CPA Never under estimate the value
The IRS on Tuesday provided a comprehensive list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 21 changes described as significant.
Source: JOA News
Read More here – Automatic accounting method changes list updated by IRS
A new PCAOB report highlights how audit quality can be improved by root cause analysis — an approach the federal board eventually could require and one addressed in new AICPA quality management system standards.
Source: JOA News
Read More here – Root cause analysis: Auditor tool gaining traction on multiple fronts
Unmarried, cohabiting couples experience the same joys and challenges as married couples but without marriage’s legal entanglement. The lack of legal standing, however, means estate planning requires more thought and action.
Source: JOA News
Read More here – Forgoing marriage? Estate planning for unmarried couples
The IRS issued final regulations regarding the election to transfer certain clean energy tax credits. The regulations include specific rules for partnerships and S corporations as eligible taxpayers and transferee taxpayers.
Source: JOA News
Read More here – Final regs. issued for clean energy credit transfers
CPA financial planners need to be aware of the U.S. Department of Labor’s new rule, which is intended to protect retirement investors from receiving investment advice tainted by conflicts of interest.
Source: JOA News
Read More here – DOL finalizes broad ‘retirement security rule’
The draft form, which when finalized will be used by brokers to report digital asset transactions, reflects the language of the proposed regulations, including a broad definition of “broker.”
Source: JOA News
Read More here – Draft of Form 1099-DA for reporting digital asset transactions released
The IRS had mixed success in its first efforts to find employers who evade taxes, doing better in its criminal pursuit than on the civil side, the Treasury Inspector General for Tax Administration said in a recent report.
Source: JOA News
Read More here – IRS has mixed results from ‘ghost employer’ enforcement efforts
The FAQs from Treasury’s Financial Crimes Enforcement Network said access to beneficial ownership information will be phased in, beginning this spring with a pilot program for some federal agency users and concluding in spring 2025, when financial institutions with customer due-diligence requirements will be able to review BOI.
Source: JOA News
Read More here – Updated FAQs provide details on timing of the phase in of BOI access
More than one-third of CFOs are very optimistic about the economy, according to a quarterly survey by Grant Thornton, and most finance leaders project growth in net profits over the next 12 months.
Source: JOA News
Read More here – CFO optimism reaches 3-year high, new survey shows
Proposed regulations could challenge small RIAs in particular to maintain compliance, according to an AICPA comment letter. The letter recommends that FinCEN reconsider how it determines who must report.
Source: JOA News
Read More here – AICPA letter to FinCEN supports small registered investment advisers
