News

The federal government in a court brief continued to defend the constitutionality of the Corporate Transparency Act (CTA), P.L. 116-283, even though the government has, at least temporarily, eliminated the need for domestic companies to report beneficial ownership information (BOI) as part of the legislation.

Lamont, legislators must decide whether to use CT funds to replace lost grants.

The AICPA Accounting and Review Services Committee (ARSC) voted Wednesday to issue an amendment clarifying that a CPA preparing financial statements as part of a consulting services engagement performed in accordance with CS Section 100, Consulting Services: Definitions and Standards, is not required to apply AR-C Section 70, Preparation of Financial Statements.

Companies can adopt practical strategies to attract younger talent to the accounting field while also introducing ways to retain current employees.

CFOs looking to bolster cybersecurity at their firms need to have a thorough understanding of both the benefits and disadvantages of artificial intelligence.

The Employee Retention Credit FAQs have been update and answer a number of questions that practitioners have been asking.

A new report from the Treasury Inspector General for Tax Administration said that Internal Revenue Service claims regarding the Direct File pilot program last tax season omitted more than a third of costs.

The Internal Revenue Service issued a series of tips and reminders to speed taxpayer refunds and avoid errors on their federal tax returns as the April 15 filing deadline approaches.

The Governmental Accounting Standards Board (GASB) has completed a study of the utilization of Generally Accepted Accounting Principles (GAAP) by state and local governments in the U.S.

The PCAOB has posted a series of three staff presentation videos designed to help auditors implement the monitoring and remediation process under QC 1000, A Firm’s System of Quality Control. The videos are the latest in a series of resources the PCAOB has recently released to assist and inform auditors in their implementation of Quality Control (QC) and other PCAOB standards and rules. The PCAOB encourages firms to take advantage of the various implementation resources, including staff-led videos, guidance documents, knowledge checks, a practice aid, and interactive chart, which are available on the Implementation Resources for PCAOB Standards and Rules page.

Tax professionals who have been in the business for several years know that the implementation of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, was time-consuming and stressful, so they are now concerned about what happens next since the act’s provisions are set to expire at the end of 2025, according to a report from Bloomberg Tax.

Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.

Positivity around generative artificial intelligence (AI) has exponentially risen among CFOs at large companies over the last year, but reliance on human involvement remains crucial to success, according to a recent survey.

The federal government will pay about 7,000 IRS probationary employees, who were laid off less than a month ago, not to work while lawsuits over layoffs wind their way through the court system, the agency said Tuesday in an email.

Many employees approaching the height of their careers still need multiple jobs to make ends meet, a new report indicates.

Clients worry about crazy things every tax season, but this year their fears and obsessions and just-plain-odd ideas seem to be taken to a new level.

Job seekers may get a little help determining which openings to apply to under a proposed bill that would require employers to disclose salary ranges for job openings upon request.

At the March State Board of Accountancy meeting, the issue of advertising attestation services and peer review enrollment was addressed. Previously, the Department of Consumer Protection (DCP) prohibited CPAs from advertising attestation work unless they were enrolled in the peer review program.

The AICPA's 2025 tax priorities include increasing the reporting threshold for Form 1099-K to $10,000 from the $600 that would go into effect next year, according to a letter Monday to congressional finance leaders.

Employee health care costs would push governor’s plan more than $100 million over the spending cap next fiscal year.