News

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.

This article discusses the requirements for gain deferral under Sec. 1031 and highlights frequently encountered issues.

Mark Koziel, CPA, CGMA, has been named as the next CEO for the Association of International Certified Professional Accountants. Koziel will begin the role in January 2025. He currently leads Allinial Global, an association of independent accounting and advisory firms with $6 billion in collective revenue.

CPA firms are constantly seeking ways to enhance their performance, innovation, and overall effectiveness. One often-overlooked strategy is the inclusion of neurodiverse employees.

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

The IRS and Security Summit partners have released an updated written information security plan (WISP) to enhance protection against identity theft and data breaches. The Tax Section’s Gramm-Leach-Bliley Act and the FTC Safeguards Rule resource library provides additional guidance to assist with compliance.

Celebrate Hispanic Heritage Month with Alondra, Oscar, and Rubi Ruiz Contreras and discover how a shared love for problem solving and cultural values shaped their identity and career paths.

As businesses work to comply with the Corporate Transparency Act (CTA), it’s important to realize that CTA reporting is NOT a one-time or even annual require­ment. Updates are required whenever company information or beneficial owner information changes, and these must be reported within 30 days. Now is the time for businesses to develop a plan for timely filing and to consider the new procedures that come with this responsibility.

This item from the Technology Q&A column in the October JofA features some of the most useful Excel charts, starting with the basic ones and moving to the more advanced.

In celebration of Hispanic Heritage Month, Sabino Arredondo of Wilcox Arredondo & Co., articulates the value of representation in the accounting community, "If we can provide young Hispanic professionals with the opportunity to hear success stories of CPAs that they can identify with, it may inspire them to follow in their footsteps. I love to share my story, and I will never forget where I came from. If my story can inspire other Hispanics, I am proud to share it".