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AICPA members and other tax preparers should know that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards were effective January 1, 2024. The AICPA SSTSs serve as the ethical framework for tax professionals and are enforceable tax standards for AICPA members. Many states also adopt the AICPA Standards to cover licensees who prepare tax returns or render tax services.

In a letter addressed to the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), MTCPA and the AICPA voiced serious concerns regarding the enforcement of the Beneficial Ownership Information (BOI) reporting requirements.

Legislation to simplify Montana’s tax laws went into effect on 1/1/24. It significantly alters Montana’s individual income tax system by making changes to filing statuses, tax brackets, and the calculation of Montana taxable income. The DoR has created a hub on their webpage with information about the new law, including resources and commonly asked questions.

With the Form PTE original due date around the corner, the department has compiled a list of common errors to avoid when filing the form. These errors are items that have been identified by the preparer community and by the department while processing returns.

The Nevada Society of CPAs administers peer review for the state of Montana. A firm that provides attest services to a client is required to undergo peer review. It is important you are aware of the Montana requirements.

Resources on Beneficial Ownership Information (BOI)

There are two new provisions affecting C corporations for tax periods after December 31, 2022.

With tax filing time right around the corner, you may be wondering if your Montana income tax rebate or property tax rebate you received in 2023 are taxable on your 2023 tax return.

The 68th Montana Legislature passed Senate Bill 303, increasing the late filing penalties for Form W-2 and Form 1099 reporting Montana mineral royalties. These penalties go into effect for forms due in 2024.

As Beneficial Ownership Information (BOI) reporting becomes more pressing for CPAs, their clients and small businesses, here’s a brief outline of some recent activities and AICPA resources that will be available soon.

MAR Notice No. 42-1074 – pertaining to Livestock Reporting Deadline Revisions to Implement House Bill 66 (2023)

The bipartisan group is charged with developing recommendations for 2025 Legislature.

The advent of cyber commerce has initiated a transformative era in the world of accounting. This digital revolution, marked by the emergence of e-commerce platforms, cryptocurrencies, and blockchain technologies, has not only expanded the accounting landscape but also introduced novel challenges and opportunities for accounting professionals.

When we think of accounting, images of tax forms, calculators, and number crunching often come to mind. However, this perception barely scratches the surface of what accounting truly entails.

New podcast, plus risk alert and town hall recordings

Four existing Montana income tax credits were updated during the 68th Montana Legislature.

MTCPA member - Rick Reisig - among the list.

In January 2021, the United State Congress enacted the Corporate Transparency Act (CTA), with a goal of detecting and reducing money laundering, fraud, and other misconduct through shell companies. As part of the legislation, almost all entities are required to file a report with details about their owners and the individuals who register the entity to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

The department has updated its wage withholding tax tables (Employer and Information Agent Guide) as well as the employee’s withholding and exemption certificate (Form MW-4) after major changes to Montana’s income tax system, including lower income tax rates.

The Montana Society of CPAs (MTCPA) is pleased to announce the second year of Accounting Opportunities Experience, a collaboration between state CPA societies and the AICPA to raise awareness of accounting career opportunities among high school students.