Few compliance topics have caused more confusion for small businesses and their advisers than beneficial ownership information (BOI) reporting under the Corporate Transparency Act (CTA). The requirement has been enacted, enjoined, reinstated, and narrowed — so here is a plain-English summary of where BOI reporting stands and what it means for CPAs and their clients….
The current expected credit losses (CECL) model under ASC 326 is now in effect for private companies and smaller entities — not just banks. If your clients carry trade receivables, notes, or held-to-maturity debt securities, CECL applies to them too. What changed CECL replaced the old “incurred loss” approach with an expected loss model. Instead…
ASC 842 is no longer new, but for private companies it is now fully in effect — and implementations still trip up even experienced teams. Here are the pitfalls we see most often, and how to avoid them. A 30-second recap Under ASC 842, nearly all leases — operating and finance — go on the…
Organizations that spend federal funds — and the firms that audit them — got meaningful relief when the Office of Management and Budget (OMB) updated the Uniform Guidance and raised the Single Audit threshold. What changed The threshold that triggers a Single Audit (under the Uniform Guidance, 2 CFR Part 200) increased from $750,000 to…
You may have seen headlines about a new 15% corporate minimum tax. It’s real — but it’s narrow. Here’s who the Corporate Alternative Minimum Tax (CAMT) actually affects, and, just as importantly, who it doesn’t. What CAMT is The CAMT imposes a 15% minimum tax on the adjusted financial statement income (AFSI) — essentially book…
In January 2024, the CPA Exam underwent its biggest redesign in years under the CPA Evolution initiative, led by NASBA and the AICPA. If you advise students or newer staff, here’s what changed. The new “Core + Discipline” model Every candidate now completes three Core sections that all CPAs need: Auditing and Attestation (AUD) Financial…
A rule that used to apply mostly to large filers now reaches a huge number of small businesses: the electronic-filing threshold for information returns dropped dramatically. If a business files just 10 or more information returns in a year, paper is generally no longer an option. What changed Under IRS final regulations, the threshold for…
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