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Gov. Hochul Signs Non-CPA Ownership Bill into Law
Read the March/April Issue
IRS to Waive $1B in Some Late Payment Penalties
2024 to Be a Demanding Year for Internal Auditors
SEC OKs Audit Confirmation Standards

Latest Articles

  • Treasury, IRS Propose Regulations Updating Rules for Tax Professionals

    By:
    Karen Sibayan
    |
    Dec 26, 2024
    The Treasury Department and the IRS issued proposed regulations, which were published in the Federal Register on Dec. 26, to update the rules for certain tax professionals who can practice before the IRS.

  • FinCEN Extends to Jan. 13 Most BOI Deadlines as Federal Court Lifts CTA Injunction

    By:
    Karen Sibayan
    |
    Dec 26, 2024
    According to an alert from the Treasury Department's Financial Crimes Enforcement Network (FinCEN), given the Dec. 23 2024 federal Court of Appeals decision, reporting companies, except as indicated in the instances enumerated by the FinCEN, once again must file beneficial ownership (BOI) information with the regulator.

  • AICPA Letter Asks the SEC to Reject PCAOB Final Rules on Firm and Engagement Metrics

    By:
    Karen Sibayan
    |
    Dec 24, 2024

    The AICPA on Dec. 19 sent a comment letter to the Securities and Exchange Commission against  the Public Company Accounting Oversight Board’s (PCAOB) final rules on firm and engagement metrics and .;firm reporting.

  • Bill to Prevent Government Shutdown Did Not Include BOI Reporting Deadline Extension

    By:
    Karen Sibayan
    |
    Dec 23, 2024
    The bill that was passed on the night of Dec. 20 to prevent a federal government shutdown from happening did not include a one-year extension to the deadline for firms to file beneficial ownership information reports. The extension had been included in the bill's first iteration.

  • FASB Solicits Comments on Accounting for Intangibles

    By:
    Karen Sibayan
    |
    Dec 23, 2024

    On Dec. 19, the Financial Accounting Standards Board (FASB) published an Invitation to Comment (ITC) offering stakeholders the chance to give their feedback on whether the regulator should pursue a project on intangibles. Comments on the ITC are due by May 30, 2025.

  • GAO: Opportunities Exist to Expand Access to IRS' Direct File Service

    By:
    Karen Sibayan
    |
    Dec 20, 2024
    In a December 2024 report, the Government Accountability Office (GAO) said that the opportunities exist to expand access to the IRS' online tax filing. According to the GAO, the IRS agreed with three of its recommendations. However, the agency neither agreed nor disagreed with the GAO's recommendation to continue coordinating with state revenue agencies.

  • IRS Increases Standard Mileage Rate for Automobiles Used for Business Next Year

    By:
    Karen Sibayan
    |
    Dec 20, 2024

    The IRS on Dec.19 stated that the optional standard mileage rate for automobiles that are driven for business will increase by 3 cents next year. Meanwhile, the mileage rates for vehicles utilized for other purposes will stay the same as 2024.

  • SEC Approves PCAOB's 2025 Budget and Accounting Support Fee

    By:
    Karen Sibayan
    |
    Dec 18, 2024
    The Securities and Exchange Commission (SEC) voted on Dec. 18 to approve the Public Company Accounting Oversight Board's (PCAOB) 2025 budget and the related annual accounting support fee.

  • FASB Seeks Input on Proposed Updates to Environmental Credits

    By:
    Karen Sibayan
    |
    Dec 17, 2024

    The Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) on Dec. 17. This ASU is meant to improve the financial accounting for and disclosure of financial activities related to environmental credits and environmental credit obligations. Comments on the proposed ASU are due by April 15, 2025.

  • IRS Amends 'Coverage Month' Definition and Rules on Computing the Premium Tax Credit

    By:
    Karen Sibayan
    |
    Dec 17, 2024
    The IRS released final regulations on Dec. 17 amending the definition of “coverage month.” The agency also amended certain other rules in existing income tax regulations relating to the computation of an individual taxpayer’s premium tax credit. 
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