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FASB has released its three annual taxonomies: the 2024 GAAP Financial Reporting Taxonomy, the 2024 SEC Reporting Taxonomy and the 2024 [Data Quality Committee] Rules Taxonomy.

Individual partners of partnerships and individual shareholders of S corporation businesses are now eligible for a business tax account in addition to sole proprietors.

The AICPA and NASBA have revised their standards for continuing professional education (CPE) programs as well as the NASBA’s Fields of Study document.

The WICPA encourages CPA candidates to request the reinstatement of parts of the CPA Exam that were lost during the COVID-19 pandemic.

The IRS will reorganize its leadership structure for the first time in two decades with a previous acting commissioner serving as second-in-command.

The IRS has announced that it will waive penalty fees for taxpayers who owe less than $100,000 in back taxes for the years 2020 and 2021.

The Wisconsin Department of Revenue’s (DOR’s) latest economic forecast expects a period of slow growth starting by mid-2024 that will help bring down inflation.

FASB has published an accounting standards update (ASU) aimed at improving the disclosure of certain fungible cryptoassets.

The AICPA issued new guidance to help CPAs and firms continue to practice successfully across state lines and remain in compliance with regulations amid possible state licensure changes.

The IRS has issued the 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.