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The AICPA on Thursday released a statement applauding the release of the bipartisan Taxpayer Assistance and Service (TAS) Act discussion draft, containing 65 provisions to meaningfully reduce the burdens on taxpayers and their preparers. The discussion draft, released by Senators Mike Crapo (R-ID) and Ron Wyden (D-OR), addresses critical tax provisions the AICPA has previously advocated for.

The Supreme Court of the United States on Thursday lifted an injunction barring enforcement of the Corporate Transparency Act, but the beneficial ownership information (BOI) reporting freeze remains in effect thanks to a separate injunction in another case.

Ahead of next week's CPA Day at the Capitol and with condo reform in the headlines, FICPA State Legislative Policy Chair Guy Strum joined the Senate Regulated Industries Committee this week, serving on a panel focused on condo law.

The team at TaxBandits has uncovered the keys to navigating tax season with confidence and ease. From understanding the challenges to embracing preparation and efficiency, they provide this detailed guide to help you tackle tax season stress as a CPA.

"Pop-up" shops are boldly asserting that AI can handle 80% or more of an R&D credit study. Your clients might be tempted, but this time, words of caution from their CPAs will go a long way in saving them.

Rep. Mike Caruso, CPA, on Thursday filed HB 133: Public Accountancy, FICPA’s 2025 priority bill, which proposes important legislative changes that seek to modernize CPA licensure for the future. Sen. Joe Gruters is expected to file the Senate companion very soon.

The latest episode of CEO Conversations features a look into digital audit transformation with the CEO and co-founder of Inflo, Mark Edmondson. In this 20-minute discussion, Shelly and Mark discuss Inflo’s fully digital audit platform and the ways in which advanced technology can save firms both time and money.

The Justice Department has filed an emergency application with the Supreme Court asking it to stay the district court injunction that is preventing the government from enforcing the Corporate Transparency Act and its requirements to report beneficial ownership information (BOI).

The injunction related to beneficial ownership information (BOI) reporting is back in effect, after a Fifth Circuit Court of Appeals panel on Thursday reversed a vacated a stay issued just days prior.

Following the appellate court's ruling, the Financial Crimes Enforcement Network offered a series of short filing extensions to those companies with upcoming due dates, including the Jan. 1, 2025, filing date for those entities formed prior to 2024.

Lloyd A. “Buddy” Turman, 76, passed away peacefully on Oct. 1 at his home in Sarasota. Buddy was a man of principle and integrity who had the respect of peers. He demonstrated an untiring commitment and passion for the public accounting profession

President Joe Biden on Thursday signed H.R. 5863, the “Federal Disaster Tax Relief Act of 2023,” which will designate a series of presidentially-declared disasters as qualified disaster events.

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The onus is on business owners and card-processing experts to work together to find solutions to reduce processing fees, strengthen the customer experience, and create a partnership that works for both sides.

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

The FICPA remains plugged into the ongoings in Tallahassee as members settle into their offices and fill the halls of the Capitol. The FICPA continues to monitor legislation as it is filed and will begin weekly bill reports soon.

On Wednesday, the U.S. Senate unanimously passed Federal Disaster Tax Relief Act. The legislation would allow Americans who were subjected to damages from hurricanes and other federally declared disasters to claim such losses without itemizing such deductions. Moreover, such losses would not have to exceed 10% of a claimant’s adjusted gross income to qualify.

In light of the preliminary injunction against the Corporate Transparency Act, the AICPA, FICPA and 52 other state CPA societies on Wednesday sent a letter to the U.S. Treasury and Financial Crimes Enforcement Network asking for a one-year delay in the implementation of beneficial ownership information (BOI) reporting.

A federal judge in the Eastern District of Texas on Tuesday issued a nationwide injunction on the enforcement of the Corporate Transparency Act. The ruling comes less than one month before the Jan. 1, 2025, deadline for companies formed prior to 2024 to report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.

The Internal Revenue Service today issued Notice 2024-85 providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces, regarding transactions during calendar years 2024 and 2025.