Advertisement

NEWS

Social Security wage base and COLA announced for 2026

Individual taxable earnings of up to $184,500 annually will be subject to Social Security tax in 2026, the Social Security Administration said. The SSA also announced a cost-of-living adjustment of 2.8% for both Social Security and Supplemental Security Income benefits for next year.

STEM designation for accounting has strong support

Nearly three-fourths of adults surveyed said accounting courses should be a part of the science, technology, engineering, and math education program, with a majority in key age groups saying the designation would make students more likely to pursue accounting education opportunities.

IRS furloughs nearly half its workers, closes most operations

Under an updated contingency plan, nearly 40,000 of the approximately 74,000 IRS workers will stay on the job, including more than 24,000 in Taxpayer Services. In response to the plan, the AICPA recommended “fair, reasonable, and practical relief measures to mitigate the negative impact of the shutdown” on taxpayers and practitioners.

FASB update refines reporting scope for derivatives

In response to “the broad and evolving application of the definition of a derivative,” FASB issued an Accounting Standards Update that aims to address stakeholder concerns about the application of derivative accounting.

SPONSORED REPORT

Preparing clients for new provisions next tax season

Preparing clients for new provisions next tax season

As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.

From The Tax Adviser

September 30, 2025

Current developments in taxation of individuals: Part 1

August 30, 2025

2025 tax software survey

August 30, 2025

Are you doing all you can to keep the cash method for your clients?

July 31, 2025

Current developments in S corporations