Featured News
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IRS posts medical expenses FAQ
In a new FAQ, the IRS lays out what medical savings accounts can cover when it comes to nutrition, wellness, general health and more.
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FASAB bulletin addresses reimbursable work agreements
A new FASAB technical bulletin addresses accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54 and other relevant statements.
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Small business job growth improves, report finds
The rate of hiring for U.S. small businesses increased in February led by hiring in the leisure and hospitality industry, according to a new employment report.
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SEC reopens comment period on cybersecurity proposals
The SEC reopened the comment period on proposed rules and amendments related to cybersecurity risk management and disclosure.
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FASB proposes enhancements to income tax disclosures
FASB is seeking comments on a proposed Accounting Standards Update that addresses requests for improved income tax disclosures.
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AICPA ethics committee seeks input on proposed code changes
The AICPA Professional Ethics Executive Committee (PEEC) is seeking feedback on proposed changes to its Code of Professional Conduct.
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IRS bolsters digital scanning abilities
The IRS has scanned more than 120,000 paper forms 940 since the start of this year as part of its new digital intake initiative.
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New standard provides risk-based approach to group audits
The AICPA Auditing Standards Board recently issued SAS No. 149, a standard that introduces a risk-based approach to planning and performing a group audit.
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FASB studying AI use in financial data analysis
The surge in the use of conversational artificial intelligence (AI) has prompted scrutiny of the technology’s role in financial decisions.
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IRS clarifies required minimum distribution reporting
The IRS has provided guidance to financial institutions regarding reporting for required minimum distributions (RMDs), the rules for which the SECURE 2.0 Act changed.