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CPA Evolution Aims for Radical Rethinking of Profession
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No Change to Ethics CPE in January 2020
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SEC Seeks to Change Auditor Independence Rules
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First Mazars Female Partner Speaks on Diversity

Latest Articles

  • FAE’s Exempt Organizations Conference: Zachary Segal on Form 990

    By:
    Emma Slack-Jorgensen
    |
    Mar 4, 2025
    For tax-exempt organizations, form 990 is more than a tax filing—it’s a vital tool for transparency and governance. At the FAE’s Exempt Organizations Conference on Feb. 27, Zachary Segal, CPA, senior manager at CohnReznick LLP, led a session exploring how nonprofits can strengthen their compliance, improve public perception and avoid common mistakes when filing Form 990. 

  • KPMG Launches First Big Four-Owned Law Firm in the U.S.

    By:
    Emma Slack-Jorgensen
    |
    Mar 3, 2025
    KPMG has launched KPMG Law US, the first law firm owned by a Big Four accounting firm in the U.S. KPMG is taking advantage of Arizona's Alternative Business Structure program that removed a restriction that does not allow nonlawyers to own a law firm. 

  • Treasury to Stop Enforcement of CTA Against U.S. Citizens, Domestic Reporting Firms

    By:
    Karen Sibayan
    |
    Mar 3, 2025

    The Treasury Department announced on March 2 that, with respect to the Corporate Transparency Act, that not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will not enforce any penalties or fines against U.S. citizens or domestic reporting firms or their beneficial owners after the rule changes take effect.

  • Regulatory Roundup: February 25 - March 3

    By:
    Karen Sibayan
    |
    Mar 3, 2025
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA's regular series that collects relevant regulatory announcements from the past week and puts them in one place to help you stay on top of the issues.

  • FinCEN Says It Will Not Issue Fines Against Firms That Fail to File BOI Reports

    By:
    Karen Sibayan
    |
    Feb 28, 2025
    On Feb. 28, the Financial Crimes Enforcement Network (FinCEN) said that it will not issue any fines or penalties or take any other enforcement actions against any firms because of failure to file or update beneficial ownership information reports under the Corporate Transparency Act by the current deadlines. FinCEN also plans to solicit public comment on possible revisions to existing BOI reporting requirements. 

  • IRS Director Shares New Collections Methods and Innovations

    By:
    Emma Slack Jorgensen
    |
    Feb 28, 2025
    At KPMG’s Meet the IRS conference on Jan. 22, Mary Beth Murphy, director of IRS Collections, provided an in-depth look at the agency’s evolving approach to tax collection, recent improvements and the challenges that lie ahead.

  • IASB Updates IFRS for SMEs Accounting Standard

    By:
    Emma Slack-Jorgensen
    |
    Feb 27, 2025
    The International Accounting Standards Board (IASB) has issued a significant update to the IFRS for SMEs Accounting Standard, which is currently used in 85 jurisdictions. This revision aims to enhance financial reporting for small and medium-sized enterprises (SMEs) while maintaining the Standard’s simplicity. 

  • PCAOB Intensifies Enforcement Activity With the Looming Threat of Its Demise

    By:
    Emma Slack-Jorgensen
    |
    Feb 27, 2025
    The Public Company Accounting Oversight Board (PCAOB) ramped up its enforcement activity in 2024, finalizing 51 enforcement actions—the highest level since 2017. Monetary penalties surged to $35.7 million, nearly doubling the previous year’s record, and accounting for almost 40% of all penalties imposed since the PCAOB’s inception. 

  • House Passes Budget Resolution: Tax Cuts and Spending Reductions Up for Senate Negotiation

    By:
    Emma Slack-Jorgensen
    |
    Feb 26, 2025

    The U.S. House of Representatives has passed a budget resolution proposing $4.5 trillion in tax cuts and $2 trillion in spending reductions over the next decade. The budget resolution does not eliminate taxes on tips or enact specific tax policies. Instead, it sets the stage for lawmakers to craft future legislation, including potential extensions of the 2017 Tax Cuts and Jobs Act.

  • Acting IRS Commissioner O’Donnell to Retire on Feb. 28; Krause to Assume the Role in the Interim

    By:
    Karen Sibayan
    |
    Feb 26, 2025
    The IRS said that Secretary of the Treasury Scott Bessent announced on Feb. 25 that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner after the retirement announcement of Doug O’Donnell.
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