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.
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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.
Update: Digital assets practice aid addresses new FASB standards
The AICPA resource features new guidance and terminology for financial statement preparers and auditors.
Regs. identify microcaptive transactions as reportable transactions
The final regulations, posted by the IRS on Tuesday in the Federal Register, identify certain microcaptive transactions as reportable listed transactions or transactions of interest.
Prop. regs. address 401(k), 403(b) automatic enrollment requirement
The proposed regulations provide guidance to plan administrators on implementing the automatic enrollment requirement established by the Secure 2.0 Act.
Who cares? Companies that care are better positioned with talent
Most employees don’t think their employers prioritize their well-being, creating an opportunity for companies that cultivate a culture of caring.
DOL’s ‘retirement security rule’ runs into obstacles
The U.S. Department of Labor’s recent effort to impose new requirements on financial professionals providing retirement investment advice faces doubtful prospects because of court challenges and the change in presidential administration.
Plaintiffs ask Supreme Court to reject DOJ’s BOI request
In response to the Justice Department’s application for a stay of a district court injunction related to beneficial ownership information reporting, the plaintiffs claim that staying the injunction would harm reporting companies more than it would help the government.
IRS announces start date for tax filing season
IRS Commissioner Danny Werfel said he expects the 2025 filing season to build on the success of the two previous seasons if Congress maintains funding.
IRS issues proposed regs. on catch-up contributions
The proposed regulations apply to catch-up contributions under a 401(k) or similar workplace retirement plan that generally are allowed for workers who have attained age 50.
Basis-shifting transaction reporting addressed in final regs.
The final regulations, which the IRS issued Friday, make several changes to the proposed regulations, including a higher dollar threshold for a basis increase in transactions of interest.
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Start in high school to strengthen the accounting profession
A practitioner-led outreach program, born of a university, accounting professionals, and local community collaboration, shows how to successfully engage high school students with the modern accounting profession.
