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News

 
  • IRS to Offer Direct File Access in 24 States, Doubling Last Year's Number

    By:
    Karen Sibayan
    |
    Oct 4, 2024
    The IRS announced on Oct. 3 that its Direct File program for the 2025 tax filing season will be available in 24 states, double the number participating in last year's pilot program. 
  • PCAOB Staff Report Offers Perspectives of Target Team Inspectors on Risk Areas in Public Audits

    By:
    Karen Sibayan
    |
    Oct 3, 2024

    A recent Public Company Accounting Oversight Board (PCAOB) staff report offers the perspective of inspectors who examine emerging risk areas in public company audits. These inspectors, in several instances, take note of the value of audit firms using experts.

  • SEC Adopts Changes to Access Procedures for EDGAR, Notably Transitioning from Shared to Individual Accounts

    By:
    Karen Sibayan
    |
    Oct 3, 2024
    The SEC is adopting changes to the login, password and other account access procedures for those using its Electronic Data Gathering, Analysis, and Retrieval System (EDGAR). Most notably, it will transition from one login account per company to one account for every individual filing documents into EDGAR. Filers will have 12 months from Sept. 27, the issuance of the SEC release, to transition to EDGAR Next, which is the new iteration of the filing system. 
  • Report: Controllers Can Become Exceptional Partners to CFOs and Drive Company Growth

    By:
    Karen Sibayan
    |
    Oct 2, 2024
    Current finance leaders are expected to balance various priorities and tasks by supporting both short-term performance and long-term value creation. Financial controllers are no exception. The 2024 Global EY DNA of the Financial Controller Report notes that controllers now have a dual role. While they should still fulfill their traditional reporting and compliance functions, they should also become agents of transformation and value creation.
  • IRS Postpones Several Filing Deadlines to May 1 in Seven States in the Wake of Helene

    By:
    Karen Sibayan
    |
    Oct 2, 2024
    After the AICPA asked the IRS to offer immediate tax disaster relief in the wake of Hurricane Helene, the agency announced such relief for all individuals and businesses impacted by the storm. Taxpayers in the following areas have until May 1, 2025, to file various federal individual and business tax returns and make tax payments: all of Alabama, Georgia, North Carolina, and South Carolina, as well as 41 counties in Florida, eight counties in Tennessee, and six counties and one city in Virginia.
  • FASB Solicits Input on Proposed Update for Share-Based Payments

    By:
    Karen Sibayan
    |
    Oct 1, 2024

    The Financial Accounting Standards Board (FASB) released a proposed Accounting Standards Update (ASU) on Sept. 30 to improve the accounting guidance for share-based consideration payable to a customer for selling goods or services. The deadline for comments on the proposed ASU is Nov. 14.

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