Latest news with #AICPA
Yahoo
a day ago
- Business
- Yahoo
AICPA opposes limitations on tax deductions
The American Institute of CPAs (AICPA) has reiterated its stance against the proposed limitations on state and local tax (SALT) deductions for specified service trades or businesses (SSTBs) in the One Big Beautiful Bill Act. The body sent a second letter to the Senate Finance and House Ways & Means Committees highlighting the need for modifications to the 'troubling' tax proposals. In the letter, the AICPA said: 'We are sensitive to the challenges in drafting a budget reconciliation bill that permanently extends tax provisions, enhances tax administrability, and balances the interests of individual and business taxpayers. 'While we support portions of the legislation, we do have significant concerns regarding several provisions in the bill, including one which threatens to severely limit the deductibility of SALT by certain businesses. This outcome is contrary to the intentions of the One Big Beautiful Bill Act, which is to strengthen small businesses and enhance small business relief.' The AICPA called for an allowance for business entities, including SSTBs, to deduct SALT paid or accrued in trade or business activities. This move aligns with the Tax Cuts & Jobs Act's original intent and has been sanctioned by the Internal Revenue Service. The current House version of the bill is criticised for unfairly targeting SSTBs by restricting their SALT deduction capabilities. The AICPA also addressed the risks of contingent fee arrangements in tax preparation, suggesting they could lead to abuse. They recommended removing an amendment that could permanently disallow business losses without offsetting business income. The letter warned against laws that financially harm businesses and discourage professional service-based business formation. The AICPA supported provisions in the bill, such as using section 529 plan funds for credential expenses, tax relief for natural disaster-affected individuals and businesses, and making the qualified business income deduction permanent. They also advocated for the preservation of the cash method of accounting and increasing the Form 1099-K reporting threshold. In addition, the AICPA endorsed permanent extensions of international tax rates and provisions that offer greater certainty and clarity. It also shared a list of endorsed legislation, principles of good tax policy, and a compendium of proposals for simplifying and technically amending the Internal Revenue Code. AICPA Tax Policy & Advocacy vice-president Melanie Lauridsen said: 'While we are grateful to Congress for many provisions in this bill, the unfair targeting of certain types of businesses creates inefficiencies in business decision-making and could result in negative, long-lasting impacts on the economy. 'We hope that Congress will consider our recommendations and make the necessary changes that will create parity between all businesses.' Earlier in May 2025, the AICPA submitted comments to the US Department of the Treasury and the Internal Revenue Service on proposed regulations concerning previously taxed earnings and profits and related basis adjustments. "AICPA opposes limitations on tax deductions" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malaysian Reserve
6 days ago
- Business
- Malaysian Reserve
Valtech Launches Free Startup Valuation Planning Tools in its Mobile App
KUALA LUMPUR, Malaysia and SINGAPORE, May 26, 2025 /PRNewswire/ — Valtech, an international innovator in valuation technology, has rolled out a major update to its mobile app, introducing an expanded suite of valuation tools tailored for startups. This significant release underscores Valtech's commitment to supporting early-stage companies in navigating the fundraising process with clarity and confidence. The update includes two powerful additions: Startups Fundraising Valuation Planning and the Pre vs Post Money Valuation Calculator, designed to demystify the intricacies of valuation dynamics and equity structuring throughout successive funding rounds. A Simple Way to Navigate Fundraising At the heart of the update is the Startups Fundraising Valuation Planning module, an interactive and intuitive forecasting engine built specifically for early-stage businesses. This tool enables startup founders to simulate multiple rounds of funding, mapping out changes in ownership and company valuation from Angel and Seed rounds through to Series A, B, and C. By entering key variables—such as the fundraising target for each round, the percentage of shares offered to new investors, the post-money valuation, and projected capital increases—founders receive an analytical breakdown of valuation growth and ownership dilution over time. Pre vs Post Money Valuation Calculator Complementing the planning module, the Pre vs Post Money Valuation Calculator provides a fast and simple way to assess investor equity stakes under various funding scenarios. Founders input their current pre-money valuation target, the percentage of shares they plan to issue to new investors, and their post-money valuation. Based on these inputs, the calculator instantly derives the proportion of the company that will be owned by incoming investors on a fully diluted basis. The calculator is designed for founders and fund managers to do quick test when they are having face to face informal discussion on valuation. It helps avoid common misunderstandings about valuation terminology and