In the News – November 18, 2024

Want to become a CPA? It's a bit easier now. On this Monday, you can read more about that as well as ways to protect yourself from fraud and scams, according to the latest IRS news, while one organization explores what the Trump tariffs could mean for small businesses. Happy reading! 

IRS News 

Businesses must report beneficial ownership information to Treasury by Jan 1 IRS.gov

The IRS announced that many businesses must report beneficial ownership information to the Treasury Department's Financial Crimes Enforcement Network by January 1, 2025. This new requirement aims to enhance transparency and help combat financial crimes. The IRS is also sponsoring a free webinar to assist businesses in understanding compliance requirements and avoid penalties. Read more... 

Eligible IRA owners can deduct up to $105,000 in charitable donations for TY 2024 CPA Practice Advisor

For tax year 2024, eligible IRA owners can deduct up to $105,000 for qualified charitable donations made directly from their IRAs. This adjustment provides a significant incentive for IRA holders to make charitable contributions while reducing taxable income. The new limit offers expanded opportunities for charitable giving, allowing taxpayers to make a more meaningful impact. Read more... 

IRS International Fraud Awareness Week: Reporting fraud & taxpayer protection

IRS.gov

As part of International Fraud Awareness Week, the IRS has highlighted various ways taxpayers can report fraud and protect themselves from scams and schemes. The initiative aims to raise awareness of fraud risks and ensure that individuals and businesses remain vigilant against evolving threats. Read more... 

Technology news 

Completing your written information security plan (WISP) for PTIN renewal Intuit

With the renewal period for Preparer Tax Identification Numbers (PTIN) approaching, Intuit has provided a guide to help tax professionals complete their Written Information Security Plan (WISP). This resource aims to ensure that tax preparers comply with security standards, protecting sensitive client information. Read more... 

Accounting news 

AICPA/NASBA program reduces barriers to CPA licensure's education requirement CPA Practice Advisor

The AICPA and NASBA have launched a program aimed at reducing barriers to completing the education requirements for CPA licensure. This initiative seeks to make the path to becoming a CPA more accessible by providing additional flexibility in fulfilling educational prerequisites. Read more... 

PCAOB amends registration requirements for inactive firms Journal of Accountancy

The Public Company Accounting Oversight Board (PCAOB) has amended its registration requirements for inactive firms. The changes are designed to streamline the process and remove unnecessary burdens on firms that are no longer active, improving regulatory efficiency. Read more... 

AICPA to Congress: Delay needed in BOI reporting deadline Journal of Accountancy

The AICPA has urged Congress to delay the upcoming Beneficial Ownership Information (BOI) reporting deadline, citing concerns about businesses' readiness and the complexities involved. This request highlights the need for adequate time to prepare for compliance. Read more... 

Mergers and acquisitions 

Carr, Riggs & Ingram and PKF O'Connor Davies receive outside investment Accounting Today

Carr, Riggs & Ingram and PKF O'Connor Davies have received outside investment, marking a significant trend in external funding to accelerate growth and enhance service capabilities. This investment will help these firms expand their offerings and improve efficiency. Read more... 

Aprio acquires Kirsch Kohn & Bridge in California CPA Practice Advisor

Aprio has acquired Kirsch Kohn & Bridge, a California-based accounting firm, in a move to expand its presence on the West Coast. This acquisition will allow Aprio to offer enhanced services and strengthen its foothold in a key market. Read more... 

Other interesting things we found 

Effective client communication strategies for 2024 Woodard Report

The Woodard Report shares effective strategies for client communication in 2024. From addressing client needs to improving responsiveness, this guide offers practical insights for accounting professionals to strengthen their client relationships. Read more... 

Will new policies impact global small business? Global Small Business Blog

The Global Small Business Blog explores potential impacts of upcoming policies on small businesses worldwide. From regulatory changes to new trade agreements, the article discusses how these factors might shape the future landscape for small enterprises. Read more...