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.
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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.
AICPA adopts revised tax standards
AICPA members should be aware that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards are effective Jan. 1, 2024.
Proposed crypto regs. define ‘broker’ too broadly, industry says
The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.
How artificial intelligence can help save accounting
A CPA argues that accountants can use AI technologies such as ChatGPT to tackle the profession’s most pressing challenges.
Werfel: IRS must move quickly to show what a well-funded agency can do
While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.
Helping close the gender gap in retirement
Women currently in the workforce are well behind male counterparts when it comes to saving for retirement, a survey finds.
IRS announces annual inflation adjustments for tax year 2024
The adjustments cover over 60 tax provisions and generally apply to tax returns that will be filed in 2025.
Generative AI revolution: How auditors are leading the way
Half of finance executives report they’ve already implemented GenAI into financial reporting; the majority view auditors as crucial to the cause.
FinCEN will allow use of identifier in beneficial ownership reporting
Treasury’s Financial Crimes Enforcement Network (FinCEN) made changes to its beneficial ownership information reporting rule in response to comments to a proposed rule.
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Data governance: How finance builds trust in data
Learn how finance can use data governance to improve data quality, strengthen internal controls, and build trust in business data.
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