QC 1000, A Firm’s System of Quality Control, will be effective Dec. 15 and could serve as the basis for the PCAOB’s future approach to inspections of public company compliance.
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Risk response often doesn’t match the threat or the opportunity
While nearly 7 in 10 business leaders report increased risk, 3 in 10 rate their organization’s overall risk oversight as mature or robust. The latest version of an annual report also showed that few companies consider their risk management process to be a strategic advantage.
AICPA seeks IRS clarity on AI guidelines, CPA fees
The AICPA is seeking clarification from the IRS on guidelines suggesting that tax practitioners should pass AI-related cost savings on to clients. Concerns about language in the guidelines include the implication of not allowing for a value-pricing model and overlooking the costs of implementing and governing the technology.
CFO hires increasing; average age of hires decreasing
At the midpoint of 2026, the average age of CFO hires at large companies stood at 48.2 years old, the youngest average age in at least a decade.
Congress approves funding bill that maintains IRS budget
A stopgap funding bill headed to the president would maintain the IRS’s $11.2 billion annual budget through Dec. 11 and prevent a second $11.6 billion funding rescission for now.
Confidence in U.S. economy rises despite inflation concerns
Optimism among CPA decision-makers about the coming 12 months edges up in the quarterly AICPA and CIMA Economic Outlook Survey.
FASB proposes several incremental improvements to GAAP
In addition to language tweaks, the proposed Accounting Standards Update includes clarifications related to estimates of expected credit losses and several other topics.
IRS enforcement activity fell despite record tax collections, TIGTA says
Individual audit starts fell 30% in fiscal 2025, including a 27% drop among taxpayers with income above $400,000, as IRS staffing levels declined, TIGTA said.
Why many Americans don’t retire on their own terms
A third of middle-class Americans believe they’ll work until at least age 70, an annual retirement survey shows. But more than half of retired respondents left the workforce before age 65, suggesting that retirement timing is often shaped by factors beyond workers’ control.
IRS should automate name, address changes, AICPA says
A letter to the IRS says that processing times of six to eight weeks or longer for taxpayer name and address changes can create compliance risks and should be reduced through automation.
New AICPA guidance on stablecoins, mining revenue, current auditing standards
The AICPA’s updated digital assets practice aid addresses the most recent developments in an evolving area.
Taxpayers can now access IRS compliance report online
A new IRS Individual Online Account feature lets taxpayers download a digitally authenticated compliance report for use when applying for jobs, loans, government benefits, and other services.
AICPA supports disaster tax bill, presses for permanent relief
The bill, which awaits the president’s signature, would make disaster tax relief rules easier to find and more predictable by adding them to the Internal Revenue Code, a change the AICPA says should be made permanent.
Proposed rules would restrict Trump account eligible investments
The IRS proposed regulations that would limit Trump account investments to low-fee stock index funds and ETFs during the growth period.
IRS shifts approach to conservation easement disputes
The agency said it has ended its latest conservation easement settlement initiative and is creating a new office to coordinate strategy for such cases.
FASB proposal addresses whether certain digital assets are cash equivalents
FASB is seeking feedback on a proposal that aims to answer stakeholder uncertainty about how the definition of cash equivalents applies to stablecoins and other digital assets.
Pets influence Americans’ financial decisions, AICPA survey finds
Dogs and cats are more than pets for many Americans, who consider the animals family members. An AICPA survey found that pet owners often budget for their animals, prioritize pet spending, and include pets in estate planning.
SEC proposal aims to clarify securities rules for crypto assets
The framework proposed Tuesday includes two exemptions from the registration requirements of the Securities Act of 1933. The proposed rules will be open for public comment for 60 days.
PEEC adopts revised definition of ‘attest engagement team’
The change, effective Dec. 15, clarifies for practitioners who is and is not part of an attest engagement team when applying AICPA Code of Professional Conduct independence requirements.
4 Medicare rules that surprise clients — and some advisers
Clients may be automatically enrolled in Medicare before they’re ready and may incur penalties that last a lifetime by passing on a supplemental plan they don’t yet need. Also, learn why the best monthly price and the best bargain aren’t always the same thing.
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