Congress did not include a delay to the beneficial ownership information reporting requirement in its government funding bill. The AICPA has been advocating for a delay.
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AICPA asks SEC to reject PCAOB rules that pose ‘significant challenges’
A comment letter sent Thursday urges the SEC, which oversees the PCAOB, to “refrain from approving” final rules issued last month that call for certain PCAOB-registered public accounting firms to report on a list of firm and engagement metrics.
Business standard mileage rate increases for 2025
The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 70 cents per mile driven, up 3 cents from 2024.
Applicability date set for required minimum distribution regulations
Treasury and the IRS announced that certain portions of future regulations finalizing the proposed regulations for required minimum distributions will apply beginning in the 2026 distribution calendar year.
Review confirms effectiveness of Private Company Council
The Financial Accounting Foundation’s review of the council, which works with FASB to support the interests of private companies in the standard-setting process, concluded that the council is serving its purpose.
FASB proposal offers guidance on disclosure of environmental credits
The proposal aims to address gaps in guidance for financial accounting of environmental credits and environmental credit obligations.
IRS amends rules for computing the premium tax credit
The IRS released final regulations that amend the definition of “coverage month” and amend other rules in existing income tax regulations for computing the premium tax credit.
IRS expands online accounts, provides enforcement update
The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan.
PEEC issues recruiting guidance, exposure draft on simultaneous employment
The Professional Ethics Executive Committee’s guidance is related to recruiting services for attest clients, and the exposure draft includes a new definition and interpretation of simultaneous employment or association.
IRS grants partnerships additional time to furnish complete Forms 8308
The IRS is providing relief from penalties imposed solely for failure to furnish Part IV of Form 8308 for partnerships by Jan. 31, 2025, if a partnership meets certain requirements.
Gravitating to gen AI: CPA leaders show increased interest
More than 3 in 5 business executives surveyed by the AICPA are at least contemplating the use of generative AI, signaling that broad adoption could be around the corner.
FinCEN: Companies can voluntarily file BOI reports during injunction
The Financial Crimes Enforcement Network said in an alert, however, that reporting companies do not have to file beneficial ownership information reports while a preliminary injunction is in effect.
PCAOB shares inspection priorities for 2025
The board, facing an uncertain future following the presidential election, plans to prioritize inspections in the financial, real estate, and information technology sectors in 2025.
How the new QM standards may affect peer review
Follow these tips to ensure a smooth peer review process once the new standards take effect.
New guide clarifies accounting and valuation of business combinations
AICPA publication offers best practices for professionals working in accordance with a set of FASB standards related to accounting and valuations in mergers and acquisitions.
Engagement quality reviews: What auditors should know
Firms with A&A practices should be aware that the new quality management standards include changes to engagement quality reviews.
Growth in client advisory services set to continue rapid increase
Firms in CPA.com’s CAS Benchmark Survey report a significant increase in median revenue and project an increase of nearly 100% over the next three years.
Court halts BOI reporting; AICPA urges preparedness
Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.
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.
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