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1+ hour, 37+ min ago (385+ words) Sorren, based in Meridian, Idaho, has added Casey Neilon, an accounting consultancy in Nevada, to its national network, extending Sorren's presence in the Western part of the U.S. Casey Neilon was founded in 2006 and has offices in Carson City and Reno, Nevada. Financial terms of the deal were not disclosed. As part of the deal, 33 professional staff from Casey Neilon, including six partners, are joining nearly 1,000 professionals, including over 100 partners, across 24 offices at Sorren." "Joining Sorren is a meaningful step for our team and our clients," said Darsi Casey, a shareholder at Casey Neilon, in a statement Thursday. "We remain committed to the personal, advisory-focused service our clients rely on, while gaining the expanded resources and expertise of a national firm. It's a great fit that positions our clients and our team for even greater success." Sorren was formed in May…...

1+ hour, 52+ min ago (299+ words) The bipartisan bill, known as H.R. 1491, the Disaster Related Extension of Deadlines Act, was sponsored by Rep. Gregory Murphy, R-North Carolina, and Jimmy Panetta, D-California, with the support of the American Institute of CPAs. It" requires the Internal Revenue Service to treat the postponement of the federal tax return deadline due to a federally declared disaster or certain other events as an extension of such a deadline for purposes of calculating the limit on a tax refund, according to a summary. The IRS's deadline for sending certain notices would take into account such a postponement. The AICPA has advocated for the bill and expressed strong support for it and other disaster-related legislation in a February 2025 letter to leadership of the House Ways and Means Committee. The bill passed the House in April and was sent to the Senate, where it passed…...

2+ hour, 47+ min ago (515+ words) Financial advisors' basic asset location services are "one of the most powerful, yet often underutilized" strategies in portfolio management, a new Morningstar study found. And the placement of assets for the best tax efficiency and higher after-tax returns drives a substantial share of the value advisors can deliver for clients through portfolio management." The research puts more data behind what advisors already know is an important aspect of their work on behalf of clients. At the end of 2024, tax-deferred traditional individual retirement accounts, which carry duties with their decumulation withdrawals, held more than $12 trillion in assets, far exceeding assets in post-tax Roth IRAs, which have duty-free distributions in retirement. "For any real advisors out there, this is table stakes," said Dinon Hughes, a partner at Portsmouth, New Hampshire-based registered investment advisory firm Nvest Financial and a member of this year's…...

3+ hour, 8+ min ago (521+ words) "Any new plan that's established now must include an automatic enrollment provision, and that really drives behavior for employees to be automatically enrolled," said Ron Ulrich, vice president of product consulting and compliance at ADP Retirement Services. "The path to least resistance is to do nothing, and that's what most people take." Other changes involve increased catchup contributions to Roth plans as well as penalty-free withdrawals of up to $1,000 per year for emergency expenses. "There are some new emergency expense withdrawals that are available now," said Ulrich. "Those kinds of things may get employees to start saving for retirement." More than 60% of businesses of all sizes say health reimbursement arrangements (such as health savings accounts) are important to attract employees, but only 17% of small businesses and 36% of mid-sized businesses currently offer them. The top nontraditional benefits organizations believe will attract…...

6+ hour, 50+ min ago (820+ words) For solopreneurs earning under $70,000 annually, this logic often holds. The cost and complexity of incorporation may not justify the savings." But for those earning $100,000 or more, such as marketers, therapists, consultants and creators, those who are polyworking, and other high-earning solopreneurs, the math shifts dramatically. At that income level, the tax advantages of proper structuring create material financial differences. Missing the window to make these decisions before year's end means losing a full year of potential savings. The result for higher earners is consistent: thousands of dollars in unclaimed savings, missed tax strategies and benefits access tied to decisions they never actively made. Some of these issues can be addressed at any time, but others have hard deadlines. Here are five moves that matter before Dec. 31. The reason this comes first is because it has the most restrictive deadline. Beyond…...

