News Updates

FinCEN has issued an Interim Final Rule (IFR) removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI). Additionally, the rule updates filing deadlines for foreign entities: • Foreign entities registered before the IFR’s publication must file BOI reports within 30 days of that date. • Foreign entities registered on or after the IFR’s publication must file within 30 calendar days of receiving notice that their registration is effective.

Gov. Jim Pillen issued an emergency declaration for 24 counties because of Wednesday's blizzard. The blizzard brought as much as a foot of snow to some areas and winds gusting over 70 mph, leading numerous highways to shut down and causing extensive damage to trees and power lines.

AICPA has outlined its 2025 tax priorities, urging Congress to raise the reporting threshold for Form 1099-K from $600 to $10,000. In a letter to congressional finance leaders, Melanie Lauridsen, the AICPA's vice president of Tax Policy & Advocacy, said, "Our tax legislation priorities include recommended proposals that would reduce uncertainty and complexity for taxpayers." The AICPA also advocates for permanent tax relief for those affected by natural disasters and the extension of certain provisions from the Tax Cuts and Jobs Act. Other recommendations include maintaining the qualified business income deduction and preserving the cash method of accounting for tax purposes. The IRS has delayed the implementation of the $600 threshold, treating 2024 and 2025 as transition years.

Up-to-date information on state legislation and its status.

Utah lawmakers recently passed legislation eliminating 150- and 120-credit-hour requirements for CPA licensure in state statutes. Utah Gov. Spencer Cox is expected to sign the bill, which will then become law on July 1, 2026, according to the Utah Association of CPAs.

Friday marked the 44th day of the session. If we are lucky, that will have been the half-way point of the session. With 44 days to go (or 46), senators will now turn their focus to priority bills, 81 of which have been selected. The remaining 25 Speaker priority bills will be announced on Monday, March 17.

It’s the week we’ve all been waiting for! No, not Sine Die - priority deadlines.

The bullish pay projections come as finance chiefs’ confidence in economic and business conditions soared to a 10-quarter high.

A federal district court order means that millions of small businesses need to be prepared to file beneficial ownership information reports.

AICPA President and CEO Mark Koziel, CPA, CGMA has released a statement highlighting the need for the IRS to have the ability to meet the needs of taxpayers and tax preparers during this filing season.

The IRS will lay off thousands of probationary workers in the middle of tax season, according to two sources familiar with the agency’s plans, and cuts could happen as soon as next week. However, IRS employees involved in the 2025 tax season were told they will not be allowed to accept a buyout offer from the Trump administration until after the taxpayer filing deadline, according to a letter sent recently to IRS employees.

Friday was a recess day and today is President’s day, two days everyone who works around the Capitol was ready for.

The fall semester saw a 12% increase in accounting enrollment from the previous year to the highest figure observed by the National Student Clearinghouse Research Center in four years.

The bill, which provides a deadline of Jan. 1, 2026, for an estimated 32 million small businesses to file beneficial ownership information reports, comes as the BOI requirements are mired in court cases. A companion bill also was introduced in the Senate.

Good leaders possess the necessary skills for navigating their role with more insight. Here are eight traits that define wisdom, along with ways to master them to become a better leader.

The first step in saving for retirement is knowing how much you will spend in retirement. From travel to health care, here are nine budget categories where you are likely to spend more.

If you want to learn what it's really like to be a professional football player, ask a professional football player. If you want to know what it's really like to be a CPA, ask a CPA. Or, you could just ask Richie Brockel.

Retail sales taxes are an essential part of most states’ revenue toolkits, responsible for 32 percent of state tax collections and 13 percent of local tax collections (24 percent of combined collections). They also benefit from being more pro-growth than the other major state tax, the individual income tax, because they introduce fewer economic distortions.

It is not surprising that a new Republican administration in the White House would create issues for the Internal Revenue Service. Past Republican administrations tended to starve the IRS for funds, resulting in a decline in audit activity and customer service.

According to a new survey from Gartner, fewer chief financial officers anticipate salary increases for employees in 2025, with only 61% planning to raise compensation, down from 71% in 2024 and 86% in 2023. The survey revealed a decline in those expecting raises of 10% or more, dropping from 16% in 2023 to 11% in 2025.