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Confronted with the steady increase in money laundering, trafficking, counterfeiting, securities fraud, tax fraud, and other malevolent schemes, Congress passed the Corporate Transparency Act (“CTA”). It assigned enforcement to the Financial Crimes Enforcement Network (FinCEN), the same department that for years has been involved in tracking large foreign accounts owned by U.S. citizens and residents. FinCEN issued final regulations in September 2022, and enforcement will begin on January 1, 2024. The problem, according to Congress, is that malign actors spread their activities across multiple small corporations and limited liability companies, formed in various states and with tiered ownership, all to […]

As seen in… To have reported growth during the COVID pandemic was surprising; to have reported double-digit growth is nothing short of astonishing — and yet that’s precisely what the largest firms in accounting did last year. The firms in Accounting Today’s 2023 Top 100 Firms roster of the largest practices in the country reported that their revenues grew by 18.55% in 2022, while the members of our Regional Leaders rankings reported average individual growth rates ranging from 10.52% to as much as 20.5%. (See the full Top 100 and Regional Leaders report.) Fully 69% of the firms in the Top […]

Since Friday, March 10, 2023, the banking industry has dominated the news with regulators regarding Silicon Valley Bank and Signature Bank among others. The Federal government introduced emergency measures to give bank customers access to their depository funds in excess of the $250,000 FDIC-insured amounts for one year. This was done to smooth markets, stop potential bank runs, head off a systemic banking situation, and more. Although the Federal government believes a banking crisis was averted with the actions it and others undertook, it is not truly known if these measures will work as intended and if so, for how […]

On December 29, 2022, President Biden signed the Consolidated Appropriations Act, 2023 into law. The Act does not include any major tax provisions but it does include the long-awaited SECURE 2.0 Act of 2022. The Act builds upon the provisions of the original SECURE Act from 2019 and further ensures that more Americans can save for retirement and increase the amount they are able to save. It does this by expanding upon automatic enrollment programs, helping to ensure that small employers can easily and efficiently sponsor plans for employees, and enhancing various credits to make saving for retirement beneficial to […]

The recently passed Inflation Reduction Act of 2022 includes changes to the credit available for electric vehicles. The changes are complex, and phase in over time. If you are in the market for an electric vehicle, a review of the new rules can help you maximize the credit you are allowed. North American assembly requirement. One of the new rules is in effect for vehicles delivered after  August 16, 2022. To qualify for the electric vehicle credit, final assembly of the vehicle must take place in North America. You can check whether a particular vehicle meets this requirement by entering […]