If your firm performs audits, reviews, compilations, or other attestation engagements, the profession’s quality rules have been rebuilt from the ground up. The AICPA’s Statements on Quality Management Standards (SQMS) replaced the older quality-control standards, and the core standard is now in effect. From quality control to quality management SQMS No. 1 requires a firm…
CPAs answer to several organizations, and it is easy to confuse them. Here is a plain-English guide to who does what in the CPE world.
The Employee Retention Credit (ERC) was one of the most-claimed — and most-abused — pandemic relief provisions. Recent legislation and IRS enforcement have effectively closed the door on new and late claims, and preparers need to know where things stand. What changed ERC claims filed after a cutoff date (on or after January 31, 2024)…
If you have ever looked at a CPE certificate and wondered what “Field of Study: Regulatory Ethics” actually means, you are not alone. NASBA organizes all continuing professional education into a standard set of Fields of Study, and those fields are split into two broad groups: technical and non-technical. Understanding the difference matters because many…
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….
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…
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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