The proposal would let issuers, broker-dealers, investment advisers, and others deliver information to investors electronically without first obtaining affirmative consent.
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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.
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
The PCAOB seeks public comment on future areas of focus for standard setting, building on the dialogue initiated earlier this year.
Advocate: IRS had strong filing season for online taxpayers, weaker one for others
The national taxpayer advocate’s Fiscal Year 2027 Objectives Report to Congress says the IRS processed about 139 million returns and handled most refunds smoothly but says the story was different for taxpayers who needed help from a human being.
Supreme Court lets stand IRS power to assess tax anytime for preparer fraud
The Supreme Court declined to hear an appeal of the Third Circuit’s decision in Murrin, in which the court held that taxpayer intent is not required for the unlimited period for assessing tax under Sec. 6501(c)(1) to apply.
AICPA Top Issues Survey: Firms’ focus on technology rises
Larger firms participating in the biennial Private Companies Practice Section survey also are grappling with people-related issues, and smaller firms highlighted regulatory and data security concerns.
Advisory panel urges sustained IRS funding, expanded AI, tax simplification
The Electronic Tax Administration Advisory Committee calls for predictable, multiyear funding; expanded use of artificial intelligence with safeguards; and steps to reduce complexity and improve communication with taxpayers and practitioners.
FASB seeks comment on hedge accounting guidance
FASB published two Accounting Standards Updates recently. One is intended to improve accounting guidance for interest rate risk hedging and net investment hedging, and the other relates to guidance for certain market-return cash balance plans.
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FROM THIS MONTH'S ISSUE
Handling increased enforcement of unclaimed property notices
States are changing enforcement of unclaimed property notices. Learn best practices of how companies can tackle compliance and prevent penalties and audits.
