News

With less than two months left for most small businesses to file beneficial ownership information (BOI) reports, the Financial Crimes Enforcement Network (FinCEN) has received a fraction of the expected 32 million reports, a FinCEN representative said Thursday during the AICPA's Town Hall.

With six of seven possible seats up for election this year, Connecticut’s congressional delegation remained in Democratic hands Tuesday following what was likely going to end up being five lopsided victories and one that was close in the 5th, once official results are in.

The AICPA Peer Review Board (PRB) voted Monday to approve a standards update designed to better align peer review standards with new quality management (QM) standards and to clarify and improve existing technical guidance.

Connecticut voters turned out en masse Tuesday to cast their ballots, despite a large number of voters having already participated in early voting and submitting absentee ballots.

At the recent AICPA Fall Council meeting, Mark Koziel was officially introduced as the incoming CEO, and was recognized for his impactful leadership and commitment to the profession. Mark's journey from his early days in public accounting to his current role as CEO of Allinial Global was highlighted.

At the recent NASBA annual meeting and AICPA Fall Council meeting, Barry Melancon, President and CEO of the Association of International Certified Professional Accountants, provided an overview of the future of the accounting profession. His insights highlighted the changes driven by technological advancements and the vital role of Certified Public Accountants (CPAs) in navigating this evolving landscape.

The staff of the Public Company Accounting Oversight Board (PCAOB) today posted updated standard-setting and rulemaking agendas, reflecting the significant progress that the Board has made in 2024 to further advance its strategic goal of modernizing standards and rules to better protect investors.

At the recent AICPA Fall Council meeting, Mark Peterson, Executive Vice President - Advocacy, energized attendees with a comprehensive update on the current legislative, regulatory, and political landscape.

Mark Koziel, CPA, CGMA, has been named as the incoming CEO of AICPA & CIMA, which operate together as the Association of International Certified Professional Accountants.

The Financial Crimes Enforcement Network (FinCEN) extended filing deadlines for foreign bank and financial accounts reports (FBAR) for people in federally declared disaster areas of four hurricanes (Milton, Helene, Debby, and Beryl) and tropical storm Francine, as well as for people affected by terrorist attacks in Israel.

Boston homeowners face a 28% surge in their tax bills if the Massachusetts legislature fails to sign off on a proposal to temporarily raise commercial rates before the end of next month, Mayor Michelle Wu said.

Fewer US students are taking up accountancy, and 75% of CPAs are near retirement.

The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have issued two important exposure drafts related to the CPA pipeline and licensure: Exposure Draft: Competency-Based Experience Pathway Comments due by December 6 Exposure Draft: Proposed Amendments to the UAA Model Act and Rules Comments due by December 30

The IRS announced relief for taxpayers in all or part of seven states that Hurricane Helene damaged (IR-2024-253). The AICPA, which requested IRS relief in a comment letter, on Thursday also requested filing extensions from the Financial Crimes Enforcement Network (FinCEN) related to the filing of beneficial ownership information (BOI) and reports of foreign bank and financial accounts (FBAR) for major disaster victims.

Taxpayers can employ several strategies in the face of limited deductibility of state and local taxes through 2025 and perhaps beyond.

The Internal Revenue Service requested public comments on draft Form 7217 PDF and Instructions for draft Form 7217 PDF today.

CFOs think the federal government should address workforce issues over things like outbound investment and AI regulations, according to Deloitte.

A federal judge in Texas issued a permanent injunction against the Federal Trade Commission’s ban on noncompete agreements Aug. 20, two weeks before the controversial regulation’s effective date.

In a case that will likely end up in the Supreme Court, the Fifth Circuit has held that the "universal service" tax that appears on cell phone bills violates Article 1, Section 1, of the U.S. Constitution.

Two recent Supreme Court decisions involving the power of government agencies are a "big deal" for the accounting profession because they introduce a level of uncertainty that makes some tax practitioners uncomfortable, AICPA & CIMA's CEO said recently.