Category: AICPA News

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.

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.

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.

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.

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.

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.”

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.

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.

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.

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.