401(k) limit increases to $23,500 for 2025, IRA limit remains $7,000
The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024.
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Accounting Opportunities Month 2024: Get Involved!
The AICPA and state societies, including TSCPA, have designated November as Accounting Opportunities Month.
View MoreFinCEN Provides BOI Reporting Relief to Victims of Recent Natural Disasters
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has announced that certain victims of Hurricane Milton, Hurricane Helene, Hurricane Debby, Hurricane Beryl and Hurricane Francine will receive an additional six months to submit beneficial ownership information (BOI) reports, including updates and corrections to prior reports.
View MoreTennessee State Board of Accountancy Announces Hurricane Helene CPE Relief
The Tennessee State Board of Accountancy (TSBOA) has announced that CPAs who live or work in Tennessee counties impacted by Hurricane Helene are eligible for an extension of time to complete renewal CPE requirements.
View MoreNPAG Accounting Talent Strategy Report: Recommendation #5 – Enhance the Employee Experience
In today’s business climate, accounting students and professionals at all experience levels are able to be more selective in their career and employment choices. To continue to attract and retain talented employees in the accounting profession, NPAG recommends that employers work to enhance the employee experience, taking into consideration several cultural and business model changes.
View MoreIRS releases tax inflation adjustments for tax year 2025
The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025.
View MoreGASB Issues Guidance on Disclosure of Certain Capital Assets
The Governmental Accounting Standards Board (GASB) issued guidance today that establishes requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures.
View MoreNPAG Accounting Talent Strategy Report: Recommendation #4 – Expand Access for Underrepresented Groups
One of NPAG’s major recommendations is to expand access to the accounting profession for underrepresented minorities and groups.
View MoreSocial Security Wage Base, COLA Set for 2025
The Social Security Administration (SSA) recently announced that individual taxable earnings of up to $176,100 annually will be subject to Social Security tax in 2025.
View MoreImportant Notice #24-09: Tax Filing Extensions – Hurricane Helene
Consistent with the IRS’s decision to extend federal due dates to May 1, 2025, for those businesses located in a designated disaster area resulting from Hurricane Helene, the Department has extended the franchise and excise tax filing and payment due dates to May 1, 2025.
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