News

Potential denial of a deduction for the corporation and an excise tax on individuals receiving “excess parachute payments” could pose a hazard as a company approaches a change in control.

Caregiving comes with many challenges — financial and emotional. CPA financial planners can help clients and their families prepare for both the expected and unexpected.

In celebration of American Indian and Alaska Native Heritage Month, we’re honored to share insights from Stuart Ketzler, a proud Alaska Native and Nenana Native Council member. Learn how his deep connection to the land, community, and gratitude have shaped his path in accounting.

Compensating student-athletes for their name, image, and likeness does not serve an exempt purpose, the IRS again rules. This is at least the third IRS letter ruling this year involving organizations seeking tax-exempt status for activities involving student-athlete NIL deals.

This week we look at: IRS may stop putting “taxpayer may rely” statements on proposed regulations; Tax Court rules partnership basis calculations are cumulative in nature and not stand-alone annual calculations under IRC §705; Latest speculations on what will get through Congress in 2025 - if anything

Capital gains in the forecast? Stockpiling losses may make sense. For certain investors, systematically harvesting capital losses in a portfolio in anticipation of future capital gains can be a beneficial strategy.

This year marks the 50th anniversary of the enactment of the Employee Retirement Income Security Act of 1974, which established or clarified the minimum funding rules, overarching fiduciary rules, vesting rules, and more.

Accounting graduates are seeing higher initial pay, and a majority of large firms plan to address workload issues in the next six months. These trends are welcomed, but more is needed, writes Sue Coffey, CPA, CGMA, CEO–Public Accounting for the Association of International Certified Professional Accountants.

Without a delay, “millions of small business owners become accidentally and unknowingly delinquent in their compliance,” a letter from the AICPA said.

Leaders from corporate finance and the profession share their advice for upskilling and reskilling for the next era of management accounting.

This week we look at the rules involving the reconciliation process in Congress, the path that it appears most likely any tax bill enacted to deal with the expiration of many TCJA provisions at the end of 2025.

With bonus depreciation phasing out through 2027, taxpayers have an opportunity to review their accounting methods with regard to fixed assets to ensure they are using the best methods.

Many firms and finance functions require their accountants to use Microsoft Copilot instead of ChatGPT as their generative artificial intelligence tool. Here are some prompt ideas for using Copilot with Microsoft Outlook.

Even as the climate for diversity, equity, and inclusion remains volatile, the near- and longer-term impacts of DEI on the accounting profession amplify shared accountability.

This week we look at: Retirement plan limits announced by the IRS, basically completing the tax inflation adjustments for 2025; IRS emailed Chief Counsel Advice outlines dealing with SECA and the net investment income tax issues arising from a BBA partnership exam

Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible to save money on their taxes.

“Will I be financially ready to retire?” As financial planners, that is one of the most frequently asked questions we receive from clients—and it’s asked by people from a variety of backgrounds, phases of life, and net worth.

In this article, 2024-25 Board Chair John Hawkins, JD, CPA, shares insights into the current landscape of the accounting talent shortage. With the enthusiasm of students attending career showcases and “meet the firms” events, we see a flicker of hope. Yet, challenges remain in filling the talent pipeline and dispelling misconceptions about the profession.

This week we look at: IRS releases inflation adjusted numbers for most items aside from retirement plans for 2023; IRS has more bad news for those who fail to pay over trust fund taxes to pay other expenses; Another US District Court denies a preliminary injunction to bar enforcement of the BOI reporting rules

The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2024-31 and proposed regulations to provide guidance for the energy efficient home improvement credit.