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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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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
Regulatory Roundup: October 22-28
Regulatory Roundup
AICPACIMA urges UK Government to prioritize economic growth, productivity, and policy certainty for business in Autumn Budget…
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Williams Sworn in for Second Term as PCAOB Chair
Accounting
Public Company Accounting Oversight Board (PCAOB) Chair Erica Y. Williams was sworn in at the Securities and Exchange…
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AICPA Calls for Guidance for Cannabis Businesses Before Rescheduling by DOJ
Accounting
On Oct. 21, the AICPA submitted a letter to the Treasury and IRS asking for guidance for cannabis businesses in anticipation…
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PCAOB Releases Three Key Resources to Facilitate QC 1000 Implementation
Accounting
The Public Company Accounting Oversight Board (PCAOB) on Oct. 23 released three new resources to help implement QC 1000, A…
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FASB Grants Private Companies Credit Loss Accounting Reprieve
Accounting
The Financial Accounting Standards Board (FASB) took up the Private Company Council’s (PCC) project applying Topic 326,…
Read More
Agencies Are Not Requiring Tax-Exempt Groups to File a Corporate AMT Form for 2023
Taxation
The Treasury Department and the IRS on Oct. 23 granted tax-exempt organizations a filing exception. The agencies said these…
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