From the blog

Business Frame Weekly – Biden and McCarthy announced a deal to increase the government's debt limit / Bitcoin climbed to the highest level in more than two weeks

The AICPA State and Local Tax Technical Resource Panel (SALT TRP) continues to see states moving ahead with adopting and implementing new passthrough entity taxes (PTETs).

Business Frame Weekly – Deposit runs have led to the collapse of three U.S. banks this year / Washington is publicly planning for what the world could look like on June 1 if no debt-ceiling deal is in place.

Business Frame Weekly – Deposit runs have led to the collapse of three U.S. banks this year / Washington is publicly planning for what the world could look like on June 1 if no debt-ceiling deal is in place.

Business Frame Weekly – The Federal Accounting Standards Advisory Board (FASAB) is seeking public comments as a part of its Reexamination of Existing Standards project / U.S. Treasury yields rose Tuesday

The Federal Accounting Standards Advisory Board (FASAB) is seeking public comments as a part of its Reexamination of Existing Standards project

Business Frame Weekly – Banks tightened lending standards for businesses and households / Tennessee, Texas, Florida, and the Carolinas are popular relocation spots because these states don’t tax income

Banks tightened lending standards for businesses and households during the first quarter and expect to keep tightening for the rest of 2023, according to the Federal Reserve's quarterly survey of senior loan officers.

Business Frame Weekly – Japan shares poised to rise; Hong Kong, Australia look steady / April turned out to be great month for most S&P 500 investor

Japan shares poised to rise; Hong Kong, Australia look steady. Meta raises $8.5 billion to lead investment-grade issuance.

Business Frame Weekly – The Internal Revenue Service has slightly revised its 2014 guidance on the treatment of virtual currency/ First Republic (FRC) stock fell as much as 20%

The Internal Revenue Service has slightly revised its 2014 guidance on the treatment of virtual currency to reflect the fact that some countries now accept Bitcoin as legal tender.

Business Frame Weekly – China will be the top contributor to global growth / U.S. stocks closed higher during Monday's trading session

China will be the top contributor to global growth over the next five years, with its share set to be double that of the US, according to the International Monetary Fund.

Business Frame Weekly – Property taxes increased twice as fast last year than in 2021 in the US/ Starwood Capital CEO Barry Sternlicht says inflation is going to drop

Business Frame Weekly – Property taxes increased twice as fast last year than in 2021 in the US

Business Frame Weekly – After a rough month from mid-February to mid-March, investors have reason for some positive sentiment. / The National Retail Federation has issued its annual forecast.

After a rough month from mid-February to mid-March, investors have reason for some positive sentiment.

Business Frame Weekly – Some of the world's largest central banks came together on Sunday to stop a banking crisis from spreading / The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU)

Some of the world's largest central banks came together on Sunday to stop a banking crisis from spreading

Business Frame Weekly – Bitcoin Erased Roughly 67% of its Value / C-Suite Individuals Receive Compliance Requirements

After hitting an all-time peak of around $69,000 per unit on November 10, 2021, the world's leading digital currency Bitcoin has since erased roughly 67% of its value, sitting at about $23,500 right now.

Business Frame Weekly - FAF Debuts Free Access to ASC and GARS / IRS Posts Final Regs on E-Filing Requirements / Assurance Levels Up in ESG Reporting

Read more to learn all about Business Frame Weekly - FAF Debuts Free Access to ASC and GARS / IRS Posts Final Regs on E-Filing Requirements / Assurance Levels Up in ESG Reporting.

Business Frame Weekly - AICPA Proposes Changes to Internal Revenue Code / IRS Processed 29% More Returns YoY / QuickBooks Business Network Now Live

The AICPA recently sent 61 proposals for changes to the Internal Revenue Code to Congress as part of the 2023 AICPA Compendium of Tax Legislative Proposals.

Business Frame Weekly - 2022 State Payments are Non-Taxable / Document Mgmt Inefficient at Accounting Firms / IRS Asked to Revamp Examination Function

The IRS confirmed on Friday that taxpayers in certain states will not have to report state general welfare or disaster relief payments or refunds in 2022 on their federal tax returns.

Business Frame Weekly - New Guidance for Quality Control Remediation / U.S. Recession Odds Down to 25% / AI Enhancements to TurboTax Live

A new staff report by the PCAOB offers advice to help audit firms remedy quality control criticisms cited in the inspection process.

