News

This week we look at: FinCEN updates the FAQs for BOI reporting, adding information about entities that cease to exist; New Jersey Committee on Unauthorized Practice of Law releases letter outlining when CPAs and EAs may prepare and/or file BOI reports for clients without the assistance of an attorney; Another PLR issued for missed ESBT elections for trusts that qualified to make such elections

Most recent peer review insights suggest that insufficient or inadequate documentation was the most common problem in not-for-profit audits, but better planning could prevent deficiencies.

The Government Accountability Office recently found that some populations may be getting selected for IRS audits at a higher rate than others.

As the accounting industry grapples with a significant talent shortage, a comprehensive report from MassCPAs sheds light on the critical issue of diversity, equity, inclusion and belonging (DEIB) challenges and opportunities within the profession. The report, “Workplace Inclusion: An Imperative for Change in the Accounting Profession,” by Trish Foster, highlights the need for more inclusive workplace cultures to stem the tide of professionals leaving the field.

Practitioners who once contemplated changing professions share strategies that changed their lives for the better — at the office and away from it.

By now, you will probably have heard that Barry Melancon, the longtime president and CEO of the American Institute of CPAs, will be retiring at the end of this year, after 30 years of leading the accounting profession through the greatest period of change and disruption it has ever known.

Volunteering to serve as a board member for a not-for-profit can be a career-changer. Follow these strategies to make it work.

This week we look at: End of term US Supreme Court cases that will likely impact challenges to Treasury regulations, overturning the concept of Chevron deference and extending the statute to challenge regulations under the Administrative Procedures Act

Homeowners who make improvements like replacing old doors and windows, installing solar panels or upgrading a hot water heater may qualify for home energy tax credits.

Surgent offers OSCPA members the chance to win a free review course valued at $1,299! Only OSCPA candidate and student members are eligible, with one entry per member.

To Dominic Ste. Marie of Dougall Conradie LLC, the role of a CPA is much more than a title. It signifies serving as a trusted and dependable advisor to his clients, ready to assist wherever needed. It also represents a substantial personal achievement, one that required significant sacrifice and dedication.

This week we look at: Ninth Circuit rules that statute of limitations for the IRS to sue for recovery of erroneous refund begins when the check clears the Federal Reserve and is approved for payment by the US Treasury; IRS National Taxpayer Advocate announces the IRS will automate FTA abatement of penalties beginning in 2026; Attorneys report some ERC claimants now interesting in filing suit to accelerate their claim processing

Recognizing the links between risk management and litigation can help CPAs understand why risk management advice speaks to behaviors present in professional liability claims against CPAs.

Portland State University student Lindsey Ivie is the winner of the Becker Professional Education quarterly drawing for a complimentary review course valued at $2,499.

This week we look at: The Supreme Court rules, in a more divided than it may appear opinion, that the §965 transition tax is Constitutional, sustaining the result from the 9th Circuit in the Moore case; IRS gives interim guidance for special distribution relief in the SECURE Act 2.0 for certain distributions; IRS indicates it will now be (slowly) processing ERC claims, vast majority show issues.

The IRS will deny tens of thousands of the most obvious erroneous claims in the coming weeks, the Service said.

While summer is a time for fun, it’s never the wrong time to thinking about taxes – and some of those summer activities could have an impact. Here are a few summertime activities and tips on how taxpayers should consider them for filing season.

For any tax professional who has ever had to review a client’s expenses for repair, acquisition, or production of tangible property, the question of whether to capitalize or expense is one that continues to stump even the most experienced CPAs due to the subjectivity involved and heavy reliance on facts and circumstances. This article addresses this issue along with some key points CPAs and taxpayers should consider.

With federal and state tax laws becoming more complex each year, and pillars of the profession retiring, Karissa Swenson sees there is more and more of a need for CPAs in our communities.

The workplace has come a long way. As expectations have shifted — allowing for more flexibility and requiring less formality — you might be wondering if joining a professional organization is still relevant or just part of the old-school workplace culture.