Access the latest MSCPA articles plus other news and events.
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BOI Reporting Update & Concerns
FinCEN is now connecting with state societies to understand their pain points associated with filing the beneficial ownership information (BOI) reports. As background, as of July, FinCEN has only received approximately 2.5 million reports of the expected 32.6 million reports for this year. FinCEN is now focusing on raising awareness and also trying to understand any hesitation tax preparers may have in preparing the BOI reports.
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MSCPA & AICPA Continue to Advocate for Accounting as STEM
On August 1, the AICPA and all 54 State CPA Societies, including Mississippi Society of Certified Public Accountants (MSCPA), sent a letter to the Department of Homeland Security (DHS) requesting DHS recognize accounting under the “T” for Technology in Science Technology Engineering Math (STEM) education.
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AICPA Spring Council Report
The AICPA 2024 Spring Council meeting was held on Tuesday – Thursday, May 21-23 in Orlando, FL. Those in attendance from the MSCPA were Jerry Goolsby, Jan Lewis, Karen Moody, and myself. This meeting had a lot of information that was discussed and provided to Council and stakeholders.
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Mississippi Legislative Session 2024
A Report on Legislative Activities for the MSCPA
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MSCPA Joins AICPA in Letter to Voice Concerns with BOI Rollout and Request Delay of Enforcement
In a letter addressed to the U.S. Department of the Treasury and the Financial Crimes Enforcement Network (FinCEN), MSCPA and the AICPA voiced serious concerns regarding the enforcement of the Beneficial Ownership Information (BOI) reporting requirements.
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HOUSE BILL 1723: Credits Available for Contributions to Food Bank Charitable Organizations (FBCO)
Effective Date: July 1, 2023 House Bill 1723 of the 2023 Regular Session allows for a tax credit for voluntary cash contributions to eligible charitable food bank organizations (FBCO). This credit is available to taxpayers.
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MSCPA Supports Calling for an Extension and Expansion in Beneficial Ownership Reporting Requirements
The Mississippi Society of Certified Public Accountants has joined AICPA and dozens of other state CPA societies to ask the Financial Crimes Enforcement Network (FinCEN) to extend and expand the deadline for beneficial ownership information (BOI) reporting requirements, specifically for Reporting Companies Created or Registered in 2024. The beneficial ownership information (BOI) reporting requirement requires small businesses, including small CPA firms and LLCs, to report information on the “owner” of an entity.
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HOUSE BILL 1671: Credits Available for Contributions to Eligible Transitional Housing Organizations (ETHO)
House Bill 1671 of the 2023 Regular Session allows for a tax credit for voluntary cash contributions to eligible transitional home organizations (ETHO). This credit is available to both Individual and Business taxpayers.
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House Bill 1733: Revised Depreciation Methods
For the purposes of computing income tax for tax years beginning after December 31, 2022, a taxpayer may treat specified research or experimental expenditures that are paid or incurred by the taxpayer during the tax year in connection with the taxpayer’s trade or business as expenses that are not chargeable to the capital account.
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SENATE BILL 2077: Charities Audit Threshold
This bill passed during the 2023 Legislative Session is significant to members and clients. Beginning July 1, 2023, the new filing threshold for audited financial statements has been increased from $500,000 to $750,000 for those charitable organizations receiving monetary donations.
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