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Holiday sales rose this year and spending remained resilient during the shopping season even with Americans wrestling with higher prices in some areas and other financial worries.

Awareness is key to companies protecting themselves from occupational fraud like cash misappropriation and financial statement manipulation.

FASB issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements.

The IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit (ERC) claims and avoid penalties and interest.

The FASB issued an accounting standards update (ASU) that addresses requests for improved income tax disclosures from investors, lenders and creditors.

The IRS has issued new interim guidance on the corporate alternative minimum tax (AMT) and said it expects the release of proposed regulations in 2024.

The IRS released final rules on the protection against penalties when information returns or payee statements are incorrectly filed.

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.