing deadlines for reports of foreign bank and financial accounts (FBAR) for people in federally declared disaster areas of five storms. It also is delaying the filing deadline for people affected by terrorist attacks in Israel.
Social Security wage base announced for 2025
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.
Intangible property repatriation rules finalized
The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.
TIGTA says IRS should review $42 billion in ERC claims
The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.
AI promises more efficiency but won’t replace auditors
The 2024 BDO Audit Innovation Survey found that 54% of leaders expect their audit firm to use artificial intelligence and other advanced technologies to enhance the audit experience, but the human element is irreplaceable.
Final regs. target syndicated conservation easement transactions
The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as listed transactions that must be reported to the agency.
‘Majority moves’ in tech: Finance leaders reveal popular practices
Finance leaders are increasingly being asked to devise plans that use new technologies to improve the bottom line. Recent survey results highlight the most common approaches leaders are taking.
IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions
The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.
PCAOB inspectors offer advice in areas of risk
Public company audits can benefit from expert input, particularly in the rapidly changing world of cryptoassets. Also, the SEC, FASB, and FASAB issued regulatory updates.
CPA licensure update: Uniform Accountancy Act changes proposed
The AICPA and NASBA seek comments on changes that would allow states to adopt the proposed CPA Competency-Based Experience Pathway.
New AICPA apprenticeship program expands accounting talent opportunities
The Registered Apprenticeship for Accounting and Finance Associate program pairs employers and entry-level employees. It expands the AICPA’s apprenticeship offerings.
ERC supplemental claim process opened for third-party payroll companies
The IRS announced that it will open a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the employee retention credit. The deadline is Nov. 22.
FASB seeks input on hedge accounting ASU
The proposed Accounting Standards Update is intended to clarify guidance on hedge accounting and address incremental hedge accounting issues arising from the global reference rate reform initiative.
Chair outlines Private Company Council’s top 4 priorities
Credit losses, debt modifications, retainage and overbillings presentation, and leases are the main items on the PCC agenda.
CPA Exam update: Core sections to offer more testing windows in 2025
The Core sections of the newly designed CPA Exam were graded quarterly during the testing model’s first year, but 16 grading periods are scheduled for next year.
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