Firm Management January 3, 2025
RSM US Adds 84 New Partners and Principals for 2025
Jan. 2 was a big day at top five accounting firm RSM US, as its new partner and principal class of 2025 was officially announced.
Mergers and Acquisitions January 2, 2025
Thomson Reuters Acquires SafeSend in $600 Million Deal
"Becoming a part of Thomson Reuters will enable us to accelerate product development efforts and realize our shared vision of an end-to-end tax workflow solution," said Steve Dusablon, who founded SafeSend with Andrew Hatfield in 2008.
Taxes January 2, 2025
Nine States Cut Individual Income Taxes on Jan. 1
Seven of the states that are lowering their individual income taxes in 2025 have legislatures that are controlled by Republicans, as well as Republican governors.
Auditing January 2, 2025
Average Audit Fees Rose 6.4% in 2023, Report Finds
Average audit fees increased by 6.4% in 2023—from $2.83 million in 2022 to $3.01 million the following year—according to the 15th Annual Audit Fee Survey and Insights Report from the Financial Education & Research Foundation.
Technology December 30, 2024
Employer.com Set to Acquire Bench Accounting
The move comes days after Bench left thousands of its customers scrambling before year end and with the 2025 tax season right around the corner by announcing Dec. 27 it was shutting down.
Accounting December 27, 2024
Beneficial Ownership Information Reporting Enforcement on Hold Yet Again After Appeals Court Reinstates Injunction
The roller coaster continues, as the 5th U.S. Circuit Court's decision on Dec. 26 suspends the deadline once again for most reporting companies to file BOI reports with the Financial Crimes Enforcement Network.
Auditing December 26, 2024
AIPCA to SEC: Reject the PCAOB’s Audit Firm Metrics Rules
In a Dec. 19 comment letter to the SEC, the AICPA says the new requirements adopted by the PCAOB last month would particularly burden small and midsized firms, as well as unintentionally hurt capital markets and the investing public.
Accounting December 24, 2024
BOI Reporting Injunction Lifted; FinCEN Extends Deadline to Jan. 13
FinCEN has extended the Jan. 1, 2025, deadline for most reporting companies to file beneficial ownership information reports with the Treasury Department until Jan. 13, 2025, after a federal court of appeals lifted an injunction on Dec. 23 that had halted the new law.
Accounting Standards December 23, 2024
FASB Invites Comments on Intangibles
The invitation to comment is intended to explore ways the FASB can improve this area of financial reporting, which includes the accounting for acquired and internally developed intangibles.
Taxes December 23, 2024
IRS Asks for Feedback on Draft Instructions for R&D Tax Credit Form 6765
The IRS on Dec. 20 released the draft Instructions for Form 6765, Credit for Increasing Research Activities, and is seeking feedback on proposed changes to the form, which is used by taxpayers to claim the research and development tax credit.
Taxes December 23, 2024
Tax Professionals Subject to New Requirements Proposed By the IRS
CPAs, enrolled agents, and other practitioners would have to maintain technological competency under proposed regulations issued by the Treasury Department and the IRS on Dec. 20, which would update Circular 230.
SEC December 18, 2024
SEC OKs PCAOB Budget for 2025
The 2025 PCAOB budget totals $399.7 million, and the accounting support fee totals $374.9 million, of which $346.1 million will be assessed on public company issuers and $28.8 million will be assessed on registered broker-dealers.
Contributors
Amy Vetter
CPA, CITP, CGMA
Becky Livingston
Accounting & AI Marketing Consultant
Brian Tankersley
CPA, CITP, CGMA
Garrett Wagner
CPA, CITP, CEO and Founder of C3 Evolution Group
Jim Boomer
CPA, CITP, CEO
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Kristy Short, Ed.D.
Accounting Content Specialist
Mary Girsch-Bock
Contributing Writer
Randy Johnston
MCS, MCP
Roman Kepczyk
CPA, CITP, CGMA
