CPA Practice

JANUARY 22, 2024

The American Institute of CPAs (AICPA) submitted a letter to the U.S. Calculation of wage limitations for employees receiving wages from more than one employer in a controlled group – AICPA recommends that future guidance issued in relation to Section V.3 Act of 2022. Due to the mandate in SECURE 2.0

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CPA Practice

FEBRUARY 16, 2023

T he American Institute of CPAs (AICPA) submitted a letter to the House Ways and Means Committee and Senate Finance Committee requesting immediate consideration of the treatment of section 174 research and experimental expenditures, as well as numerous expired tax provisions.

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CPA Practice

JUNE 8, 2023

The American Institute of CPAs and Chartered Institute of Management Accountants honored eleven CPAs during AICPA & CIMA ENGAGE 2023 in Las Vegas this week. Fohn’s volunteer service with the AICPA began 18 years ago. The AICPA established the scholarship in 2010 to honor P. Awards presented include the P. “The

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Going Concern

JULY 7, 2023

If you have passing credit for BEC before 2024 hits then you don’t have to worry about choosing one of the new disciplines assuming you pass the other sections before that credit expires. Back to the reason why we’re here, the AICPA has posted a call to all CPAs to help set passing scores for the 2024 CPA exam.

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Going Concern

OCTOBER 25, 2023

As you may already know the 2023 AICPA Trends report is out , here’s our earlier write-up on how many accounting degrees were completed for the 2021-22 period covered in the new report (saving you a click: it’s 65,035). decrease in 4th sections passed. decrease in 4th sections passed.

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CPA Practice

OCTOBER 11, 2023

The survey – conducted every two years by the AICPA & CIMA’s Private Companies Practice Section (PCPS) and CPA.com, the AICPA’s business and technology arm – is the profession’s largest practice management benchmarking tool. That rate eclipses the 4.2%

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CPA Practice

MARCH 11, 2024

The American Institute of CPAs has sent a letter to the Internal Revenue Service requesting guidance on section 461(l), also known as the limitation on excess business losses (EBLs) of noncorporate taxpayers, enacted under the Tax Cuts and Jobs Act (TCJA).

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CPA Practice

SEPTEMBER 14, 2023

The American Institute of CPAs (AICPA) released a statement following an announcement by the Internal Revenue Service (IRS) detailing additional steps being taken to address aggressive and unscrupulous Employee Retention Credit (ERC) mills.

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CPA Practice

JUNE 9, 2023

The American Institute of CPAs (AICPA) is expressing strong support of bipartisan legislation introduced in both the House and the Senate which would modify the rules for postponing certain deadlines in the event of a disaster. The Filing Relief for Natural Disasters Act – H.R. 3861 & S. The Filing Relief for Natural Disasters Act – H.R.

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CPA Practice

DECEMBER 13, 2023

Section 1033 of the Internal Revenue Code allows taxpayers who lose a home or business in a major disaster a certain amount of time to replace their property with no taxable gain being recognized. The AICPA letter concerns extensions of that time for the window during which this replacement can be made.

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CPA Practice

MAY 12, 2023

In a recent letter to Senators Marsha Blackburn (R-TN) and Catherine Cortez Masto (D-NV), the American Institute of CPAs (AICPA) expressed strong support for an issue identified by the Internal Revenue Service National Taxpayer Advocate (IRS NTA) in its Annual Report to Congress, or Purple Book.

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CPA Practice

OCTOBER 12, 2023

post-secondary accounting degrees fell sharply in the 2021-22 academic year, according to a biennial American Institute of CPAs (AICPA) report on trends related to accounting graduation rates, the CPA Exam and hiring demand by accounting firms. The number of students earning U.S.

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CPA Practice

NOVEMBER 6, 2023

AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants. AICPA Foundation announces 2023–24 doctoral scholarship recipients The AICPA Foundation granted fellowships to 25 minority doctoral students as part of the AICPA Fellowship for Minority Doctoral Students.

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CPA Practice

MARCH 7, 2023

There will be a new infrastructure, new discipline sections, and a greater emphasis on technology throughout. A fourth core section, Business Environment and Concepts (BEC), will be reallocated across the three remaining core sections and the three new discipline sections.

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CPA Practice

DECEMBER 4, 2023

The AICPA has developed a comprehensive set of criteria to help increase transparency around stablecoins, a type of digital asset backed by traditional currency or other types of assets. The AICPA welcomes comments on this exposure draft for stablecoin criteria, with the comment period ending January 29, 2024.

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CPA Practice

FEBRUARY 7, 2024

The AICPA recommends that FinCEN adopt a policy of automatically granting FBAR filing postponements to coincide with the relief provided by the IRS when the IRS grants postponements under section 7508A. They might not realize that there may not be the same postponement for their FBARs, because FBARs are not filed with the IRS.

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CPA Practice

FEBRUARY 8, 2023

27); reasonable cause exceptions to the section 6707A and 6662A penalties for all reportable transactions (pg. The AICPA’s Tax Compendium is a useful resource for Congress as it continues tax deliberations,” said AICPA vice president for tax policy and advocacy, Edward Karl, CPA, CGMA.

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CPA Practice

NOVEMBER 10, 2023

The AICPA recently recognized the contributions of 11 finance professionals during the 2023 AICPA & CIMA Forensic and Valuation Services Conference held in Las Vegas in November. Each year, AICPA recognizes volunteer contributions to the practice and profession.

