News

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.

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 very essence of AI is the removal of unnecessary busy work. The more of this you can do in your firm, the more you will be able to optimize productivity.

The Internal Revenue Service is giving people until 2026 to comply with a new requirement for Roth catch-up contributions.

For many years, Congress has passed income tax laws designed to mitigate the so-called “marriage penalty.” The marriage penalty occurs when a married couple with similar incomes incurs a higher tax liability by filing taxes jointly than if they would by filing as two single taxpayers. Examples of such provisions by Congress to attempt to alleviate this burden include lower income tax brackets, increased alternative minimum tax (AMT) exemption amounts, and most notably a higher standard deduction for married taxpayers filing jointly.

As health care costs and life expectancy rates rise, CPAs should ensure their clients are preparing for the potential need for long-term care.

Twenty percent of respondents said their firm or company has warned employees against the unauthorized use of generative AI at work.

Accounting and finance departments are hoping to diversify their workforce, especially with the ongoing shortages of young accountants joining the profession, but one segment of the population that's often left out of the discussion on diversity, equity and inclusion is "neurodiverse" or "neurodivergent" people.

Although stress in public accounting is unavoidable, especially during the busy season, excessive amounts can be dysfunctional for both individual CPAs and their firms. Prolonged exposure to high levels of stress can lead to psychological symptoms of depression and anxiety. Stress-related illnesses can decrease performance, generate health problems for individuals, increase group health premiums for organizations, increase absenteeism, and increase turnover. CPA firms can proactively address these stress-related costs by recognizing the drivers of the stress and tailoring responses accordingly.

While women have been making strides in accounting, they still tend to be underrepresented in top leadership roles and face issues related to pay equity and work-life balance. Women leaders have been negatively impacted by a recent decline in public trust, too.

You may have seen a news story about one of the many tax credits that have been proposed during session this year. Maybe it was related to a topic you support and as you read you were surprised to see that the Montana Society of CPAs was the lone opponent to the bill. So why is the Society opposed to tax credit?

It is no secret that nonprofit organizations have historically struggled to recruit and retain quality accountants, controllers, and CFOs. That struggle is about to get worse.

The future of accounting education has been a topic of concern for the profession’s leaders for years in the light of demographic shifts, competition for talent, and declining enrollments. The authors, following up a previous article on the subject, take another look at trends in enrollment, hiring, and sitting for the CPA exam. The authors fear that without major changes—more flexibility in education and licensing, higher salaries, and greater work/life balance—these trends will continue in a negative direction and imperil the future of the profession.

The recent CPA Evolution Project represents the accounting profession’s attempt to transform the CPA licensure model to fit the skills and competencies that new CPAs will require today and in the future. It marks the most significant change to the Uniform CPA Examination in many years. This article describes the changes to the structure and content of the exam, assesses the likely impact of the changes, and discusses how universities will need to adapt their curricula to new exam.