Monthly News & Updates March 2025 | Issue 2-25

At LNB Accounting, we believe that staying informed is absolutely essential for making savvy financial decisions, and our expert team is dedicated to providing you with timely, transparent insights.

This month marks the celebration of Women's History Month, an important occasion established in 1987 that allows us to honor and recognize the significant achievements and empowerment of women throughout the history of the United States. This celebration not only highlights the contributions of women in various fields but also extends its recognition globally through International Women's Day, observed on March 8. Let us reminder ourselves of the strides made towards gender equality and the ongoing efforts required to support and uplift women's voices and accomplishments across all sectors.

We also would like to take this opportunity to extend our heartfelt gratitude to all our esteemed clients and business partners who have chosen to embark on this incredible journey with us. Your unwavering trust and collaborative spirit have been instrumental in shaping our growth and success, and we deeply value the relationships.

President Trump announced the External Revenue Service (ERS), intending to abolish the Internal Revenue Service (IRS). His goal is simple: replace all tax revenue collected by the IRS with another agency that will collect our Tariffs, Duties, and all Revenue that comes from foreign sources. Can Trump do that?

Gov. Newsom requests nearly $40 billion in federal aid from Congress following Los Angeles area wildfires. This money will help directly support communities in both immediate and long-term recovery. Here's a breakdown of the aid requested: $9.61 billion for business recovery, $2 billion for tax-incentivized recovery, nearly $27.3 billion for community and private property recovery, $426.8 million for workforce recovery, and $352 million in wildfire resilience.

In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938, explaining that virtual currency is treated as property for federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency. The frequently asked questions (“FAQs”) expand upon the examples provided in Notice 2014-21 and apply those same longstanding tax principles to additional situations. Except as otherwise noted, these FAQs apply only to taxpayers who hold virtual currency as a capital asset.

The French National Assembly adopts ‘Zucman tax’ for 2% wealth levy. French Budget Minister Amelie de Montchalin criticized a bill adopted by the National Assembly for a 2% wealth tax, saying the measure — which is unlikely to become law — would hurt investment and job creation. This article was published on 02/21/25 by Tara Patel of Bloomberg. LNB Accounting is a paid subscriber.

Digital assets and the associated underlying blockchain technology have been expanding rapidly ever since the very first blockchain transaction occurred. The challenge with this expansion is how to account for digital assets under the U.S. GAAP: classification, measurement, recognition, investment companies, broker-dealers, crypto intangible assets lending and borrowing. This information is relevant to financial statement preparers and auditors.

Contact our office if you want to obtain a copy of the new practice aid.

This article is written based on information obtained from an archived webcast by the AICPA’s Forensic and Valuation Services Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing forensics, valuation, fraud, fair value, and damages and by the CFF Credential and ABV Credential programs which allow AICPA members to demonstrate competence and confidence in providing these services to their clients.

LNB Accounting is a member of the AICPA's Forensic and Valuation Services Section.

A U.S. judge on Tuesday extended an order blocking President Trump's administrator from instituting a sweeping freeze on trillions of dollars in federal funding by pausing grants, loans and other financial support. Each federal agency can resume: (i) issuance of new awards; (ii) disbursement of federal funds under all open awards.

While both types of audits aim to ensure accuracy and compliance, the nature of the investments and regulatory environment can lead to differences in focus and methodology.