News

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the appointment of Robert W. Scott to a five-year term on the Governmental Accounting Standards Board (GASB). Mr. Scott currently serves as the director of finance and administration for the city of Brookfield, Wisconsin. His term begins July 1, 2025, and extends through June 30, 2030.

At the recent AICPA Fall Council meeting, Mark Koziel was officially introduced as the incoming CEO, and was recognized for his impactful leadership and commitment to the profession. Mark's journey from his early days in public accounting to his current role as CEO of Allinial Global was highlighted.

At the recent NASBA annual meeting and AICPA Fall Council meeting, Barry Melancon, President and CEO of the Association of International Certified Professional Accountants, provided an overview of the future of the accounting profession. His insights highlighted the changes driven by technological advancements and the vital role of Certified Public Accountants (CPAs) in navigating this evolving landscape.

The staff of the Public Company Accounting Oversight Board (PCAOB) today posted updated standard-setting and rulemaking agendas, reflecting the significant progress that the Board has made in 2024 to further advance its strategic goal of modernizing standards and rules to better protect investors.

At the recent AICPA Fall Council meeting, Mark Peterson, Executive Vice President - Advocacy, energized attendees with a comprehensive update on the current legislative, regulatory, and political landscape.

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.

Fewer US students are taking up accountancy, and 75% of CPAs are near retirement.

The American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA) have issued two important exposure drafts related to the CPA pipeline and licensure: Exposure Draft: Competency-Based Experience Pathway Comments due by December 6 Exposure Draft: Proposed Amendments to the UAA Model Act and Rules Comments due by December 30

The Governmental Accounting Standards Board (GASB) will soon benefit from additional stakeholder perspectives in light of a recent decision by the Trustees of the Financial Accounting Foundation (FAF) to expand the size of the Governmental Accounting Standards Advisory Council (GASAC).

The salary threshold required to exempt a salaried executive, administrative, or professional employee from federal overtime was increased from $35,568 to $43,888 effective July 1, 2024. The salary threshold will further increase to $58,656 on Jan. 1, 2025.

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

In a recent letter to the Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), the American Institute of CPAs (AICPA) and CTCPA, together with 54 state CPA societies, expressed serious concerns with the rollout and push to implement FinCEN’s Beneficial Ownership Information reporting requirement without regard for the impact to the small business community.

The Department of Labor has announced a six-factor test for determining whether a worker is an independent contractor or an employee under the Fair Labor Standards Act. This new rule takes effect on March 11, 2024.

In Rev. Proc. 2023-29, recently issued by the Internal Revenue Service, the affordability percentage for Affordable Care Act plans has been set at 8.39% beginning in 2024. This marks a significant decrease from the previous 9.12% applicable for 2023. This is the lowest percentage since the inception of the employer mandate which means these plans will cost employers more.

New London county has received a FEMA disaster emergency declaration which allows for the postponement of certain due dates for specific tax filings and tax payments. It also allows for the deduction of casualty losses attributable to emergency declaration within the declared area.

In a letter addressed to members of the House Financial Services Committee and Senate Banking Committee, the AICPA and all 54 state CPA societies, including the Connecticut Society of CPAs asked that H.R. 4035 and S. 2623, the Protecting Small Business Information Act of 2023, or similar legislation to delay, be included in any year-end legislative package. The bills would delay the Beneficial Ownership Information (BOI) reporting requirement until all three rules under the Corporate Transparency Act have been finalized to specify that all such rules would take effect on the same date.

CTCPA has joined AICPA and dozens of other state CPA societies to ask the Financial Crimes Enforcement Network (FinCEN) to extend and expand the deadline for beneficial ownership information (BOI) reporting requirements, specifically for Reporting Companies Created or Registered in 2024.

The AICPA and over 50 affiliated organizations recommended in a letter to Treasury's Financial Crimes Enforcement Network (FinCEN) that the agency extend the effective date for the beneficial ownership information (BOI) reporting requirement by one year to give the millions of affected businesses time to learn about the new and complex rules. The letter asked that the scope of the one-year deadline delay include not only new entities created in 2024, but all entities created thereafter and all entities making updates or corrections to their original filings.

The Internal Revenue Service announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel. These taxpayers now have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. In Notice 2023-71PDF, the IRS provided relief to certain taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation, or may be unable to perform other time-sensitive tax-related actions. The IRS will continue to monitor events and may provide additional relief.

Treasury's Financial Crimes Enforcement Network (FinCEN) issued a Notice of Proposed Rulemaking (NPRM) on Wednesday that would extend the deadline for companies created or registered in 2024 to file their first beneficial ownership information (BOI) reports. The NPRM (RIN 1506-AB62) would provide 90 days for those companies to file initial reports rather than the original deadline of 30 days from the earlier of the date on which the company receives actual notice that its creation or registration has become effective or the date on which the secretary of state first provides public notice that the company has been created or registered.