Tax, accounting, auditing news - Journal of Accountancy

November 24, 2025

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.

November 24, 2025

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.

November 21, 2025

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.

November 19, 2025

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.

November 19, 2025

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.

November 18, 2025

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.

November 18, 2025

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.

November 17, 2025

Introducing the AICPA and CIMA Global Women to Watch program

Thirty women have been recognized as emerging and experienced leaders in the profession.

November 14, 2025

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.

November 13, 2025

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.

November 12, 2025

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.

November 7, 2025

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.

November 6, 2025

IRS ends Direct File, shifts focus to Free File upgrades and private sector

The IRS cited low usage and high costs as reasons for shuttering the program, which began during the previous administration.

November 6, 2025

Employers get reporting relief on tips, overtime; won’t face penalties for tax year 2025

An IRS notice says employers won’t face penalties if they don’t provide a separate accounting of cash tips and overtime compensation for tax year 2025 under H.R. 1.

November 5, 2025

A firm grasp on growth: 6 strategies common among high-growth firms

A global survey identifies actions taken by high-growth tax and accounting firms of all sizes that aren’t being taken by stagnant firms.

October 29, 2025

California issues draft guidance for climate risk disclosure

Large companies that conduct business in the state have until Jan. 1, 2026, to publish their first climate-related financial risk reports.

October 29, 2025

Reputation, security, compliance: Why AI risk disclosures are surging

Nearly three-quarters of S&P 500 companies have disclosed at least one AI-related risk in Form 10-K filings so far in 2025. Learn what types of companies are reporting risk and what exactly they’re disclosing.

October 28, 2025

From childhood tax surprise to CPA: A profession leader’s journey

Oscar Vives, who will speak at the AICPA’s National Tax Conference on retirement strategies, says the experience of growing up with a single mother who worked multiple blue-collar jobs strengthened his resolve to use his math skills and help his family.

October 27, 2025

AICPA releases gen AI tool: Josi

A new generative AI tool, initially focused on the auditing and accounting space, accesses information within the AICPA Online Professional Library.

October 27, 2025

The accounting graduate pipeline: Where do things stand?

As public accounting firms continue to report a strong need for new talent, recent declines in accounting graduates are easing, according to the AICPA’s Trends report.

FROM THIS MONTH'S ISSUE

Tax season quick guide

Get ready for tax season with the JofA’s annual filing season quick guide, an easy-to-use compilation of dollar thresholds, tax tables, standard amounts, credits, and deductions. Download and print for quick reference this tax season.