The AICPA named Grant Thornton partner Rahul Gupta as chairman of FinREC. Gupta succeeds Mark Crowley, a managing partner at Deloitte.
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Reconciliation bill clears committee on second try
Sunday revote came after Republican fiscal hawks initially joined Democrats to sink the bill, which includes tax provisions approved by the House Ways and Means Committee last week.
Ways and Means approves proposed TCJA extensions and tax changes
The bill would make key portions of the TCJA permanent and create a new “senior bonus” deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap. The bill now heads to the House Budget Committee.
IRS reduces user fee for estate tax closing letters
The receipt of an estate tax closing letter generally indicates that the estate tax return’s IRS examination is closed. Final and proposed regulations lowered the fee by $11.
FASB updates guidance on share-based consideration
The Accounting Standards Update addresses share-based consideration payable to a customer in conjunction with selling goods or services.
AICPA endorses some Ways and Means tax provisions, signals concern for others
One item is a “longstanding priority for the AICPA and the tax profession,” a news release said. The AICPA cited the “potential detrimental impact” of other provisions.
AICPA gives Gold Medal Award of Distinction to Mintzer
Andrew Mintzer, CPA, a firm leader in Los Angeles, was presented with the highest honor granted by the organization.
AICPA, NASBA approve new CPA licensure path
Amendments to the Uniform Accountancy Act add a third pathway to CPA licensure: a bachelor’s degree, two years of professional experience, and passing the CPA Exam.
State of Play: How firms are helping smooth sustainability reporting
The latest data from research by the International Federation of Accountants, the AICPA, and CIMA reveals that nearly three-fourths of the largest global companies obtained assurance of sustainability disclosures in 2023, with the majority depending on audit firms. U.S. companies rank ahead of the pack when it comes to obtaining assurance but behind the pack when it comes to depending on audit firms.
FASB issues guidance on business combinations
FASB published an Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in FASB ASC Topic 805, Business Combinations.
Revenue agents who conduct audits lead IRS job losses
The IRS lost 11% of its staff in the first three months of 2025, with revenue agents who conduct audits accounting for the largest percentage of those who left, the Treasury Inspector General for Tax Administration said in a report.
Graduate school applications in accounting enjoy a banner year
Master’s in accounting applications in the United States hit a five-year high. Interest globally is also rising, according to a survey of nearly 300 business schools.
AICPA makes recommendation for updated Form 8971 instructions
In a letter to the IRS, the AICPA recommended that the agency provide further guidance in two areas of new instructions for Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent.
HSA inflation-adjusted maximum contribution amounts for 2026 announced
Rev. Proc. 2025-19 also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements.
FASB proposes guidance on accounting for debt exchanges
FASB published a proposed Accounting Standards Update on debt exchange transactions involving multiple creditors.
Pipeline update: Perceptions of accounting brighten among students
Survey shows that students’ positivity toward accounting as a career choice is on the rise. In the pursuit of talent, that presents an opportunity for the profession tied to successfully connecting with future professionals in multiple ways.
CFOs express negative economic sentiment
Almost three-fourths of CFOs have a negative view of the current economy and its impact on their organization, according to a survey of emerging and midmarket finance leaders.
AICPA comments on proposed regs. on new transfer-pricing method
The comments are in response to Notice 2025-04, which announced plans for the simplified and streamlined approach as a new transfer-pricing method under Sec. 482 regulations for pricing of baseline marketing and distribution activities.
AICPA monitoring proposed changes to public company auditing oversight
Changes have been proposed by the House Financial Services Committee related to PCAOB inspection and enforcement activities involving firms that audit public companies. In a statement, the AICPA said it believes that healthy oversight of accounting firms performing audits of public companies “protects the public interest.”
Mortal fears about retirement: Americans need more time, money
A majority of survey respondents worry more about running out of money than death, but less than one-fourth have talked to a financial professional about their fears.
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FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
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