7+ hour, 24+ min ago (434+ words) A federal appeals court has reversed a lower court decision involving the Corporate Transparency Act and its requirement for beneficial ownership information reporting by companies, finding it to be constitutional, although the Treasury Department decided earlier this year not to enforce the requirement on businesses and people in the U.S. The U.S. Court of Appeals for the 11th Circuit reversed a lower court decision Tuesday in the case of National Small Business United v. U.S. Department of the Treasury. The anti-money laundering law requires certain U.S. entities to provide basic identifying information to the Treasury Department about their true, or "beneficial," owners." The National Small Business Association, which had launched the lawsuit, noted that today, U.S. small business do not have to file any new beneficial owner reports thanks to the Treasury currently opting not to enforce the CTA against U.S. businesses. "Obviously, we are very disappointed by…...

7+ hour, 46+ min ago (263+ words) The Public Company Accounting Oversight Board sanctioned a CPA and her former audit firm for quality control violations. The board found that Jennifer Crofoot, a CPA then working as an audit partner at Fruci & Associates II, violated PCAOB rules and standards in connection with four audits. Crofoot authorized the issuance of a report containing an unqualified opinion in the audits without performing adequate " or sometimes any " procedures on material accounts, and without receiving concurring approval from an engagement quality reviewer, as PCAOB standards require. The PCAOB censured Crofoot, barred her from being an associated person at a registered public accounting firm with the ability to petition for board consent to associate after three years, and required her to complete 40 hours of continuing professional education related to auditing standards. The board also censured the firm, imposed a $50,000 civil money penalty and…...

9+ hour, 32+ min ago (224+ words) Dubin was previously OERA's deputy chief economist. (OERA conducts independent economic and risk analyses to aid the PCAOB's oversight activities.) He will succeed Joshua White in the role." Botic added, "We thank Josh [White] for all his many contributions at our organization, and we wish him well in his new role at the SEC." White joined the PCAOB as senior advisor in OERA in June 2024 and was appointed acting chief economist and OERA director in May 2025. Following his departure, he will become the chief economist and director of the division of economic and risk analysis at the Securities and Exchange Commission. The Public Company Accounting Oversight Board appointed Erik Durbin as acting chief economist and director of its office of economic and risk analysis. Zoho has bolstered its spend control and billing capacities with the release of two new products,…...

11+ hour, 27+ min ago (215+ words) When it comes to presents, most of the time I have no idea what to get. If you're still ruminating on what to get for your friends, associates and clients, maybe something a little unusable will be just the right thing for the people on your gift list, or possibly yourself if you want to make sure you receive something even if you're not on anyone else's list this year." One last thing: I hope that you and yours have a great and happy and healthy holiday and New Year's. Until next time. Wolters Kluwer announced plans to launch a new platform specifically for accounting firms transitioning from compliance-based work to an advisory-first model. The national accounting consulting firm founded by Jennifer Wilson and James Metzler celebrated its 25th anniversary. The Public Company Accounting Oversight Board has reached a deal with…...

13+ hour, 26+ min ago (728+ words) Shares of Andersen Group Inc., the U.S. arm of the professional services firm that succeeded the shuttered accounting giant Arthur Andersen, rallied 47% in its trading debut." The company's shares closed at $23.50 each in New York, above the IPO price of $16 apiece. At the closing price, Andersen would have a market value of around $2.6 billion based on the outstanding shares listed in its filings. The firm raised $176 million in an initial public offering pricing shares at the top of the range. It sold 11 million shares at $16 each, according to a statement Tuesday. The company had marketed 11 million shares for $14 to $16 each. The offering attracted investor demand for about 10 times the available shares." The San Francisco-based company had net income of $65.7 million on revenue of $668.3 million for the nine months ended Sept. 30. That's compared with net income of $144.5 million on revenue of $589.2 million…...