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CPA Practice

SEPTEMBER 5, 2023

AICPA News is a roundup of recent announcements from the American Institute of Certified Public Accountants. Download the Digital Assets practice aid and explore other AICPA resources for blockchain and digital asset accounting and auditing at these links. Remove section 469 from Prop. 1.6418-2(d)(1) and Prop.

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CPA Practice

MAY 24, 2023

and Kaiser Foundation Hospitals, is the new chair of the American Institute of CPAs (AICPA). He also will serve as chair of the Association of International Certified Professional Accountants, which combines the strengths of the AICPA and the Chartered Institute of Management Accountants (CIMA).

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CPA Practice

MARCH 1, 2023

AICPA News is a roundup of recent announcements from the American Institute of CPAs. 27); reasonable cause exceptions to the section 6707A and 6662A penalties for all reportable transactions (pg. To further simplify the tax code, the AICPA recommends permanent allowance of expensing for section 174 expenditures.

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CPA Practice

APRIL 5, 2023

House of Representatives, the American Institute of CPAs (AICPA) expressed its strong support for the Supply Chain Disruptions Relief Act. However, the AICPA also supports broader relief if it becomes feasible, such as if other stakeholders and industries are able to come forth with additional data. Senate and the U.S. The bills – S.443

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CPA Practice

AUGUST 23, 2023

However, they also create unnecessary and negative tax implications, making the purchaser of the credit subject to passive activity and Section 469 rules, though the transferee (purchaser) does not hold ownership interest in the entity. Remove section 469 from Prop. 1.6418-2(d)(1) and Prop. Reg § 1.6418-2(f)(3)(ii) in its entirety.

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CPA Practice

NOVEMBER 7, 2023

The AICPA recently recognized the contributions of 11 finance professionals during the 2023 AICPA & CIMA Forensic and Valuation Services Conference held in Las Vegas in November. Each year, AICPA recognizes volunteer contributions to the practice and profession.

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CPA Practice

OCTOBER 20, 2023

AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants. The AICPA has provided resources and information to its members to warn their clients of red flags that could indicate that a vendor is dishonest and discourage dealings with these ERC mills.

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CPA Practice

OCTOBER 19, 2023

AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants. The AICPA has provided resources and information to its members to warn their clients of red flags that could indicate that a vendor is dishonest and discourage dealings with these ERC mills.

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CPA Practice

MAY 22, 2023

The American Institute of CPAs (AICPA) submitted a letter to the Internal Revenue Service (IRS) containing 182 suggestions regarding the 2023-2024 Guidance Priority List.

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CPA Practice

APRIL 26, 2024

FASB staff also noted that the PCC will hold a liaison meeting with AICPA Private Companies Practice Section (PCPS) Technical Issues Committee (TIC) in May 2024, and a town-hall style forum at the AICPA ENGAGE Conference in June 2024.

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CPA Practice

APRIL 25, 2023

Good news for those taking the CPA exam: When CPA candidates pass the first section of the exam, they will be given an additional year to conquer the remaining three sections without losing credit. Bravo NASBA.

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CPA Practice

MARCH 31, 2023

House of Representatives, the American Institute of CPAs (AICPA) expressed its strong support for the Supply Chain Disruptions Relief Act. However, the AICPA also supports broader relief if it becomes feasible, such as if other stakeholders and industries are able to come forth with additional data. Senate and the U.S. The bills – S.443

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CPA Practice

MARCH 1, 2023

The AICPA provided a list of 12 questions with suggested answers and, for several of these suggested FAQs, provided rationale or a further explanation or observations about the answer, but do not intend that would be part of the posted FAQ.

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CPA Practice

APRIL 5, 2023

The American Institute of CPAs (AICPA) has sent a letter to the Department of the Treasury and the Internal Revenue Service (IRS) to offer recommendations to clarify and expand certain provisions of Rev. Section 3.06 For many S corporations, this could be a limiting requirement to access the relief afforded under Section 3.06.

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Going Concern

MARCH 10, 2023

A follow up article let us know how the AICPA and NASBA have locked arms to dissuade any further talk by states regarding the 150 hour requirement. Written into the mobility legislation that NASBA, AICPA, and state societies pushed to enact over about a 20 year period is a substantial equivalency clause. For example, Section 5.2

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CPA Practice

MAY 7, 2023

Among the ten recommendations provided in the letter are the following: Section 301, addressing the recovery of retirement plan overpayments, including clarification of how the effective date rules should be applied to certain actions (e.g., overpayment) occurring before the date of enactment.

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CPA Practice

JULY 24, 2023

The American Institute of CPAs (AICPA) representing AICPA & CIMA has released the PCPS Strategy Planning Toolkit , a resource designed to assist accounting firms in business model transformation. The toolkit also includes the timing, materials and results for each section, offering step-by-step instructions and expected outcomes.

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CPA Practice

JUNE 2, 2023

The AICPA Foundation , established in 1922 to advance accounting as a learned profession and promote its future, is offering more than $75,000 in scholarships for CPA Exam candidates and college accounting students. The AICPA and its Foundation offer various annual scholarships for college students and fellowships for Ph.D.

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CPA Practice

MARCH 30, 2023

The AICPA supports the Purple Book’s recommendation that Congress amend the lookback period so that when the IRS postpones a filing deadline due to a disaster declaration, taxpayers can claim refunds within three years plus the period of the postponement.

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