The board’s Accounting and Auditing Policy Committee issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.
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Social Security wage base, COLA set for 2024
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2024 to $168,600 and a 3.2% cost-of-living adjustment for Social Security benefits for 2024.
Pool of accounting graduates shrinks, AICPA report finds
The AICPA 2023 Trends report shows a significant decrease in accounting graduates, but university accounting departments foresee an increase in enrollment. That, combined with a projected increase in the general student population, presents an opportunity for the profession.
Clean-vehicle buyers can transfer tax credits to reduce purchase price
Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024.
FASB amends codification to align with SEC disclosures
The Accounting Standards Update incorporates 14 disclosures from a 2018 SEC final rule into GAAP.
Long-term-care planning using trusts
Even some clients who have substantial assets plan for the possibility of relying on Medicaid for long-term care by creating irrevocable trusts to preserve assets.
Harnessing collaboration for workplace transformation
Advances in technology are turning the business world upside down — and accounting is no exception. The paradigm shift taking place calls for radical innovation and transformation. Collaboration is the key.
FinCEN continues outreach on BOI reporting, may release YouTube videos
The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements.
Some common uses for trusts
Common types of trusts that CPAs should be familiar with include grantor trusts, special-needs trusts, domestic asset protection trusts, and trusts for solo 401(k)s.
AICPA backs legislation to add accounting to STEM education
The recently introduced bills would increase awareness of accounting at an earlier age through the use of federal funding “to promote the development, implementation, and strengthening of programs to teach accounting.”
New from the IRS: Reduced fee for PTINs, updates to Tax Pro Accounts
The IRS issued rules to reduce the PTIN fee to an $11 user fee plus an $8.75 third-party contractor fee for the next three fiscal years and announced new features for Tax Pro Accounts.
New PCAOB standard addresses confirmation in the audit
The standard aims to modernize the process that auditors use to verify information via a third party about one or more financial statement assertions.
GASB addresses disclosure and classification of capital assets
GASB issued a proposal that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures, allowing users to make informed decisions about these and to evaluate accountability.
AICPA releases quality management practice aid
The practice aid and supporting materials will help small- and medium-size firms and sole practitioners develop a QM system that aligns with a new set of QM standards.
OPR publishes letter to request tax information in case files
CPAs and other individuals who practice before the IRS can use the letter as a standard form for requesting tax information that was obtained as part of an inquiry into Circular 230 violations.
Unanswered calls, backlog of mail: IRS plan for government shutdown
The contingency plan calls for furloughs of two-thirds of IRS staff, which Treasury said will result in “significant harmful impacts” on taxpayers.
FinCEN proposes BOI reports deadline extension for certain companies
Companies registered or created in 2024 would get an extended deadline to file beneficial ownership information reports, while other companies would not, under proposed rules.
QM standards: Overview of the monitoring and remediation process
An expert discusses the requirements for monitoring and remediation when implementing the new quality management standards.
Special per diem rate for business travel rises
Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.
IRS developing contingency plan as government shutdown looms
Congress plans to return to Washington on Tuesday, giving members five days to reach consensus on a full budget or a continuing resolution.
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