CPA Never under estimate the value
Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.
Source: JOA News
Read More here – IRS processing 400K ERC claims with about billion in eligibility
The Financial Crimes Enforcement Network extended filing deadlines for reports of foreign bank and financial accounts (FBAR) for people in federally declared disaster areas of five storms. It also is delaying the filing deadline for people affected by terrorist attacks in Israel.
Source: JOA News
Read More here – FinCEN offers storm and terrorist attack relief for FBAR filings
The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.
Source: JOA News
Read More here – Social Security wage base announced for 2025
The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.
Source: JOA News
Read More here – Intangible property repatriation rules finalized
The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.
Source: JOA News
Read More here – TIGTA says IRS should review billion in ERC claims
The 2024 BDO Audit Innovation Survey found that 54% of leaders expect their audit firm to use artificial intelligence and other advanced technologies to enhance the audit experience, but the human element is irreplaceable.
Source: JOA News
Read More here – AI promises more efficiency but won’t replace auditors
The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as listed transactions that must be reported to the agency.
Source: JOA News
Read More here – Final regs. target syndicated conservation easement transactions
Finance leaders are increasingly being asked to devise plans that use new technologies to improve the bottom line. Recent survey results highlight the most common approaches leaders are taking.
Source: JOA News
Read More here – ‘Majority moves’ in tech: Finance leaders reveal popular practices
The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.
Source: JOA News
Read More here – IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions
Public company audits can benefit from expert input, particularly in the rapidly changing world of cryptoassets. Also, the SEC, FASB, and FASAB issued regulatory updates.
Source: JOA News
Read More here – PCAOB inspectors offer advice in areas of risk