ensures that cap table implications are fully grasped ahead of any deal. A Connected Valuation Ecosystem for the Startup Journey These new tools are part of Valtech's broader initiative to provide a connected, user-centric platform for startups and valuation professionals. Within the app, users can: Explore Valtech's global Service Catalog featuring detailed descriptions of valuation offerings across industries such as tech, healthcare, and real estate Access real-world Case Studies and testimonials to better understand valuation applications Connect via Live Chat with credentialed valuation experts (e.g. CFA, CPA, CVA, ABV by AICPA) for tailored guidance Receive assistance from Valtech's AI Valerie, powered by a proprietary financial knowledge engine, for general enquiries on valuation Valtech's platform also opens doors for qualified professionals to join as expert partners, contributing their regional expertise while collaborating with a broader international network. Redefining Accessibility in Valuation This release marks a new chapter in Valtech's mission to democratize professional-grade valuation tools. By combining an intuitive interface with versatile features, the app transforms an often opaque and technical process into a structured, strategic planning experience. The Valtech App's latest updates are available now on iOS and Android. Startups, investors, and experts worldwide can download the app to leverage Valtech's end-to-end valuation ecosystem. iOS: Android: About Valtech Valuation Valtech originated as a professional service from Asia, blending the distinct philosophies and strengths of Hong Kong SAR and Singapore to deliver international-caliber projects with dedication. Valtech provides valuation services for cross-border transactions in almost every industry (including investment projects financed by the World Bank). Valtech's qualified team comprises members with PhD, CPA, CFA, Chartered Valuation Surveyors of the Royal Institution of Chartered Surveyors, and valuers accredited with Business Valuation (ABV) by AICPA and CVA qualifications in Singapore. For more information, visit: Media Contact:Max Tsang / Marvin Wong / Jimmy WongT: +852 23889262Email: admin@ Singapore:Ritika Gupta+65 84949455admin-sg@
Yahoo
21-05-2025
- Business
- Yahoo
AICPA submits comments on PTEP basis adjustments regulations
The American Institute of CPAs (AICPA) has submitted comments to the US Department of the Treasury and the Internal Revenue Service (IRS) on proposed regulations concerning Previously Taxed Earnings and Profits (PTEP) and related basis adjustments. The regulations under Sections 959 and 961 of the Internal Revenue Code are designed to prevent double taxation of US shareholders with income from controlled foreign corporations (CFCs). The proposed regulations aim to clarify the rules governing the PTEP regime, including stock basis adjustments, foreign currency gains or losses, and the allocation of foreign tax credits. The AICPA's recommendations seek to improve these regulations for taxpayers. One key suggestion from the AICPA is to explicitly allow taxpayers to rely on the proposed regulations until they are finalised. Additionally, the AICPA recommends extending the model for PTEP distributed through partnerships to foreign nongrantor trusts under Section 959. The AICPA also proposes to coordinate the rules of subchapter J with subpart F by treating PTEP as distributed from the CFC to the foreign nongrantor trust. Subsequent distributions to beneficiaries should be considered recoveries of that PTEP. If the above recommendation is not adopted, the AICPA suggests that distributions of excludable PTEP to beneficiaries be treated similarly to tax-exempt income or trust principal, which would not trigger current taxation under the distributable net income model or the throwback anti-deferral regime. Furthermore, under Section 961, the AICPA advises extending the concept of derived basis to foreign nongrantor trusts, allowing these entities to have a derived basis in CFC shares. AICPA Tax Policy & Advocacy senior manager Reema Patel said: 'There is some uncertainty regarding taxpayer's continued reliance on Notice 2019-01 and the portions of the proposed regulations that apply the 2019 Notice provisions.' 'The lack of an express statement in the proposed regulations creates uncertainty among taxpayers about which aspects of the proposed regulations may be viewed as a reasonable interpretation of the statute and existing final regulations. Therefore, we recommend that Treasury and the IRS expressly allow taxpayers to rely on the proposed regulations in their entirety until they are finalised.' Meanwhile, in a recent move, AICPA named Rahul Gupta as the chairman of its Financial Reporting Executive Committee. "AICPA submits comments on PTEP basis adjustments regulations" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
20-05-2025
- Business
- Yahoo
AICPA appoints Rahul Gupta as chairman of FinRec
