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Nationwide Injunction Halts BOI Reporting For Now

December 05, 2024

A federal district court in Texas, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, has issued an order prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule, according to the Journal of Accountancy.

5 Steps to Prioritize Cybersecurity in Your 2025 Budget

December 02, 2024

By taking a strategic approach to cybersecurity, CFOs can build robust, resilient and sustainable programs that protect valuable digital assets and support long-term goals, notes CFO.com.

IRS Delays Effective Date of $600 Threshold for Form 1099-K Reporting

November 26, 2024

The IRS has postponed the $600 reporting threshold for Form 1099-K, which applies to third-party settlement organizations such as payment apps and online marketplaces. According to IRS Notice 2024-85, the agency will now treat 2024 and 2025 as transition years for implementing the rule.

10 Tips for CFOs to Drive Successful Negotiations

July 08, 2024

By polishing your negotiating skills, CFOs will be more effective day-to-day and when tackling the big deal that comes your way, notes CFO.com.

SCOTUS Overturned Chevron Deference: What CFOs Should Know

July 02, 2024

In a landmark decision, the Supreme Court of the United States recently overturned Chevron deference. This SCOTUS opinion has the potential to rewrite the roadmap of enforcement on issues CFOs have spent months, or even years, planning around, notes CFO.com.

IRS Issues Final Regs on Reporting Digital Assets

July 01, 2024

The final regulations provide guidance on information reporting and the determination of amount realized and basis for certain digital asset sales and exchanges. Custodial brokers will report transactions on Form 1099-DA, and regulations for noncustodial brokers will be issued later, reports the Journal of Accountancy.

Roadmap to the Modern Firm

June 25, 2024

For firms, the modern firm maturity continuum represents a proven, strategic roadmap to achieve modern status and thrive in the digital era, posits CPA Practice Advisor.

IRS Free Filing Program to Become Permanent with Expanded Scope

May 31, 2024

The IRS will make its new free filing program, Direct File, permanent starting in the 2025 tax season. It will be available to all states and the District of Columbia, with plans to expand the taxpayer situations within its scope, reports the Journal of Accountancy.

Treasury Issues Proposed Guidance on Technology-Neutral Clean Energy Tax Credits

May 30, 2024

The new credits, which cover wind, solar, hydropower, nuclear, geothermal and other technologies, are one of the Inflation Reduction Act’s most significant reforms, according to the Treasury Department, and reported by Utility Dive.

The CFO’s Changing Role: Problem-Solving, Tech and Leadership

May 23, 2024

Finance chiefs are confident their roles will change sooner rather than later, according to a Sage CFO survey discussed by CFO.com.

IRS Adds Security Steps For Tax Pros to Receive Transcripts

April 09, 2024

In an email to tax professionals on April 5, reported by CPA Practice Advisor, the IRS said it’s making changes that will impact how practitioners obtain a client’s tax transcripts, as part of the agency’s efforts to combat identity theft and protect taxpayer information.

AICPA Recommends BOI Enforcement Be Delayed

April 08, 2024

The AICPA and numerous state CPA societies have written to the Treasury and Financial Crimes Enforcement Network (FinCEN) asking that enforcement of beneficial ownership information (BOI) reporting requirements be suspended until one year after court cases have been resolved.

Finance Team Collaboration Drives Lower Process Costs

April 03, 2024

For sustainable process improvements, start with your people before you apply technology, notes CFO.com.

AI dominates CFOs’ 2024 Budget Hike Plans

February 13, 2024

The vast majority (90%) of finance leaders are projecting higher AI budgets in the coming year, with none planning a reduction, CFO Dive reports.

Digital Asset Question Added to More Forms for 2023 Tax Returns

January 26, 2024

The IRS has added a question about income from digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts for 2023 tax returns. The question appeared on 2022 returns for individuals, seniors, and nonresident aliens. The change comes as the IRS grapples with how to handle digital assets, notes the Journal of Accountancy.

Five Risks for CFOs to Manage in 2024

January 24, 2024

Prevalent threats range from a contentious presidential election and expectations for a benign end to inflation to the hazards of adopting generative AI, notes CFO.com.

IRS Launches Simple Notice Initiative Redesign Effort

January 23, 2024

The IRS has announced work is underway on the Simple Notice Initiative, a sweeping effort to simplify and clarify about 170 million letters sent annually to taxpayers.

Art of Accounting: Problems After Selling Your Practice

December 11, 2023

Selling a practice is a life-changing event for most people. It means letting go and deciding to retire. However, even after the sale occurs, problems can arise. Accounting Today offers some points to consider to help minimize risk.

IRS Expands Work on Employee Retention Credit Claims

December 07, 2023

As part of continuing efforts to combat dubious Employee Retention Credit (ERC) claims, the IRS is sending an initial round of more than 20,000 letters to taxpayers notifying them of disallowed ERC claims. The letters are being sent as the IRS continues increased scrutiny of ERC claims in response to misleading marketing campaigns that have targeted small businesses and other organizations.

Manage Financial Policy and Procedures Cost Effectively

December 06, 2023

A robust process for managing policies and procedures helps CFOs minimize risks while keeping costs lower for the review process itself, notes CFO.com.