Business Frame Weekly - FAF Announces Free Online Portal / Tax Break Proposal for Beauty Salon, Barber Tips / W-2 Statements Due by January 31

Financial accounting standards will be more widely accessible to the public after the Financial Accounting Foundation (FAF) revealed a free, enhanced online portal this week.

Business Frame Weekly - QuickBooks Business Network to Automate B2B Payments / Tax Season 2023 / 20% of U.S. Business Plan to Reduce Staff

Intuit QuickBooks Business Network to Accelerate and Automate B2B Payments for Millions of U.S. Businesses

Business Frame Weekly - 2023 Tax Filing to Start Jan 23 / Troubleshooting QuickBooks Opening Balances / Effective Big Corporation Tax Rate Fell to 9%

The average effective tax rate of profitable large corporations fell from 16% in 2014 to 9% in 2018 after passage of the Tax Cuts and Jobs Act of 2017, according to a report released last Friday by the Government Accountability Office.

Business Frame Weekly - $80 Billion IRS Funding Bill Reintroduced / IRS Issues 12 Million Refunds / Audits Drop Slightly in 2022

The Family and Small Business Taxpayer Protection Act was reintroduced on Monday in order to rescind the extra $80 billion funding for the IRS under the Inflation Reduction Act.

Business Frame Weekly - IRS Issues Interim Guidance / U.S. Holiday Retail Sales Up 7.6% / Congress Passes SECURE 2.0

According to the IRS, two notices provided interim guidance on the application of the Inflation Reduction Act’s corporate stock repurchase excise tax and the new corporate alternative minimum tax.

Business Frame Weekly - IRS $600 Threshold Rule Delayed / New York Salary Transparency Law Passed / PCAOB Proposes New Auditing Standard

According to recent guidance by the IRS, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K for the $600 threshold amount enacted as part of the American Rescue Plan of 2021.

Business Frame Weekly - 2023 GAAP Fin’l Reporting Taxonomy Available / Inflation to Fuel More Small Business Formation / 1099-K Reporting Threshold Reduced

The FASB announced on December 16 that the 2023 GAAP Financial Reporting Taxonomy (GRT) is now available, containing updates for accounting standards and other recommended improvements.

Business Frame Weekly - Financial Acct’g Foundation Appoints New Member / Salary Transparency Laws Challenge Small Businesses / Audit Deficiencies to Increase 25% YoY

The Board of Trustees of the Financial Accounting Foundation (FAF) is appointing Katherine (Katina) Curtis to the Private Company Council (PCC) for a three-year term effective on January 1, 2023. The PCC advises the FASB on the accounting treatment for private companies.

Business Frame Weekly - U.S. Labor Participation Rate Fell to 62.1% / FASB Issues Accounting Standards Update / Intuit Small Business Revenue Up 38%

Businesses are continuing to struggle to find enough workers as the U.S. labor force participation rate fell to 62.1%, according to government data released last week. The rate for workers aged 25 to 54, specifically, dropped from 82.5% to 82.4%.

Business Frame Weekly - FASB Seeks Input on Conceptual Framework / SEC Unveils 5-Year Strategic Plan / Alation Connected Sheets Launches

The Financial Accounting Standards Board (FASB) is currently seeking comments from stakeholders on the proposed new chapter of its Conceptual Framework related to the recognition/derecognition of an item in financial statements. Comments are due by Feb 21, 2023.

Business Frame Weekly - IRSAC Members Discuss Modernization / Crypto Traders Up 149% in 2020 / QuickBooks Desktop UK Discontinuing

The IRS Advisory Council (IRSAC) suggested in a report issued Wednesday that the IRS must build better trust with Congress members and speak more plainly with taxpayers in order to “modernize” the agency.

Business Frame Weekly - U.S. Inflation Cooling / Accounting & Finance Apprenticeship Program Launches / Financial Benefits of Offering a 401(k)

U.S. inflation cooled down in October by more than forecast. According to a Labor Department report, the consumer price index was up 7.7% year-over-year, and core prices advanced 6.3%, pulling back from a 40-year high.

Business Frame Weekly - Intuit Expects Above-Guidance Fiscal Year 2023 / Supreme Court May Challenge SEC, FTC / IRS Tax Gap to Increase

Global financial tech platform Intuit Inc., which consists of TurboTax, Credit Karma, QuickBooks, and Mailchimp, expects to report results for the first quarter fiscal 2023 above guidance ahead of its Nov 29 earnings announcement.