1-Minute Update: Recent and Upcoming Audit, Accounting & Tax Dates to Watch

Finance teams, nonprofit leaders, and business owners do not need to track every technical update, but they should know which changes may affect upcoming audits, tax planning, reporting, and compliance.

Here are a few recent and upcoming effective dates to keep on your radar.

Single Audit Threshold: Fiscal Years Beginning On or After October 1, 2024

The Single Audit threshold under Uniform Guidance increased to $1,000,000 in federal awards expended during the fiscal year. The revised threshold applies to auditee fiscal years beginning on or after October 1, 2024.

For calendar-year organizations, this generally means the new threshold applies beginning with the year ending December 31, 2025.

Even if an organization falls below the threshold, federal award documentation and internal control requirements still matter.

2025 OMB Compliance Supplement

Organizations preparing for Single Audits should make sure they are using the current OMB Compliance Supplement. OMB’s current Compliance Supplement page lists the 2025 Compliance Supplement and prior-year supplements.

This matters for organizations evaluating major program compliance requirements, preparing grant files, or reviewing internal controls over compliance.

FASB Crypto Asset Accounting: 2025 Calendar-Year Financial Statements

ASU 2023-08 applies to all entities for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. For calendar-year entities, that means the guidance generally applies beginning with 2025 financial statements.

Organizations holding in-scope crypto assets should review measurement, presentation, and disclosure requirements before year-end.

FASB Income Tax Disclosures: 2026 Calendar-Year Financial Statements for Private Companies and NFPs

ASU 2023-09 is already effective for public business entities for annual periods beginning after December 15, 2024. For entities other than public business entities, including many private companies and certain nonprofits, it is effective for annual periods beginning after December 15, 2025.

For calendar-year private companies and applicable nonprofits, that generally means the guidance applies to 2026 financial statements. Finance teams should review tax disclosure requirements before the next audit cycle.

Group Audits: Periods Ending On or After December 15, 2026

SAS 149 is effective for audits of group financial statements for periods ending on or after December 15, 2026.

This matters for organizations with multiple components, locations, programs, component auditors, or complex consolidation structures. Firms and auditees should expect more focus on group audit planning, risk assessment, component involvement, and communication.

2026 Business Mileage Rate

The IRS business standard mileage rate is 72.5 cents per mile for 2026. Businesses should update reimbursement policies, accountable plan procedures, and mileage logs for business miles driven in 2026.

Form 1099-K Threshold Reverted

The Form 1099-K reporting threshold reverted to $20,000 and more than 200 transactions for third-party settlement organizations. This is relevant for businesses, online sellers, gig workers, and organizations receiving payments through third-party platforms. Income may still be taxable even if a Form 1099-K is not issued.

Quick Takeaway

The common theme is preparation. Upcoming audits and tax filings will go smoother when organizations update policies, track effective dates, document controls, and review reporting changes before year-end.