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State CPA Society News & Updates – Dec. 2023

CPA Practice

The West Virginia Society of Certified Public Accountants (WVSCPA) is offering an Introduction to Crypto Currency and Tax Planning. The Mississippi Society of Certified Public Accountants (MSCPA) has published the details of the MSCPA Annual Convention. investments and U.S.

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Seize the Opportunity Around California and the SEC’s New Carbon Reporting Requirements

Cherry Bekaert

Timeline for Compliance: Prepare for Reporting on 2025 Activities in 2026 Impacted companies will need to begin reporting in January 2026. Although that may seem a long way off, planning and preparation should begin now. You’ll need to have your reporting systems in place so you can begin collecting emission data in 2025. “You

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Tuesday Morning Accounting News Brief: EY and PwC Get a New Scandal; Stop Trying to Make Sexy Accountants Happen | 1.16.24

Going Concern

Under new transparency rules implemented by CPAB in 2023, Borgers is the second American accounting firm to have its ban publicly disclosed by the audit watchdog. In January 2023, CPAB similarly censured Marcum LLP, a public accounting firm based in New York, when CPAB began to publicly disclose its enforcement actions.

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Monday Morning Accounting News Brief: Accounting Firms Ditch Zoom Interviews; Mississippi’s Best CPA Exam Candidates | 8.28.23

Going Concern

2022 state income tax refund might be coming. Then he answered, “ We’re understaffed and we had a lot of income tax returns last year.” My return, by the way, was sent electronically on April 3, the same day my cpa firm sent my federal income tax return in electronically. I was trying to find out when my Pa. Dead silence.

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Private Equity 2023 Year-in-Review and 2024 Outlook: Clearer Skies Emerge for Private Equity Amidst Challenges

Cherry Bekaert

Compliance requirements for SB 253 are as follows: Beginning in 2026 (for reporting year 2025), reporting entities are required to annually report their Scope 1 and Scope 2 greenhouse gas emissions. Since TowerBrook’s investment into EisnerAmper, the first in the public accounting sector, other private equity firms have followed suit.

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Friday Footnotes: The PCAOB-to-Practice Pipeline and Audit Quality; Ball Extension; Tim Ryan’s Replacement | 1.12.24

Going Concern

Dunckley’s decision to step down came as a surprise to many, as he was expected to remain in his role until the end of 2026. About 500,000 tax professionals prepare returns for over 85 million taxpayers, she noted. Ryan’s successor would begin their term in July. “The IRS should prioritize improving service on this phone line.”

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California Passes Workaround to the Federal Limit on State Tax Deductions

KROST

The Tax Cuts and Jobs Act passed in December 2017 limited the state and local tax (SALT) deduction for individuals to $10,000. The law is retroactive to years beginning on or after January 1, 2021 and continues for years ending before January 1, 2026. The tax for electing owners is 9.3%