News

FinCEN has issued an interim final rule removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act. The rule also revised the definition of “reporting company,” notes the Journal of Accountancy.

All too often, accountants are not selling the sort of services that clients really value. To succeed in the face of automation, AI and other changes in the profession, accountants need to find new ways to create value in the mind of the client, notes Accounting Today.

By proactively addressing potential risks, firms can enhance their resilience, foster innovation and maintain a competitive edge in an increasingly volatile market, as explained in this CFO.com article.

The Financial Crimes Enforcement Network (FinCEN) will extend the current March 21 beneficial ownership information (BOI) reporting deadline, has suspended BOI enforcement, and will develop new regulations it says will reduce "regulatory burden," reports the Journal of Accountancy.

Most small businesses required to file beneficial ownership information (BOI) reports will have until March 21 to do so after a federal district court lifted the last remaining nationwide injunction that halted the filings, the Financial Crimes Enforcement Network (FinCEN) said, as reported by the Journal of Accountancy.

In a tight economy, disciplined cost management is often a better path than absorbing margin pressures or passing costs to customers, notes CFO.com.

The IRS has developed this yearly special tax time guide to help people understand how tax changes affect them and how to file an accurate tax return.

A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a recent Supreme Court ruling in a separate BOI case.

The plaintiffs in the lawsuit that has delayed beneficial ownership information (BOI) reporting requirements have asked the Supreme Court to reject the Justice Department's (DOJ's) effort to resume enforcing the law, notes the Journal of Accountancy.

Three days after a panel of judges granted a Department of Justice motion to lift the injunction, another panel said it was reinstating a lower court’s ruling. The AICPA urges CPAs to be prepared to file BOI reports, notes the Journal of Accountancy.

The Fifth Circuit Court of Appeals has granted a Justice Department motion to lift an injunction imposed by a district court ruling. Then FinCEN announced, in light of the court decision, that the Jan. 1, 2025, reporting deadline was extended to Jan. 13 for most companies, according to the Journal of Accountancy.

A federal district court in Texas, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, has issued an order prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule, according to the Journal of Accountancy.

By taking a strategic approach to cybersecurity, CFOs can build robust, resilient and sustainable programs that protect valuable digital assets and support long-term goals, notes CFO.com.

The IRS has postponed the $600 reporting threshold for Form 1099-K, which applies to third-party settlement organizations such as payment apps and online marketplaces. According to IRS Notice 2024-85, the agency will now treat 2024 and 2025 as transition years for implementing the rule.

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.