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.
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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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Is the IRS just between shutdowns? Former IRS commissioners are worried
Three former IRS leaders, speaking at the 2025 AICPA National Tax Conference, discussed the agency’s future and what happens if a shutdown occurs during filing season.
AICPA honors service and professional contributions in tax
Arthur Auerbach, an AICPA volunteer for 23 years, and Cory Perry, the chair of the AICPA’s Organization for Economic Co-operation and Development Task Force, received the tax profession’s highest honors.
Introducing the AICPA and CIMA Global Women to Watch program
Thirty women have been recognized as emerging and experienced leaders in the profession.
Going into debt for holiday spending? You’re not alone
Nearly half of over 2,000 adults surveyed on behalf of the AICPA said they expect to go into debt for holiday gifts or travel.
Inflation adjustments to retirement account limits issued for 2026
The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Thursday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.
Lurking in the shadows: The costs of unapproved AI tools
“Shadow AI” use is rampant among company leadership and employees alike, a practice that exposes businesses to significant financial and reputational risks.
Almost 1,400 IRS employees receive layoff notices, adding to staff losses
In court documents filed in a lawsuit, officials said 1,446 Treasury employees received reduction-in-force notices, including 1,399 at the IRS.
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FROM THIS MONTH'S ISSUE
Right-sizing risk management
Sole practitioner or small firm? Risk management doesn’t have to be “one size fits all.” Learn how to help protect your practice without adding unnecessary admin time.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
