Tax, accounting, auditing news - Journal of Accountancy

December 10, 2025

Audit transformation road map: New report lays out the journey

A CPA.com and AICPA survey of more than 50 firms unearthed five key themes for audit transformation and a step-by-step approach for a smooth rebuild.

December 9, 2025

IRS clarifies health savings account changes in H.R. 1 in new notice

Among other changes, the guidance explains that bronze and catastrophic plans are considered HSA-compatible under Sec. 223.

December 9, 2025

Governmental Audit Quality Center analyzes 2025 OMB Compliance Supplement

Several GAQC resources are available to assist practitioners involved in single audits and federal grant compliance with putting the delayed OMB supplement to use.

December 8, 2025

FASB issues standard to improve interim reporting

The Accounting Standard Update aims to clarify existing reporting requirements, in part by creating a comprehensive list of interim disclosures that are required in interim financial statements.

December 8, 2025

New SEC chair to CPAs: ‘Back to basics’

Paul Atkins, appearing at the AICPA Conference on Current SEC & PCAOB Developments, asked accounting professionals to focus on financial materiality and provided his thoughts on the future of the PCAOB, crypto, and IPOs.

December 8, 2025

PTEs need more notice of changes, more time to respond, AICPA says

In a letter to Treasury and the IRS, the AICPA seeks changes to tax reporting requirements for partnerships and S corporations.

December 5, 2025

Government withdraws defense of retirement fiduciary rule

The Justice Department dropped its appeal in a case challenging a Biden-era regulation, leaving financial advisers free from new fiduciary duties for now.

December 5, 2025

IRS announces prop. regs. on international tax law provisions in OBBBA

The proposed regulations will deal with changes included in H.R. 1, P.L. 119-21, commonly known as the One Big Beautiful Bill Act.

December 5, 2025

PEEC releases clarifying guidance on independence in SSAE engagements

The AICPA Professional Ethics Executive Committee’s revisions clarify independence requirements and will be effective June 15, 2026.

December 4, 2025

FASB publishes guidance on accounting for government grants

A new Accounting Standards Update establishes previously missing GAAP guidance related to the recognition, measurement, and presentation of government grants received by a business entity.

December 4, 2025

Overall economic view slides, but CPAs feel better about their companies

Nearly 50% more CPA decision-makers are optimistic about their own companies versus the U.S. economy on the whole, according to the quarterly AICPA and CIMA Economic Outlook Survey.

December 3, 2025

IRS outlines details for Trump accounts

The IRS released initial details on Trump accounts, a new type of IRA for some children. Also, a billionaire business executive pledged $6.25 billion to provide 25 million children with a $250 contribution to a Trump account.

December 1, 2025

New regs. reshape 1% stock buyback tax, drop funding rule

The IRS published final regulations that scrap the proposed funding rule and ease compliance for M&A deals, preferred stock, and netting provisions.

November 25, 2025

FASB updates guidance for hedge accounting, purchased loans

A pair of recently published Accounting Standards Updates recommend five areas for applying economic hedges and address stakeholder concerns related to accounting for acquired financial assets.

November 24, 2025

AICPA, state CPA societies call for accounting program recognition

A Department of Education proposal does not include accounting in its list of professional degree programs, a designation that helps determine education loan eligibility.

November 24, 2025

AICPA asks Treasury, IRS to change approach to dual consolidated losses

A letter urges an exception to the current “all or nothing” approach that prevents U.S. companies from deducting any part of a dual consolidated loss if even a portion of the DCL was used in a foreign country.

November 24, 2025

About 1 million taxpayers to get automatic penalty relief next year

During a session at the AICPA National Tax Conference, the national taxpayer advocate said the IRS will start applying first-time abatements automatically next year.

November 21, 2025

IRS clarifies how employees can claim 2025 tip and overtime deductions

The IRS also is updating some income tax forms and instructions to help taxpayers claim the deductions.

November 19, 2025

AI and the audit: Finance leaders strongly support forward-thinking firms

Nearly all CFOs and finance directors in a BDO survey say they would pay more to work with audit firms that rely on artificial intelligence and other advanced technologies.

November 19, 2025

AICPA warns that merger of IRS offices would ‘confuse’ taxpayers

The proposed merger of the Office of Professional Responsibility and the Return Preparer Office would blur “the public’s ability to perceive the distinction between credentialed, uncredentialed, and unenrolled preparers,” the AICPA said in a letter.