Articles | Tennessee Society of CPAs

FASB Clarifies Interim Effective Date for New Disaggregation of Income Statement Expenses Standard for Non-Calendar Year-End Entities

January 6, 2025 The Financial Accounting Standards Board (FASB) today published an Accounting Standards Update that clarifies for non-calendar year-end entities the interim effective date of Accounting Standards Update No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.

IRS Allows Alternative Methods for Identification of Digital Assets

January 3, 2025 The IRS recently issued Notice 2025-7, which provides temporary relief to allow eligible taxpayers to use alternative methods to make adequate identification of digital asset units that are sold, disposed of or transferred during the 2025 relief period.

DOJ asks Supreme Court to block injunction on BOI reporting

January 3, 2025 The Justice Department (DOJ) filed an emergency application with the Supreme Court asking it to stay the district court injunction that is preventing the government from enforcing the Corporate Transparency Act and its requirements to report beneficial ownership information (BOI).

BOI Injunction Reinstated

December 27, 2024 Late last night, the Fifth Circuit Court vacated the motion to stay the injunction which barred FinCEN from enforcing BOI reporting requirements. This decision means that FinCEN no longer has the authority to enforce BOI reporting requirements at this time.

IRS increases the standard mileage rate for business use in 2025; key rate increases 3 cents to 70 cents per mile

December 19, 2024 The Internal Revenue Service today announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024.

TSCPA’s First LEAD Program for Emerging Professionals a Success

December 19, 2024 On Dec. 9-11, TSCPA hosted 25 emerging accounting professionals for the society’s first Leadership, Empowerment and Accelerated Development (LEAD) Program.

Federal Reserve Cuts Interest Rates

December 18, 2024 The Federal Reserve recently reduced the benchmark interest rate by 0.25 percentage points, the third consecutive interest rate cut of 2024.

BOI reporting deadline extension proposed in House budget bill

December 18, 2024 The Jan. 1, 2025, deadline for reporting companies to file beneficial ownership information (BOI) reports could be extended by one year, based on a continuing resolution proposed in the House of Representatives.

PEEC issues recruiting guidance, exposure draft on simultaneous employment

December 16, 2024 On Monday, the AICPA Professional Ethics Executive Committee (PEEC) released new ethics guidance related to recruiting services for attest clients.

SEC Modernizes the Submission of Certain Forms, Filings, and Materials Under the Securities Exchange Act of 1934

December 16, 2024 The Securities and Exchange Commission today adopted amendments to require the electronic filing, submission, or posting of certain forms, filings, and other submissions that national securities exchanges, national securities associations, clearing agencies, broker-dealers, security-based swap dealers, and major security-based swap participants make with the Commission.

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