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AICPA expresses strong support for bipartisan discussion draft to improve IRS administration
The United States Senate Committee on Finance has released a bipartisan discussion draft that will help to improve Internal Revenue Service administration - the AICPA has endorsed numerous provisions in this draft. Many of the provisions that the AICPA and state societies have long advocated for have been included in this discussion draft.
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FinCEN says BOI reporting remains on hold
Reporting companies covered by the Corporate Transparency Act's (CTA's) beneficial ownership information (BOI) reporting requirement do not have to file the reports while an injunction remains in place, the Financial Crimes Enforcement Network (FinCEN) said Friday morning. Companies that do not file BOI reports also are not subject to liability while the injunction remains in place, FinCEN said. However, the estimated 32 million small businesses covered by the reporting requirements may submit their BOI reports voluntarily, FinCEN said. Although the U.S. Supreme Court issued a stay Thursday of a nationwide injunction issued by a district court in Texas Top Cop Shop, Inc. v. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24), a separate nationwide injunction issued by a different Texas court remains in place, FinCEN said.
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Injunction lifted; FinCEN extends most BOI deadlines to Jan. 13
The deadline for most reporting companies to file beneficial ownership information (BOI) reports was extended to Jan. 13, 2025, by the Financial Crimes Enforcement Network (FinCEN), hours after a Monday court ruling reinstated the reporting requirement.
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IRS recovers billions in tax, financial criminal cases focused on drug trafficking, terrorist financing; launches new business online account features
IRS quarterly update to the Strategic Operating Plan news release IR-2024-310: IRS recovers billions in tax, financial criminal cases focused on drug trafficking, terrorist financing; launches new business online account features
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New Quality Management Standards – effective December 15, 2025
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Mark Koziel to become CEO of AICPA & CIMA
Mark Koziel, CPA, CGMA, has been named as the incoming CEO of AICPA & CIMA, which operate together as the Association of International Certified Professional Accountants. The appointment comes after a comprehensive global search for a successor to Barry Melancon, CPA, CGMA, the longest-serving CEO in AICPA history, who announced in May that he would retire at the end of the year.
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AICPA, NASBA propose changes to UAA for new CPA licensure pathway
The American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) have proposed amendments to the Uniform Accountancy Act to include the CPA Competency-Based Experience Pathway. The changes are designed to define a new licensure pathway while ensuring mobility for certified public accountants (CPAs) licensed under the Uniform Accountancy Act (UAA) framework.
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Relief to Arkansas Taxpayers Affected by Storms Extended
Arkansas Governor Sarah Huckabee Sanders has signed an executive order to extending tax relief granted due to severe storms in Baxter, Benton, Boone, Carroll, Fulton, Grant, Greene, Madison, Marion, Nevada, Randolph, Sevier, and Sharp counties.
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2024 Arkansas Withholding Tax Rate Change
AR Department of Finance and Administration announces new Withholding instructions, tables and formula following the passage of an income tax cut retroactive to Jan. 1, 2024.
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U.S. Department of Labor (Department) Announces Final Rule: Restoring and Extending Overtime Protections
On April 23, 2024, the U.S. Department of Labor (Department) announced a final rule, Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees, which will take effect on July 1, 2024.