The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.
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NEWS
AICPA issues guidance on potential mobility changes
As states propose changes to CPA licensure requirements, the AICPA is providing crucial mobility guidance for CPAs and firms. Read the overview to understand the issue and review the checklist to see how to continue to practice successfully and remain in compliance should changes take effect.
IRS reorganizes leadership structure with 1 deputy commissioner
Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position.
FASB issues new cryptoassets standard
The Accounting Standards Update requires entities to report on certain fungible assets at fair value, with changes in fair value recognized in net income.
AICPA comments on proposed standard for sustainability assurance
The comment letter, in response to the exposure draft of ISSA 5000, shows support for the global standard while suggesting revisions to ensure it can be “consistently interpreted and applied.” The AICPA’s Auditing Standards Board is considering related changes to its attestation standards.
PEEC releases new ethics guidance related to public interest entities
The committee’s actions include a new definition of publicly traded entity and a revised definition of public interest entity. The changes will have two-tiered effective dates.
More CPA decision-makers hesitate to hire amid economic concerns
Pessimism about the U.S. economy rises in the latest quarterly Business and Industry Economic Survey, fueling a slowdown in hiring even as decision-makers remain cautiously optimistic about their own companies.
ERC disallowance letters sent to 20K+ taxpayers
The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.
Supreme Court hears arguments in challenge to Sec. 965 transition tax
At stake is up to $340 billion in tax revenue in case where couple is challenging tax that they say increased their liability by about $15,000 in 2017.
Apprenticeship program tops 100 participants in inaugural year
Seventeen employers in 15 industries are taking advantage of the talent acquisition opportunities offered by the Registered Apprenticeship for Finance Business Partners.
AICPA seeks comments on criteria for stablecoins
The AICPA’s Assurance Services Executive Committee issued an exposure draft to provide a framework to present information about stablecoins and the assets that back them in order to provide transparency for holders of these digital assets.
Happy days: Americans recognize the value of financial planning
More adults would derive happiness from having a solid financial plan in place than they would from pocketing more money, a survey finds, but many of those surveyed also find it difficult to access sound financial advice.
End-of-year financial and tax considerations
With 2023 coming to a close, the time is now for clients to take stock of opportunities to reduce their taxable income and plan for their financial future.
FASAB releases transitional accommodations for new leases standard
The Federal Accounting Standards Advisory Board issued an amendment providing “an appropriate degree of flexibility” for an interim period.
FinCEN extends BOI reports deadline for certain companies
Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.
IRS surveys tax professionals to help it improve services
The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.
FASB issues new segment reporting guidance
The final Accounting Standards Update, required for annual periods beginning after Dec. 15, 2023, is designed to “improve financial reporting by providing additional information about a public company’s significant segment expenses” in a timely manner.
FASAB releases 3-year strategic plan, annual report
Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years.
Lower Form 1099-K threshold delayed again
The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.
Prop. regs. issued on conservation easement deduction disallowance
The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
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