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Latest Articles

  • IRS Direct File Program’s Success Relies on State Participation More Than Election Results

    By:
    Karen Sibayan
    |
    Nov 4, 2024

    The IRS is relying on states to make the Direct File program, its free online tool for filing tax returns, successful and overcome opposition—even a Republican sweep of the general election. 

  • Regulatory Roundup: October 29 - November 4

    By:
    Karen Sibayan
    |
    Nov 4, 2024
    With so many regulators out there, it can be tough to keep track of all the decisions being made. This is the NYCPA's regular series that collects relevant regulatory announcements from the past week and puts them in one place to help you stay on top of the issues.
  • IRS Announces Contribution Limits to 401(k) and IRA Plans in 2025

    By:
    Karen Sibayan
    |
    Nov 1, 2024
    The IRS announced on Nov. 1 that the amount individuals can contribute to their 401(k) plans next year has risen to $23,500 from $23,000 in 2024.
  • Regulators Turn Wary as Accounting Firms Look to PE for Funding

    By:
    Karen Sibayan
    |
    Nov 1, 2024
    Accounting firms are turning to private equity, seeking increased funds for technology and talent. While this might be an advantage to U.S. midsized accounting and consulting firms, resulting ownership shake-ups have increased concerns among accountants and regulators.
  • PCAOB Releases New Staff Guidance Supplement About the Remediation Process

    By:
    Karen Sibayan
    |
    Oct 31, 2024

    On Oct. 31, the Public Company Accounting Oversight Board released a supplement to its Staff Guidance Concerning the Remediation Process. The added guidance includes making the most of the remediation period and the possible effects of non-technical factors on persistent quality control criticisms, among other items.

  • FASB Seeks Comments on Proposal to Clarify Business Combination Guidance

    By:
    Karen Sibayan
    |
    Oct 31, 2024
    On Oct. 31, the Financial Accounting Standards Board (FASB) issued a proposed accounting standards update (ASU), a release said.  The proposal is meant to improve requirements for identifying the accounting acquirer in FASB Accounting Standards Codification Topic 805, Business Combinations
  • IRS Puts an End to Automatic Penalties Related to Foreign Gifts

    By:
    Karen Sibayan
    |
    Oct 30, 2024
    According to financial consulting firm RSM, on October 24, while speaking at the UCLA Tax Controversy Conference, IRS Commissioner Daniel Werfel noted that the agency will stop the systemic assessment of penalties for late-filed forms related to foreign gifts or bequests.
  • FASB Solicits Comments on Improvements to Software Guidance

    By:
    Karen Sibayan
    |
    Oct 29, 2024
    The Financial Accounting Standards Board (FASBA) on Oct. 29 published a proposed Accounting Standards Update (ASU) to update the guidance on accounting for software. Comments on the proposed ASU are due Jan. 27, 2025.
  • AI Can Be a Security Risk to CPA Practices Despite Its Benefits

    By:
    Karen Sibayan
    |
    Oct 29, 2024
    CPAs manage a significant amount of valuable data for themselves and their clients. Keeping the data safe is a major responsibility. Practices increasingly use AI to help with data management and security. Ironically, that technology can become a security risk by itself. How can a CPA practice utilize AI tools effectively while still being responsible for the client data that cybercriminals constantly attempt to access? This area is where the 2023 FTC Safeguards Rule comes in. 
  • Survey Indicates Accountants Mostly Leaning Republican as Election Day Nears

    By:
    Karen Sibayan
    |
    Oct 28, 2024
    As the 2024 U.S. presidential election nears its endgame, the accounting profession seems to be leaning significantly toward voting Republican. According to an Accounting Today survey of 407 accounting and tax professionals, 45% support Donald Trump, and 37% support Kamala Harris. Most who were undecided or who elected not to indicate a preference in the spring are choosing to back Trump.