A letter from the Association of International Certified Professional Accountants addresses guidance and recommendations on the Pillar Two framework co-existing with U.S. tax rules for U.S. multinational enterprises in a side-by-side system to the OECD.
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NEWS
Few companies strategically using risk management
Even though most leaders look at risk when evaluating new strategic initiatives and don’t view a lack of value as a barrier to implementation of risk management measures, few put it all together and turn enterprise risk management into a competitive advantage.
Treasury posts preliminary list of jobs eligible for no tax on tips
The list has a variety of occupations that customarily receive tips, including bartenders, dancers, and digital creators.
California issues draft guidance for climate risk disclosure
Large companies that conduct business in the state have until Jan. 1, 2026, to publish their first climate-related financial risk reports.
Business outlook brightens somewhat despite trade, inflation concerns
CPA leaders’ optimism about their own organizations remained the same, and projections for revenue and hiring rose slightly, a quarterly survey shows.
New: Digital assets practice aid addresses auditing of lending, borrowing
A new chapter in Accounting for and Auditing of Digital Assets provides examples of substantive procedures and scenarios for both the lender and borrower perspectives.
Guidance on research or experimental expenditures under H.R. 1 issued
The revenue procedure advises taxpayers how to make various elections, file amended returns, and change accounting methods as provided under Section 70302 of the new law.
PCAOB postpones effective date for new quality control system
The PCAOB announced that QC 1000, A Firm’s System of Quality Control, is set to be effective Dec. 15, 2026, to give firms sufficient time for implementation.
Draft 2026 Form W-2 includes boxes and codes for tips and overtime
The IRS said previously that it will not release a new form for 2025, even though the temporary H.R. 1 provisions are effective this year, but it will provide transition relief.
Out of office: Employers’ push for more office time meets resistance
While the number of days the average employee is expected to work in the office approaches three, the number of days spent in the office lags behind employer expectations.
SEC accepting Professional Accounting Fellow applications
The SEC’s Office of the Chief Accountant is accepting applications for positions that will begin later this year.
IRS seeks to fill ‘critical vacancies’ as workforce declines 25%
The IRS has asked some employees who accepted deferred resignation offers if they want to stay on the job.
Will budget, staff cuts impede IRS modernization? Former commissioner weighs in
Former IRS Commissioner Danny Werfel says the cuts, combined with the need to reengineer systems for the OBBBA, will make it difficult for the IRS to succeed at improving technology.
IRS should be more transparent when communicating phone service metrics, report says
The report by the Treasury Inspector General for Tax Administration called on the IRS to include more phone lines and to cover the entire fiscal year when reporting on its level of service and wait times.
Calculating AI’s impact on CPAs: New study quantifies time savings
Researchers determine the real difference that generative AI can have on the average accountant in terms of time spent on routine data entry versus time available for client support and billable hours.
Prop. regs. would modify reporting obligations for Form 8308, Part IV
The IRS issued proposed regulations that would modify partnerships’ reporting obligations for Part IV of Form 8308 with respect to sales or exchanges of certain interests in partnerships owning inventory or unrealized receivables.
The No. 1 risk to retirement – and one way to guard against it
Retirees are living longer than ever, increasing the challenge facing financial advisers charged with the responsibility of making sure they don’t run out of funds.
IRS clarifies that Appeals case memos should be shared with taxpayers upon request
National Taxpayer Advocate Erin Collins wrote Tuesday in her blog that the IRS reminder of the language in the Internal Revenue Manual is a “meaningful step toward transparency.”
AICPA unveils new QM resources to help firms meet Dec. 15 deadline
The AICPA updated its SQMS No. 1 practice aid, released a new resource on monitoring and remediation, and is hosting live webcasts to help firms implement the new quality management standards by Dec. 15. Key features of the 2025 practice aid on complying with SQMS No. 1 include expanded discussions, tailored guidance for firms of all sizes, and tools for documentation, evaluation, and effective compliance.
Comfort with crypto: Big North American companies have big plans
Nearly one-quarter of CFOs surveyed see their companies using crypto in the next two years and nearly all see crypto in their long-term plans, although the list of concerns remains long.
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