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.
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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.
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.
Social Security wage base and COLA announced for 2026
Individual taxable earnings of up to $184,500 annually will be subject to Social Security tax in 2026, the Social Security Administration said. The SSA also announced a cost-of-living adjustment of 2.8% for both Social Security and Supplemental Security Income benefits for next year.
Congress passes bill requiring IRS to clarify math error notices
The AICPA praised the Senate passage of the bill, saying it will enhance IRS operations and improve the taxpayer experience.
AICPA seeks IRS guidance on tip, overtime tax deductions for 2025
The AICPA said taxpayers and tax professionals need certainty about how to claim the deductions for 2025. The IRS has said it will not update its forms until 2026.
IRS offers relief on car loan interest reporting under H.R. 1
The agency said it is providing the relief because both lenders and the IRS need more time to comply with the new car loan interest reporting requirements added by H.R. 1.
STEM designation for accounting has strong support
Nearly three-fourths of adults surveyed said accounting courses should be a part of the science, technology, engineering, and math education program, with a majority in key age groups saying the designation would make students more likely to pursue accounting education opportunities.
JofA editorial team wins two awards
A January JofA article and CPA Letter were named winners in the 2025 Eddie and Ozzie Awards.
Promotion opportunities abound for CFO hopefuls
One trend in a report on large company executive turnover: more hiring of internal candidates for vacant CFO seats.
IRS furloughs nearly half its workers, closes most operations
Under an updated contingency plan, nearly 40,000 of the approximately 74,000 IRS workers will stay on the job, including more than 24,000 in Taxpayer Services. In response to the plan, the AICPA recommended “fair, reasonable, and practical relief measures to mitigate the negative impact of the shutdown” on taxpayers and practitioners.
Annual inflation adjustments announced for tax year 2026
The IRS published annual inflation adjustments for more than 60 tax provisions for tax year 2026, in addition to changes to the standard deduction for tax year 2025.
Social Security Administration head to also serve in new IRS role
Treasury Secretary Scott Bessent said Monday that Frank Bisignano, the commissioner of the Social Security Administration, will serve in the newly created role of CEO of the IRS.
AICPA calls for fully staffed IRS regardless of shutdown length
With an Oct. 15 tax deadline looming for many and guidance needed on H.R. 1, the AICPA says it’s imperative that the IRS keep all employees on the job.
PCAOB publishes guidance related to Audit Evidence amendments
The guidance, combined with a recent PCAOB policy statement, applies to requirements becoming effective later this year.
Job cuts mean strong 2025 tax season may be hard to repeat, IRS watchdog warns
Critical staff stayed on the job for this year’s tax season, but that won’t be the case in 2026, the Treasury Inspector General for Tax Administration said in a new report.
Is spending on technology spinning out of control?
Information technology spending, driven by AI investment, is consistently rising, but a survey finds that most leaders assume that they’re spending more than other companies are.
IRS removes associated property rule in final interest capitalization regulations
The final regulations make minor clarifying changes to proposed regulations issued last year.
IRS withdraws prop. regs. affecting corporate spinoff transactions
The proposed regulations were withdrawn in response to comments that criticized the proposed guidance, according to the IRS.
FASB update refines reporting scope for derivatives
In response to “the broad and evolving application of the definition of a derivative,” FASB issued an Accounting Standards Update that aims to address stakeholder concerns about the application of derivative accounting.
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Promises of ‘fast and easy’ threaten SOC credibility
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