Tax, accounting, auditing news - Journal of Accountancy

March 3, 2025

Treasury says it won’t enforce BOI fines or penalties against U.S. citizens, businesses

A news release says Treasury won’t enforce fines or penalties against U.S. citizens or domestic reporting companies or their beneficial owners. Treasury will also issue proposed rulemaking to limit beneficial ownership information reporting to foreign reporting companies only.

March 3, 2025

AICPA auditing board approves two exposure drafts for public comment

The AICPA Auditing Standards Board voted Thursday to separately expose for public comment proposed changes related to attestation review engagements and external confirmations in the AICPA Professional Standards.

February 28, 2025

Remote control: 3 tips from a firm founder and remote-work trendsetter

Both quantity and quality of communication are crucial to the success of a fully remote work model, a leader with immense experience in the space shared at the AICPA Personal Financial Planning Summit 2025.

February 28, 2025

Top 20 firm CohnReznick executes the latest private-equity deal

The partnership, continuing an industrywide trend, necessitates the creation of an alternative practice structure featuring a new CPA firm for attest services and a separate firm for nonattest services.

February 28, 2025

FinCEN extends BOI reporting deadline, halts enforcement

The Financial Crimes Enforcement Network said late Thursday that it will extend the current reporting deadline beyond March 21 and will develop new regulations to reduce “regulatory burden.”

February 27, 2025

Phish, smish, and spear phish: IRS releases 2025’s Dirty Dozen

The annual list, which began in 2002, lists 12 ways scammers try to gain confidential information from tax professionals or trick taxpayers.

February 26, 2025

PEEC releases final revised guidance for Sec. 529 plans

The revisions focus on monitoring challenges and independence threats related to an account owner’s financial interest in Sec. 529 plans.

February 26, 2025

Acting IRS commissioner steps down

The agency’s COO will take over for Douglas O’Donnell, who has worked for the IRS since 1986.

February 24, 2025

Pathway to 150 hours enters year 2 with positive reviews

The AICPA and NASBA launched the Experience, Learn and Earn program, offered through Tulane University, to provide a simple, cost-effective pathway to 150 credit hours.

February 21, 2025

The cost of doing business: Pay increases may be muted in 2025

A survey of CFOs and finance leaders across all industries reveals that while most still see value in pay bumps for staff, increases may be slowing.

February 20, 2025

Thousands of workers in IRS small business division to lose jobs

An email sent to managers on Wednesday said that more than 3,500 probationary workers in the Small Business/Self-Employed division are expected to be notified Thursday that they are no longer employed with the IRS.

February 19, 2025

March 21 BOI reporting deadline set; further delay possible

A FinCEN alert said it would provide an update before “any further modification” of the reporting deadline, “recognizing that reporting companies may need additional time to comply with their BOI reporting obligations once this update is provided.”

February 19, 2025

AICPA ethics committee corrects authoritative guidance

The Professional Ethics Executive Committee updated a list of examples related to meeting independence standards when providing recruiting services for attest clients.

February 18, 2025

Prenuptial agreements: What financial advisers need to know

Putting in writing what happens in the event of divorce is important for high-net-worth clients especially, and with the right approach, these agreements can be created with care and respect.

February 16, 2025

AICPA urges IRS to meet needs of taxpayers, preparers during filing season

“Americans deserve a fully functioning agency that can be respected by taxpayers and their preparers,” a statement by AICPA CEO Mark Koziel said Sunday as IRS officials plan for cuts in federal workforce.

February 14, 2025

AICPA, NASBA propose additional path to CPA licensure, individual mobility

Proposed Uniform Accountancy Act changes would support a path featuring a bachelor’s degree and two years of experience, as well as a mobility model necessary to protect the ability of a CPA to practice in multiple states.

February 12, 2025

BOI reporting deadline extension passes US House

The bill, which provides a deadline of Jan. 1, 2026, for an estimated 32 million small businesses to file beneficial ownership information reports, comes as the BOI requirements are mired in court cases.

February 12, 2025

Lower auto depreciation limits issued for first time in at least 3 years

The IRS issued the 2025 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.

February 12, 2025

PCAOB withdraws proposed rules requiring extensive firm and engagement metrics

The AICPA had urged the SEC to refrain from approving the rules, warning they would “pose significant challenges” to small and midsize firms. An AICPA statement said that the “PCAOB’s decision not to move forward with the rules is the right one.”

February 11, 2025