News

The AICPA and NASBA are seeking input on a proposed competency-based experience model for CPA licensure. Learn about this potential additional licensure pathway, and those interested can submit feedback through Dec. 6.

By polishing your negotiating skills, CFOs will be more effective day-to-day and when tackling the big deal that comes your way, notes CFO.com.

In a landmark decision, the Supreme Court of the United States recently overturned Chevron deference. This SCOTUS opinion has the potential to rewrite the roadmap of enforcement on issues CFOs have spent months, or even years, planning around, notes CFO.com.

The final regulations provide guidance on information reporting and the determination of amount realized and basis for certain digital asset sales and exchanges. Custodial brokers will report transactions on Form 1099-DA, and regulations for noncustodial brokers will be issued later, reports the Journal of Accountancy.

For firms, the modern firm maturity continuum represents a proven, strategic roadmap to achieve modern status and thrive in the digital era, posits CPA Practice Advisor.

The IRS will make its new free filing program, Direct File, permanent starting in the 2025 tax season. It will be available to all states and the District of Columbia, with plans to expand the taxpayer situations within its scope, reports the Journal of Accountancy.

The new credits, which cover wind, solar, hydropower, nuclear, geothermal and other technologies, are one of the Inflation Reduction Act’s most significant reforms, according to the Treasury Department, and reported by Utility Dive.

Finance chiefs are confident their roles will change sooner rather than later, according to a Sage CFO survey discussed by CFO.com.

In an email to tax professionals on April 5, reported by CPA Practice Advisor, the IRS said it’s making changes that will impact how practitioners obtain a client’s tax transcripts, as part of the agency’s efforts to combat identity theft and protect taxpayer information.

The AICPA and numerous state CPA societies have written to the Treasury and Financial Crimes Enforcement Network (FinCEN) asking that enforcement of beneficial ownership information (BOI) reporting requirements be suspended until one year after court cases have been resolved.

For sustainable process improvements, start with your people before you apply technology, notes CFO.com.

The vast majority (90%) of finance leaders are projecting higher AI budgets in the coming year, with none planning a reduction, CFO Dive reports.

The IRS has added a question about income from digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts for 2023 tax returns. The question appeared on 2022 returns for individuals, seniors, and nonresident aliens. The change comes as the IRS grapples with how to handle digital assets, notes the Journal of Accountancy.

Prevalent threats range from a contentious presidential election and expectations for a benign end to inflation to the hazards of adopting generative AI, notes CFO.com.

The IRS has announced work is underway on the Simple Notice Initiative, a sweeping effort to simplify and clarify about 170 million letters sent annually to taxpayers.

Selling a practice is a life-changing event for most people. It means letting go and deciding to retire. However, even after the sale occurs, problems can arise. Accounting Today offers some points to consider to help minimize risk.

As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the IRS is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. The letters are being sent as the IRS continues increased scrutiny of ERC claims in response to misleading marketing campaigns that have targeted small businesses and other organizations.

A robust process for managing policies and procedures helps CFOs minimize risks while keeping costs lower for the review process itself, notes CFO.com.

Whether or not you're on the AI bandwagon, you'll want to pay attention to the rapid advances in the generative pretrained transformer, better known as GPT, the learning model used by ChatGPT. About half of all tasks U.S. workers perform could be completed faster by generative AI without losing quality, according to a study cited in the Journal of Accountancy.

More than 30 million small companies will be subject to a new reporting requirement in 2024 — and many of them don’t even know it. This simple rule applies to most non-financial companies with less than $5 million in annual sales from U.S. sources. It merely requires companies to report basic information about individuals who exercise substantial control over the entity, or own at least 25% of it, in order to deter shell companies and other opaque ownership structures.