Colorado Society of CPAs | COCPA

This week on Current Federal Tax Developments with Ed Zollars: 🏛 End of term US Supreme Court cases that will likely impact challenges to Treasury regulations, overturning the concept of Chevron deference and extending the statute to challenge regulations under the Administrative Procedures Act https://lnkd.in/eFrkTyKD

Generative Artificial Intelligence (Gen AI) is hugely transformative and consequential. Goldman Sachs predicted in March 2023 that some 300 million jobs will be eliminated or degraded by AI. It is clear that AI and Gen AI will have significant implications for the accounting profession. https://lnkd.in/dF5Jv3sa

The Federal Accounting Standards Advisory Board (FASAB) issued a technical bulletin Friday aimed at bringing clarity to federal government accounting standards related to seized and forfeited digital assets. Technical Bulletin (TB) 2024-1, Seized and Forfeited Digital Assets, states that paragraphs 57–78 of Statement of Federal Financial Accounting Standards (SFFAS) 3, Accounting for Inventory and Related Property, should apply to seized and forfeited digital assets. https://lnkd.in/e4ZvGwgH

Earn AICPA's Certified in Financial Forensics (CFF) Credential Add credibility and demonstrate competency in fraud detection, prevention and response, investigations, expert witness service, digital forensics etc. https://lnkd.in/edNw6Dc3

Accounting firms are in a unique position to assist their clients with the Corporate Transparency Act (CTA), which took effect Jan. 1, 2024, aiming to enhance transparency into corporate structures. The CTA mandates reporting beneficial ownership information (BOI) to the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN) – a requirement that will affect more than 32 million companies in 2024. https://lnkd.in/eCWBbNGa

The NEW Hot Topics in Accounting Series will be a series of events throughout the year highlighting the pressing issues that matter most to YOU. Topics will be decided one month prior to the event, and you will help us choose them. The first Hot Topics in Accounting event will be led by Colorado Society of CPAs CEO, Alicia Gelinas. We'll discuss: ➡️ Accounting Pipeline - where are we now? ➡️ TABOR or Taboo? ➡️ Beneficial Ownership Reporting - benefiting who? ➡️ Colorado CPAs and the Political Stakes - Rolling the Dice or Stacking the Deck? ➡️ And more! https://lnkd.in/e9pbuu5Q

📈📈 TRENDING TOPIC 📈📈 What are your thoughts on the rules surrounding TABOR credit refunds 🧐 Join the conversation on Connect and learn how COCPA is addressing this issue:https://lnkd.in/ej6TVA45

Improve your professional credibility by completing a certificate program. Developed in partnership with the AICPA with curriculum designed by leading subject-matter experts, COCPA’s certificate programs set you apart within your firm and among colleagues, boosting your knowledge to the next level. https://lnkd.in/eyE88UuA

The IRS issued guidance on exceptions to the Sec. 72(t)(1) additional 10% tax on early distributions from retirement plans for emergency personal expense distributions and for domestic abuse victim distributions, which were added by the SECURE 2.0 Act (Division T of the Consolidated Appropriations Act, 2023, P.L. 117-328). The provisions of the act became effective Jan. 1. However, Notice 2024-55, issued Thursday, notes it is optional for a plan to permit emergency personal expense distributions and domestic abuse victim distributions. https://lnkd.in/eVR8_evU