Accounting, tax, auditing news

IRS outlines AI risks, Circular 230 duties for tax practitioners

The IRS warned that AI’s risks — including fabricated outputs and data privacy concerns — require practitioners to verify results and follow existing Circular 230 rules on diligence, competence, and confidentiality.

PCAOB seeks comment on standard-setting and research

Advocate: IRS had strong filing season for online taxpayers, weaker one for others

Supreme Court lets stand IRS power to assess tax anytime for preparer fraud

AICPA Top Issues Survey: Firms’ focus on technology rises

Advisory panel urges sustained IRS funding, expanded AI, tax simplification

FASB seeks comment on hedge accounting guidance