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Regulatory Roundup: October 29 - November 4
The Trusted Professional
AICPA Enterprise Risk Management Processes Remain Undervalued by Global Boards and Executives Amid Heightening Risk…
Read More
IRS Announces Contribution Limits to 401(k) and IRA Plans in 2025
Taxation
The IRS announced on Nov. 1 that the amount individuals can contribute to their 401(k) plans next year has risen to $23,500…
Read More
Regulators Turn Wary as Accounting Firms Look to PE for Funding
Accounting
Accounting firms are turning to private equity, seeking increased funds for technology and talent. While this might be an…
Read More
PCAOB Releases New Staff Guidance Supplement About the Remediation Process
Accounting
On Oct. 31, the Public Company Accounting Oversight Board (PCAOB) released a supplement to its Staff Guidance Concerning the…
Read More
FASB Seeks Comments on Proposal to Clarify Business Combination Guidance
Accounting
On Oct. 31, the Financial Accounting Standards Board (FASB) issued a proposed accounting standards update (ASU), a release…
Read More
IRS Puts an End to Automatic Penalties Related to Foreign Gifts
Taxation
According to financial consulting firm RSM, on Oct. 24, while speaking at the UCLA Tax Controversy Conference, IRS…
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FASB Solicits Comments on Improvements to Software Guidance
The Trusted Professional
The Financial Accounting Standards Board (FASB) on Oct. 29 published a proposed Accounting Standards Update (ASU) to update…
Read More
AI Can Be a Security Risk to CPA Practices Despite Its Benefits
The Trusted Professional
CPAs manage a significant amount of valuable data for themselves and their clients, such as tax ID numbers, social security…
Read More
Survey Indicates Accountants Mostly Leaning Republican as Election Day Nears
Accounting
As the 2024 U.S. presidential election nears its endgame, the accounting profession seems to be significantly leaning toward…
Read More
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