A concurrent resolution with an objective of providing more transparency to Congress about the fiscal state of the US government passed the House by a voice vote. The Senate has yet to vote on the resolution, which has the AICPA’s backing.
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Carried interest reporting FAQs and guidance posted
The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.
Quality management: ARSC pursues consistency with proposed ASB standards
The quality management standard for accounting and review services would achieve consistency, where appropriate, with that proposed for audit services under a proposal issued by the AICPA Accounting and Review Services Committee.
Say ‘yes’ to saying ‘no’
Turning down requests isn’t easy, but it’s necessary for protecting your time.
When seniors are targeted in schemes
Practitioners need to understand elder fraud and what to do when they find it.
FASB proposal would amend interim disclosure requirements
Interim disclosure requirements would be changed and clarified under a proposal issued by the Financial Accounting Standards Board.
Building DEI for the future profession
Both accomplished leaders and young professionals are among the many people working to advance the accounting profession’s diversity, equity, and inclusion efforts for the future. Read insights and experiences from DEI leaders as well as some 40 Under 40 Black CPA Award winners on how to expand Black CPA representation in the profession.
FASB addresses contract assets, liabilities acquired in a business combination
Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard.
How investors can protect against inflation
CPA financial planners discuss this year’s nearly 6% inflation rate and what it could mean for investment portfolios.
FASB provides new private company practical expedient
Private companies that issue equity-classified share-based awards will be able to elect a practical expedient and use the reasonable application of a reasonable valuation method to determine the current price input of these awards offered as compensation, according to a new standard issued by FASB.
AI in manufacturing: Optimizing costs and enabling the workforce
Manufacturing leaders can use artificial intelligence to improve efficiency and drive growth. But taking full advantage of the technology requires upskilling the workforce.
Guidance issued for LLCs seeking tax-exempt recognition
The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).
How CPAs can rise above a polarized political climate
A severely polarized political climate doesn’t have to stop CPAs from achieving their ambitions. Instead, a little empathy can go a long way, according to AICPA governing Council guest speaker Amy Walter, publisher and editor-in-chief of The Cook Political Report.
Government fiscal path, cybersecurity among US comptroller’s concerns
An unsustainable long-term fiscal path and cybersecurity concerns heightened by aging systems are among the biggest challenges the federal government faces, US Comptroller General Gene Dodaro said Tuesday at the fall AICPA governing Council meeting.
Videoconferencing with IRS now an option for all LB&I taxpayers
The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.
PCAOB inspections show some improvement in 2020
Some improvement in audit performance was identified during 2020 PCAOB inspections compared with the previous year, according to a board staff report.
Creating the right visuals for your data
Two leading figures in the field of data visualization explain how CPAs can best use visual depictions of numbers and how history’s “heroes of visual thinking” transformed numbers into images that carry ideas and meaning.
6 ways to make the entire organization care about anti-fraud efforts
Recent conference speaker John Hall, CPA, discusses tangible steps to build a “defensive wall” against fraud and ethics breaches.
Time has come for firms to cull clients
Accounting firms see many opportunities in the marketplace but with an already stretched workforce, they are struggling to find the capacity to take on new challenges.
IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
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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
