The Senate Finance Committee approved the Taxpayer Assistance and Service Act, legislation backed by the AICPA that would modernize IRS operations, expand taxpayer services, and give the IRS authority to deny, revoke, or suspend preparer tax identification numbers.
Advertisement
NEWS
A new top 5 firm: Grant Thornton acquiring fellow top 10 firm CBIZ
The deal, which includes an investment by private-equity company New Mountain Capital, will create a footprint featuring 34,000-plus employees in more than 20 countries and territories.
FinCEN director expects final BOI reporting rule soon
The director of the Financial Crimes Enforcement Network told a congressional subcommittee that she’s “very optimistic” that the final rule will be issued before the end of the year.
As AI use in cybersecurity rises, so do the risks
The share of respondents actively using AI in cybersecurity strategy rose sharply in a global survey, but governance is not maturing at the same pace as deployment.
PCAOB seeks feedback on its 5-year strategic plan
The board that oversees audits of public companies proposed six goals in a draft of its 2026–2030 strategic plan.
Are finance leaders moving too fast on agentic AI?
While more than 9 in 10 senior finance leaders in a recent survey said they’re under career pressure to demonstrate a return on agentic AI investment, the ROI may be slowed by an emphasis on speed above all.
Why social media ‘failures’ can be big wins for small firms
The social media post that looks like a flop may actually result in a new client. Small firms should value authentic engagement over likes and follows, two ENGAGE presenters contend.
SEC eyes e-delivery as the default over paper
The proposal would allow issuers, broker-dealers, investment advisers, and others to deliver information to investors electronically without first obtaining affirmative consent.
IRS raises standard mileage rates for remainder of 2026
The midyear change follows an increase in gasoline prices, according to the IRS. It is the first such midyear adjustment since 2022.
PEEC finalizes revisions to tax services independence guidance
PEEC finalized revisions to the AICPA’s independence guidance for tax services, maintaining a principles-based framework for evaluating independence threats when providing tax advisory and planning services to attest clients.
AICPA updates audit standards related to external confirmations
SAS No. 150, External Confirmations, published Monday following an AICPA Auditing Standards Board vote in May, is designed to address today’s digitally driven environment.
IRS designates certain CRAT arrangements as listed transactions
The final regulations target arrangements that the IRS says improperly use charitable remainder annuity trusts and annuities to eliminate ordinary income and capital gain on the sale of property.
Eligible taxpayers to get automatic IRS penalty relief
Under the new system, eligible taxpayers will no longer have to request penalty relief that the IRS says is routinely granted.
Scam stoppers: 5 ways CPAs can help older clients fight financial fraud
More than 80% of attendees in a recent ENGAGE session reported they’ve had at least one client compromised by a financial scam. The presenter explains how CPAs can be “fraud gatekeepers” before, during, and after an incident.
IRS adds online option, details for Kwong-related refund claims
Certain taxpayers with IRS online accounts can file a Kwong-related refund claim on Form 843 through a new secure application before a Friday deadline.
PCAOB consultation process offers new options for firms seeking guidance
Registered public accounting firms are invited to request staff views on the implementation of PCAOB standards, with the option to launch a more formal firm consultation.
FASB seeks comment on fair value reporting proposal
FASB published a proposed Accounting Standards Update to improve investment company financial reporting by amending how investment companies measure the fair value of an equity security that is subject to a contractual sale restriction.
IRS seeks examples of incorrect CP53E notices
The request follows reports from taxpayers who said they received notices despite not expecting a refund or having already provided direct deposit information.
IRS offers gift tax safe harbor for contributions to Trump accounts
The guidance sets forth conditions for contributions to qualify for the annual gift tax exclusion and for donors to avoid filing gift tax returns.
Standardization of sustainability reporting improves, but obstacles remain
While an increasing number of large U.S. companies turned to audit firms for assurance of sustainability data in 2024, a gap persists with the rest of the world, an annual report shows.
Features
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
