A TIGTA report linked ghost preparers to $179 million in refund claims over two years. Its findings come as legislators consider the Taxpayer Assistance and Service Act, which would expand IRS oversight of paid tax return preparers.
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PCAOB’s latest data reveals cleaner inspection findings
The board’s review of 2025 public company audit inspections revealed a significant decrease from 2024 in instances where an audit firm failed to obtain sufficient appropriate evidence to support its opinion on a financial statement.
AICPA: Trump account regulations make 2026 rollout difficult
Proposed regulations governing employer contributions to Trump accounts are “administratively burdensome” and make a 2026 rollout potentially difficult, the AICPA said. A letter to the IRS and Treasury asked for employers to be given more time and for the programs to be easier to administer.
FASB seeks to reduce inconsistencies tied to customer-related payments
Stakeholders have until Nov. 23 to comment on a proposed Accounting Standards Update related to Topic 606, Revenue from Contracts with Customers. Also, FASB is set to hold an update for private companies and not-for-profits.
AI is reshaping finance jobs rather than eliminating them, survey finds
Just 3% of CFOs report actively reducing headcount where AI has replaced work in the finance function, although few organizations are yet in position to fully implement AI across all workflows.
Ellison-Taylor, Dodaro receive AICPA’s highest honors
A pioneering former AICPA chair and the former head of the U.S. Government Accountability Office were honored as Gold Medal award recipients at Council.
Problem solved: A math example of CPA-led assurance using AI agents
A CPA who recently solved a 40-year-old math problem using AI believes that the “gold rush” to solve similar problems is creating a golden opportunity for CPAs in the assurance space.
AICPA partners on new offering that assures AI systems and agents
The first-of-its-kind assurance certification, developed with the Artificial Intelligence Underwriting Company, is in a piloting phase and is expected to fully launch in early 2027.
Final regulations clear path for direct IRS card payments
The IRS on Friday issued final regulations implementing Taxpayer First Act provisions that would allow taxpayers to make credit and debit card tax payments directly to the IRS rather than through third-party payment processors. The final regulations adopt, without change, proposed regulations issued in July 2024.
IRS urged by national taxpayer advocate to pause Kwong claims denials
National Taxpayer Advocate Erin Collins urged the IRS to halt denials of claims tied to ongoing Kwong litigation, arguing that taxpayers could lose rights or pursue unnecessary litigation while courts continue to consider the case. The IRS has received more than 275,000 refund and abatement claims related to Kwong, she said.
IRS proposes regulations implementing premium tax credit changes
The IRS and Treasury proposed regulations implementing Sec. 36B premium tax credit changes enacted in H.R. 1, including new eligibility and verification requirements, reporting changes, and rules governing repayment of excess advance premium tax credits.
ASB approves standard on auditors’ responsibilities relating to fraud
The AICPA Auditing Standards Board approved a new fraud standard to enhance and clarify auditor responsibilities in a financial statement audit.
IRS grants Hurricane Isaias tax relief in Alabama, Florida
Taxpayers in parts of Alabama and Florida that sustained damage from Hurricane Isaias have until February to file various federal tax returns and make tax payments under disaster relief announced Wednesday by the IRS. The IRS said it will automatically identify taxpayers in the covered disaster areas and apply the relief.
Social Security wage base and COLA announced for 2027
The Social Security Administration announced a 3.6% cost-of-living adjustment for 2027 and increased the Social Security wage base to $192,300. The annual update also includes changes to retirement earnings limits and other indexed Social Security amounts that affect taxpayers and employers.
AICPA recommends IRS clarification of Form 8050
The AICPA asked the IRS to clarify that Form 8050, used to provide direct deposit information for tax refunds, will not be included in exempt organizations’ publicly available tax return filings. An AICPA letter said the change would reduce the risk of inadvertently disclosing sensitive banking information.
AI and the audit: AICPA publishes practice aid to assist auditors
A new practice aid covers the impact of organizations’ use of artificial intelligence in financial reporting and the impact of audit firms’ use of AI in audit engagements.
AICPA reminds states of disaster-relief process with filing deadline near
The AICPA is reminding states about the correct procedure to use to request disaster tax relief following Hurricane Isaias’ landfall just days before the Oct. 15 filing deadline.
AICPA among organizations proposing Valuation Performance Framework
Feedback is being accepted through Dec. 22 on a principles-based framework to promote consistency, quality, and transparency in valuation engagements.
Recasting retirement: 3 ways AI is changing client-adviser conversations
What questions should financial advisers expect to hear from clients newly armed with artificial intelligence tools, and how can they answer the call to strengthen their position as essential experts?
Treasury, IRS propose regulations for education tax credit
Treasury and the IRS proposed regulations for the education freedom tax credit, a new federal credit under Sec. 25F for contributions to organizations that provide scholarships to eligible elementary and secondary schools.
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