AICPA News is a round-up of recent announcements from the American Institute of Certified Public Accountants.
AICPA Reiterates ‘Grave Concerns’ with BOI Reporting Requirement Timeline, Requests Filing Delay
In a letter to Congressional leadership of the Senate Banking Committee and the House Financial Services Committee, the American Institute of CPAs (AICPA) recently expressed their concerns with the Financial Crimes Enforcement Network (FinCEN) Beneficial Ownership Information (BOI) reporting requirement that went into effect on January 1, 2024.
According to the AICPA, there is a worrisome lack of awareness surrounding the reporting requirements for BOI and they have raised these concerns about the complexities around the rule with FinCEN. Among these concerns are what the AICPA refers to as an “unnecessarily tight 30-day timeline for report amendments and changes,” adding that the timeline makes monitoring client information incredibly complex for tax professionals who would ordinarily catch changes and updates during their annual client meetings prior to their clients’ annual tax filing. The AICPA also noted additional complexities with staggered delays due to natural disasters.
‘Small businesses should have a reasonable chance at compliance,” continued the letter. “There is still a lack of clarity and unanswered questions about the reporting requirements which has held small businesses back from filing. To ensure small businesses remain above board with federal laws and regulations, we believe the rule should be suspended for at least a year so the small business community can become better informed of their filing requirement.”
AICPA Recognizes Tax Experts with Arthur J. Dixon Memorial Award and Jonathan Horn Distinguished Service Award
The American Institute of CPAs (AICPA) recently recognized two prominent Tax Division members during the 2024 AICPA Fall Tax Division Meeting. James W. Sansone, CPA, was presented with the Arthur J. Dixon Memorial Award and Annette Nellen, CPA, CGMA, Esq., received the Jonathan Horn Distinguished Service Award. These recipients have stood apart from their peers throughout their careers and this past year contributed valuable expertise to strengthen the accounting profession.
James W. Sansone, CPA – 2024 Arthur J. Dixon Memorial Award
James (Jim) W. Sansone, CPA, was presented with the Arthur J. Dixon Memorial Award. He is a Senior Director in the Tax Quality and Risk Management group in RSM’s National Office of Risk Management in Chicago. Sansone previously led RSM’s S Corporation Federal Specialty Tax Services Group as a member of the firm’s Washington National Tax office. As an AICPA member, Jim has served on 10 different committees and task forces for more than 40 years.
Jim is a past chair and current member of the AICPA Tax Practice Responsibilities Committee and a past chair of the S Corporation Technical Resource Panel (TRP). He also served on the AICPA’s Tax Executive Committee. He recently chaired the E-signatures task force and helped AICPA successfully encourage the IRS to extend indefinitely allowing e-signatures. He has also authored several Tax Adviser and Journal of Accountancy articles.
The Arthur J. Dixon Award is the highest award given by the accounting profession in the area of tax and given for distinguished services in the area of taxes in recognition for a “career” of contributions and volunteerism.
Annette Nellen, CPA, CGMA, Esq. – 2024 AICPA Jonathan Horn Distinguished Service Award
Annette Nellen, CPA, CGMA, Esq., a professor and MST Program Director at San Jose State University, was awarded the Jonathan Horn Tax Division Distinguished Service Award to recognize her above and beyond efforts and contributions this past year to the AICPA Tax Division.
She has been an extremely active AICPA member for more than 30 years. In the last committee year alone, Annette has served as chair of the Digital Assets Tax Task Force and as a member of the Disaster Tax Relief Task Force, State and Local Tax (SALT) Deduction PTET Task Force and State Tax Guidance on Digital Assets Working Group of the SALT Technical Resource Panel (TRP).
She is a member of the AICPA & CIMA National Tax Conference steering committee, developing the agenda and identifying speakers for this year’s conference. She also served as a speaker at AICPA’s 2024 ENGAGE conference and has been the author or co-author of multiple articles for The Tax Adviser. Annette is also a past recipient of the AICPA Sid Kess Award for Excellence in Continuing Education and the AICPA Arthur J. Dixon Memorial Award.
The AICPA Jonathan Horn Tax Division Distinguished Service Award is bestowed for outstanding current contribution to the AICPA Tax Division for the past committee year.
AICPA & CIMA Launch Global Women to Watch Recognition to Celebrate and Honor Women in the Profession
The American Institute of CPAs and the Chartered Institute of Management Accountants (AICPA & CIMA) is launching a new initiative, the AICPA & CIMA Global Women to Watch recognition, to honor women who have made significant contributions to the accounting profession and their peers. This recognition will amplify the global voices of both emerging and experienced leaders in the accounting and finance profession.
Nominations for the AICPA & CIMA Global Women to Watch for 2025 are open now and will be accepted through Jan. 15, 2025. Finalists will be selected by the organization’s Women’s Initiatives Executive Committee.
Recognition for the Global Women to Watch falls into two categories, Experienced Leaders and Emerging Leaders, which are defined below.
