Featured News
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PCAOB releases report on auditors and generative AI
The PCAOB has released a report on the impact of generative artificial intelligence (AI) on audits.
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FASB aims to improve derivative accounting
A proposed Accounting Standards Update from the FASB aims to clarify the rules of derivative accounting.
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FinCEN: BOI access will take millions of hours of paperwork
Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information (BOI) in the first year, FinCEN estimated in a new notice.
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New report outlines steps to improve risk management
The results of an annual survey found that organizations have made minimal gains in risk oversight over the past five years despite an increasingly threatening risk landscape.
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IRS updates guidance on retirement plan RMDs
The IRS and Treasury have issued final regulations updating the required minimum distribution (RMD) rules.
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IRS enhances security measures for FATCA registration
The IRS recently said it is enhancing the identity authentication process for financial institutions to register under the Foreign Account Tax Compliance Act (FATCA).
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AICPA submits comments on foreign trust reporting regulations
The AICPA recently submitted comments to the IRS and Treasury on proposed regulations regarding reporting transactions with foreign trusts.
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IRS: Beware fake ‘self-employment tax credit’ advice
The IRS has issued a consumer alert following bad advice shared on social media about a nonexistent “self-employment tax credit” that’s misleading taxpayers into filing false claims.
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FASB issues final chapter of Conceptual Framework
The FASB has officially issued the final chapter of its Conceptual Framework, which focuses on measuring items in financial statements.
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IRS issues FAQ about clean fuel production credit
The IRS has issued a new FAQ related to which entities must apply for registration for the clean fuel production credit.