News

Leaders from corporate finance and the profession share their advice for upskilling and reskilling for the next era of management accounting.

This week we look at the rules involving the reconciliation process in Congress, the path that it appears most likely any tax bill enacted to deal with the expiration of many TCJA provisions at the end of 2025.

With bonus depreciation phasing out through 2027, taxpayers have an opportunity to review their accounting methods with regard to fixed assets to ensure they are using the best methods.

Many firms and finance functions require their accountants to use Microsoft Copilot instead of ChatGPT as their generative artificial intelligence tool. Here are some prompt ideas for using Copilot with Microsoft Outlook.

Even as the climate for diversity, equity, and inclusion remains volatile, the near- and longer-term impacts of DEI on the accounting profession amplify shared accountability.

This week we look at: Retirement plan limits announced by the IRS, basically completing the tax inflation adjustments for 2025; IRS emailed Chief Counsel Advice outlines dealing with SECA and the net investment income tax issues arising from a BBA partnership exam

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes.

“Will I be financially ready to retire?” As financial planners, that is one of the most frequently asked questions we receive from clients—and it’s asked by people from a variety of backgrounds, phases of life, and net worth.

In this article, 2024-25 Board Chair John Hawkins, JD, CPA, shares insights into the current landscape of the accounting talent shortage. With the enthusiasm of students attending career showcases and “meet the firms” events, we see a flicker of hope. Yet, challenges remain in filling the talent pipeline and dispelling misconceptions about the profession.

This week we look at: IRS releases inflation adjusted numbers for most items aside from retirement plans for 2023; IRS has more bad news for those who fail to pay over trust fund taxes to pay other expenses; Another US District Court denies a preliminary injunction to bar enforcement of the BOI reporting rules

The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2024-31 and proposed regulations to provide guidance for the energy efficient home improvement credit.

A focus on sustainability in academia seems to go a long way in helping younger students overcome the stereotype of isolated accountants crunching numbers. Students view sustainability concerns as a component of accounting that focuses on societal goals and priorities, which leads to a more favorable view of the accounting profession. This more desirable “social role” for the accounting profession appeals to Millennials and Generation Z. Sustainability may expand the accounting pipeline by attracting future accounting professionals. The challenge is that change is not readily embraced, especially by academic faculty.

The Department of the Treasury and the Internal Revenue Service today granted a filing exception for tax-exempt organizations; they do not have to file Form 4626, Alternative Minimum Tax – Corporations, for tax year 2023.

As the 2025 tax season approaches, the IRS encourages all taxpayers to take an important step to safeguard their identity by signing up for an Identity Protection Personal Identification Number (IP PIN).

Preparer tax identification number (PTIN) applications and renewals for 2025 are now being processed.

Partnerships with liquidity concerns need to understand the risks and tax consequences when raising capital and exchanging debt for equity.

This week we look at: S corporation finds multiple ways to terminate its S status, asks IRS forgiveness which is granted: IRS rules condoms are medical expenses for tax purposes; IRS adds items to list of preventive care an HDHP can pay without the insured having met the annual deductible; PTIN registration opens for 2025; Staking income challenge returns to court

Retirement planning tends to focus on saving during the working years, but even more thought should be given to the period after a client retires.

The increased use of data analytics (DA) across various industries has improved overall operations and business efficiency. For example, in the financial sector, the opportunities for accountants through the effective use of data analytics in financial reporting are massive. DA helps accountants make fast, informed decisions for their clients or companies.

This item from the Technology Q&A column in the October Journal of Accountancy introduces a quartet of cool features in Windows 11.