The American Institute of CPAs (AICPA) has appointed Rahul Gupta as the chairman of its Financial Reporting Executive Committee (FinREC). Based in Chicago, Gupta is an audit partner in Grant Thornton's National Office as well as a principal at Grant Thornton Advisors, where he assists teams and clients with complex accounting issues and develops thought leadership on accounting standards. Gupta has been contributing to FinREC since May 2022 and is also a member of the AICPA's Digital Assets Working Group. His prior experience includes a significant role at the Financial Accounting Standards Board (FASB) as a practice fellow and senior project manager, where he helped enhance U.S. GAAP with his technical knowledge and practical insights. Gupta's role also involves liaising with key standard-setting bodies such as FASB, the International Accounting Standards Board (IASB), and the Securities and Exchange Commission (SEC). FinREC outgoing chair and a managing director at Deloitte Mark Crowley said: 'Rahul brings extensive experience and significant acumen in accounting standards to FinREC,' 'He has made substantial contributions as a volunteer on FinREC and other AICPA working groups and is an excellent choice to lead FinREC.' AICPA's director of accounting standards Kim Kushmerick said: 'Having worked with Rahul for many years, we are fortunate to have someone with his knowledge and experience to chair FinREC.' FinREC's mission is to articulate the AICPA's technical policies on financial reporting standards and act as its voice on these matters. The committee aims to serve the public interest by fostering improvements in financial reporting. Earlier in May 2025, the AICPA announced the retirement of Carl Peterson, its vice-president for small firm interests, on 30 June 2025. "AICPA appoints Rahul Gupta as chairman of FinRec" was originally created and published by The Accountant, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Wire
19-05-2025
- Business
- Business Wire
ISACA Launches Groundbreaking Advanced in AI Audit (AAIA) Certification
BUSINESS WIRE)--AI literacy tops the list of the 15 fastest-growing skills professionals need to stay competitive in today's environment, according to a new LinkedIn report. Designed to meet the needs of audit professionals who are facing an evolving tech and compliance landscape with AI at the forefront, ISACA has introduced the ISACA Advanced in AI Audit (AAIA) certification —the first advanced audit-specific artificial intelligence certification designed for experienced auditors. AAIA allows experienced auditors to demonstrate their knowledge on AI governance, risk, operations and tools. The certification showcases IT audit professionals who can navigate the complexities of AI, demonstrating they have the skills to respond to risks, identify opportunities, and ensure compliance while safeguarding organizational integrity. Built on ISACA's trusted expertise in IT audit and the rigorous standards behind renowned credentials like Certified Information Systems Auditor (CISA) from ISACA, Certified Internal Auditor (CIA) from Institute of Internal Auditors (IIA), and Certified Public Accountant (CPA) from American Institute of Certified Public Accountants (AICPA), this certification validates expertise in conducting AI-focused audits, addressing AI integration challenges, and enhancing audit processes through AI-driven insights. In addition to being able to audit systems that utilize AI, IT audit professionals can leverage AI tools and techniques to streamline audits, reduce manual effort, and boost operational efficiency for faster, more accurate decision-making, while maintaining the highest standards of accuracy, compliance and innovation. Those with an active CISA from ISACA, CIA from IIA, and CPA from AICPA are eligible to pursue the AAIA, which covers the key domains of AI governance and risk, AI operations, and AI auditing tools and techniques. 'ISACA is proud to have served the global audit community for more than 55 years through our audit and assurance standards, frameworks and certifications, and we are continuing to help the community evolve and thrive with the certifications and training they need in this new era of audits involving AI,' says Shannon Donahue, ISACA Chief Content and Publishing Officer. 'Through AAIA, auditors can demonstrate their expertise and trusted advisory skills in navigating AI-driven challenges while upholding the highest industry standards.' Exam preparation options include the AAIA Review Manual, as well as the AAIA Online Review Course and Questions, Answers, and Explanations Database (QAE), both of which allow one year of access to allow for time to fully prepare for success on the exam. Additional AI Resources, Training, Credentials A recent survey from ISACA found that 85 percent of digital trust professionals, including auditors, say they will need to increase their skills and knowledge in AI within two years to advance or retain their job, and 94 percent say AI skills will be important for digital trust professionals to have. With this in mind, ISACA also has recently released a range of AI courses and resources. This also includes another new AI certification in Q3—the Advanced in AI Security Management (AAISM) credential, which can be earned by CISMs and CISSPs. Learn more about AAIA at More information about ISACA's other credentials can be found at About ISACA For more than 55 years, ISACA ® ( has empowered its community of 185,000+ members with the knowledge, credentials, training and network they need to thrive in fields like information security, governance, assurance, risk management, data privacy and emerging tech. With a presence in more than 190 countries and with nearly 230 chapters worldwide, ISACA offers resources tailored to every stage of members' careers. Through the ISACA Foundation, ISACA also expands IT and education career pathways, fostering opportunities to grow the next generation of technology professionals.
