Many approaching retirement age are concerned about whether they will be prepared for life after a regular paycheck, but many who are already retired are faring better than they expected.
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4 things CPAs need to know about SEC climate rule
Now is the time to begin preparing for new reporting and attestation requirements. A summary of the 886-page rule by the AICPA and the Center for Audit Quality is a good place to start.
Trust issues: How earning employee trust can pay dividends
While new research reveals that most employers trust their employees, many fall short when it comes to communicating their level of confidence. That lack of clarity can hinder the ability of employees to do their best work.
Decision holding Corporate Transparency Act unconstitutional appealed
The U.S. Justice Department filed an appeal Monday challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.
Economic optimism, hiring plans rise despite continued concern about inflation
Compared with the end of 2023, own-company sentiment is higher among finance decision-makers in a quarterly survey released Thursday.
SEC adopts climate-related disclosure rule
Nearly two years after the rule was proposed, the SEC adopted a final rule that will require certain registered companies to disclose some material climate data beginning in 2025 and Scope 1 and Scope 2 greenhouse gas emissions beginning in 2026.
Plaintiffs: FinCEN should pause all CTA enforcement
The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses.
Digital assets addressed by FASAB
The Federal Accounting Standards Advisory Board issued an exposure draft focused on seized and forfeited digital assets, the latest regulatory body to add guidance related to digital assets.
The auditor’s approach to fraud: Enhanced with forensics
Professionals with forensic and fraud expertise share techniques auditors can use when completing AU-C Section 240 requirements.
Federal court holds Corporate Transparency Act unconstitutional
While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement.
IRS renews focus on targeting high-income nonfilers
IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.
NPAG national pipeline surveys open for responses
The National Pipeline Advisory Group pipeline surveys, intended to shape profession-wide efforts to tackle the accounting talent shortage, went live on Thursday.
The key to reducing errors with AI: Technology acceptance
Emerging technology can help the finance function eliminate errors, but effective execution may hinge on companies cultivating a high level of acceptance among users.
IRS announces delay for Form 1042 e-filing requirement
The Service said that U.S. withholding agents are administratively exempt from the requirement to e-file Forms 1042 during calendar year 2024, while foreign agents are exempt in calendar years 2024 and 2025.
PCAOB reconsidering auditors’ role in noncompliance reporting
The regulator scheduled a virtual roundtable and reopened the comment period in response to concerns about proposed amendments to the auditor’s responsibility for considering a company’s noncompliance with laws and regulations (NOCLAR).
C-suite goal: Keep up with new technology
Keeping up with new technology is the top personal challenge for executives, followed closely by balancing career and personal life, and embracing change and innovation, according to a new survey.
FinCEN guide lists rules for some financial institutions’ access to BOI
The rules in the Small Entity Compliance Guide apply to access for some financial institutions and cover security and confidentiality, authorized use, administration of requests, and violations.
Growing the profession: Insights from the AICPA chair’s travelogue
Okorie Ramsey is spanning the globe to help the world of accounting and finance reach its desired destination.
The clean-energy direct-pay election for not-for-profits and governmental entities
Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return.
Sustainability reporting, assurance rates on the rise globally
While reporting levels remain high and overall assurance levels are increasing, the level of assurance in the United States conducted by CPA firms remains low.
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