Barry Melancon, who retired as CEO of AICPA & CIMA in December, will be one of four inductees into the Accounting Hall of Fame in August.
NEWS
BOI penalties increase while reporting rules remain on hold
The Financial Crimes Enforcement Network list includes inflation-adjusted amounts for the civil monetary penalties for violating beneficial ownership information reporting rules.
FinCEN hints at BOI reporting changes in court filing
If an injunction is lifted, FinCEN will extend BOI filing deadlines for 30 days and reassess the types of companies required to file beneficial ownership information reports, the government said in its filing in a Texas case.
IRS delays resignation offer for critical tax season workers
IRS employees received an email Wednesday advising them that workers in “critical filing season positions” must work until mid-May.
Report: Undergraduate enrollment in accounting on the rise
The fall semester saw a 12% increase in accounting enrollment from the previous year to the highest figure observed by the National Student Clearinghouse Research Center in four years.
Former NFL player making an impact as a CPA
Richie Brockel, whose football career included involvement in a pair of unforgettable trick plays, shares his thoughts on the Super Bowl and discusses the superpower that having a CPA license has afforded him post-football.
AICPA supports Senate discussion draft to help taxpayers, preparers
An AICPA news release mentioned 13 provisions in the bipartisan draft that have its strong support, including ones dealing with tax filing by victims of disasters, electronic notices, and callback technology.
Financial planning aspects of unretiring
Reentering the workforce after having officially retired from it can raise a host of financial planning questions, especially for individuals whose main motivation for “unretiring” is economic.
Executive order’s hiring freeze causes IRS to cancel some job offers
The IRS said President Donald Trump’s executive order calling for a hiring freeze caused it to rescind all jobs offered with a start date after Feb. 8.
FinCEN says BOI reporting remains on hold
The Financial Crimes Enforcement Network (FinCEN) said Friday that while the U.S. Supreme Court did stay one nationwide injunction, one issued by a different judge in a separate case remains in effect.
FASB proposes series of changes to accounting standards
The board seeks comments on an Accounting Standards Update that addresses 34 issues in GAAP.
AICPA: Executive order shouldn’t affect IRS tax season hiring
The AICPA’s vice president–Tax Policy & Advocacy said President Donald Trump’s executive order to freeze hiring at the IRS should not affect seasonal employees, who likely are already hired and trained.
Activities to ease busy season stress
CPA firms have numerous options to relieve stress and show appreciation.
Werfel to resign Monday as IRS commissioner
Danny Werfel, who had two years remaining on his term, said he made the decision after “significant introspection and consultation.” An AICPA statement praised Werfel for “moving the IRS in the right direction to improve taxpayer services and start instituting modern technologies.”
Final regs address taxes on gifts to taxpayers from ex-U.S. citizens, residents
The final regulations implement Sec. 2801, added to the Code in 2008, and follow up on proposed regulations issued 10 years ago.
Final regs. address resolution of federal tax controversies by Appeals
The final regulations, which include 24 exceptions to consideration of federal tax controversies by the Independent Office of Appeals, generally follow the proposed regulations issued in October 2022.
IRS testing changes to alternative dispute resolution programs
New pilot programs involve fast-track settlements and post-appeals mediation.
Prop. regs. address expanded annual compensation deduction limitation
The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C).
Economic optimism rises among CFOs
Almost three-fourths of CFOs in a Deloitte survey think the economy will improve over the next year. That sentiment, among finance leaders at companies with more than $1 billion in annual revenue, is up sharply from the previous quarter.
Prop. regs. issued for spinoff transactions and their reporting
The IRS said it used feedback from tax advisers to write the proposed regulations, which include new multiyear tax reporting requirements.
Features
SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