Experienced Leaders
An Experienced Leader is a professional who has advanced to a senior level or leadership position within her organization. Titles include, but are not limited to, partner, executive director, director, owner, elected official or appointee, etc. Criteria for this category includes a range of activities, including:
- Authorship of articles
- Major or unique contribution to the profession·
- Mentoring other professionals to support the profession pipeline or retention
- Improvement to the workplace
- Civic, foundation, community. corporate or professional association board or committee leadership
- Leading a significant initiative within their company, business, community.
- Extra-curricular activity that demonstrates strength, tenacity or dedication to a goal. (i.e., iron man, marathons, etc.)
Emerging Leaders
Defined as a professional who has made significant contributions to the profession and her community, but who has not yet reached the senior levels of leadership. Criteria include:
- Public and/or community service
- Demonstration of leadership
- Contribution to the profession
- Creation and implementation of unique initiative(s)
- Involvement with company programs, alma mater or other local colleges and universities
- Extra-curricular activity that demonstrates strength, tenacity or dedication to a goal. (i.e., iron man, marathons, etc.)
For the past several years, the AICPA & CIMA has partnered with CPA Practice Advisor on the annual Most Powerful Women in Accounting program, which recognizes C-suite and executive level leaders. This year, AICPA & CIMA will focus on Global Women to Watch and CPA Practice Advisor will oversee the Most Powerful Women in Accounting on its own.
Expanded Access Now Available for AICPA-NASBA Program That Reduces Barriers to Completion of CPA Licensure’s Education Requirement
A pilot program designed to ease attainment of the final 30 hours of the education requirement for CPA licensure will now allow accounting graduates unaffiliated with a participating accounting firm or employer to sign up, as long as they are employed full time.
The Experience, Learn and Earn (ELE) Program – jointly developed by the American Institute of CPAs (AICPA) and the National Association of State Boards of Accountancy (NASBA), and offered through Tulane University’s School of Professional Advancement – has so far focused on participants recruited directly by accounting firms, companies, not-for-profits and government entities. But now accounting graduates who are earning a paycheck from an employer not associated with the program can now sign up, too.
The program currently has 105 students enrolled this fall, representing more than 50 employers. Registration for the Spring 2025 semester is currently open until Jan. 1, 2025.
The ELE program is for individuals who have completed their bachelor’s degree and core accounting classes but possess fewer than the 150 credit hours required for licensure. Here’s how the program works:
- Full-time, employed accounting graduates can either join through an ELE-affiliated employer or sign up on their own
- Program participants earn up to 30 university credits through online courses, and credit-hour costs are set at highly affordable rates
- Participating employers are expected to support their employees, examples of which may include, but are not limited to:
- flexible work schedule
- tuition reimbursement
- mentoring to help program participants work toward their CPA license
- The program is open to all employer types, including not-for-profit, businesses and government entities
- Accounting graduates who sign up on their own rather than through participating employers may not necessarily have the same support or mentoring opportunities as those who have direct sponsorship
As part of the ELE program, students receive a curated course list that focuses on the skills and knowledge they need to be successful. The current list has over 25 courses, with more to be added as the program expands.
The AICPA & CIMA Recognized as an Apprenticeship Ambassador by the U.S. Department of Labor
TheAICPA & CIMA, which together form the Association of International Certified Professional Accountants, has been recognized by the U.S. Department of Labor’s (DOL) Office of Apprenticeship as an Apprenticeship Ambassador.
The Apprenticeship Ambassador Initiativecreates a national network of employers, labor organizations, industry associations, program sponsors, educators, workforce intermediaries, minority-serving institutions, community-based organizations, and other stakeholders to serve as champions for expanding and diversifying Registered Apprenticeship.
Apprenticeship Ambassadors partner with DOL to:
- Promote and expand awareness of the benefits of Registered Apprenticeship
- Identify and scale innovative practices and partnerships
- Increase access and support for underrepresented and underserved populations
- Communicate the business case for Registered Apprenticeship as a mainstream workforce strategy
Additional benefits of this designation for the AICPA & CIMA and the accounting profession include:
- Leadership in Workforce Development: Highlights AICPA & CIMA’s leadership in addressing critical workforce challenges.
- Expansion of Opportunities: Enables AICPA & CIMA to promote the benefits of apprenticeships more widely by creating a bridge for students and career-changers.
- Alignment with National Workforce Priorities: AICPA &CIMA’s inclusion in this initiative signals that the accounting profession is at the forefront of innovation in talent development..
- Enhancing Apprenticeship Models: Allows for enhancement AICPA & CIMA’s existing registered apprenticeship programs, such as the Finance Business Partner apprenticeship and the youth apprenticeship version.
- Driving Industry Standards: As an Apprenticeship Ambassador, AICPA & CIMA is well-positioned to influence the standards for apprenticeships in finance and accounting, and potentially for similar programs in other industries.
To learn more about the U.S. Apprenticeship programs contact Joanne Fiore at joanne.fiore@aicpa.cima.com
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Tags: Accounting
