News

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.

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.