The IRS says covered corporations will not have to report or pay the new 1% stock repurchase excise tax until it issues forthcoming regulations.
Advertisement
Research finds algorithms, unscrupulous preparers behind audit bias
Subsequent research has replicated the racial gap in audit rates found in a study led by Stanford University and pointed to both unscrupulous tax preparers who submit EITC claims and algorithmic bias in the IRS’s audit selection process as causes.
Mississippi youth passes CPA Exam – at age 15
Jimmy Chilimigras, headed to law school in August, is believed to be the youngest person to ever pass the CPA Exam.
FASB proposes improvements to accounting for purchased financial assets
FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting for purchased financial assets.
In one minute, this simple tool could save practitioners hours
Practitioners now have at their fingertips an interactive PDF that can quickly help determine whether AR-C Section 70 of SSARS No. 21 is required to be applied when performing accounting services.
Historic global standards for sustainability reporting released
The IFRS Foundation’s International Sustainability Standards Board issued IFRS S1 and IFRS S2 on Monday, the first two global standards for sustainability reporting.
COVID-19 coverage without a deductible ends next year
A high-deductible health plan will no longer be permitted to provide coverage without a deductible for testing for and treatment of COVID-19 after Dec. 31, 2024.
PCAOB details priorities for audit inspections
The PCAOB has released expanded details regarding its list of priorities for 2023 audit inspections, most notably risk of fraud, risk assessment and internal controls, and auditing and accounting risks.
Taxpayer advocate: 2023 tax season better at IRS; IT upgrades imperative
In her annual midyear report to Congress, National Taxpayer Advocate Erin Collins says the difference between the 2022 and 2023 tax seasons was “like night and day.”
Pilot program set to help all stakeholders along the talent pipeline
The Experience, Learn & Earn program aims to turn accounting students into employees faster and in a more economical way, to the benefit of companies seeking talent.
Why accounting firms need a strong strategic plan
As accounting firms look to transform their business model to keep pace with marketplace and demographic changes, it is imperative that they have a written strategic plan. This article outlines the plan’s elements and explains their value.
IRS updates list of automatic accounting method changes
The IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 29 changes that the Service describes as significant.
PEEC seeks feedback on proposed changes to the Code of Professional Conduct
The AICPA Professional Ethics Executive Committee is releasing proposed changes to the Code to align definitions of public interest entities and publicly traded entities with international ethics standards.
IRS addresses whether college NIL collectives further an exempt purpose
A memo from the IRS Office of Chief Counsel advises that an organization that develops paid NIL opportunities for student-athletes will, in many cases, be operating for a substantial nonexempt purpose—serving the private interests of student-athletes—which is more than incidental to any exempt purpose furthered by the activity.
5 things to stop doing in your firm
Stop putting clients first? Stop making revenue the primary objective? Presenters at ENGAGE explain how these counterintuitive moves could help move your firm in the right direction.
How accountants can make a smooth career transition
This article discusses steps to take to increase your chances of success when you seek to switch careers.
Penalty for underpayment of estimated corporate AMT waived for 2023
The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”
CPA.com announces launch of generative AI initiative
The AICPA’s business and technology subsidiary announced plans to deliver a series of initiatives to build awareness and understanding of generative AI for the accounting profession.
National taxpayer advocate: A paperless IRS is possible
NTA Erin Collins said at AICPA & CIMA ENGAGE 2023 that the IRS has a goal of being “paperless” by 2025, by which it means anything taxpayers file on paper would be scanned.
The impact of AICPA Town Hall — from episode No. 1 to No. 100
From its launch in the early days of the pandemic through Tuesday’s milestone episode, Town Hall has kept more than 800,000 viewers informed about the most important issues affecting the profession.
Features
FROM THIS MONTH'S ISSUE
AI risks CPAs should know
Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.
From The Tax Adviser
January 31, 2026
Trust distributions in kind and the Sec. 643(e)(3) election
January 31, 2026
Effects of the OBBBA on higher education
December 31, 2025
