The Financial Crimes Enforcement Network said Monday that it will revisit the scope of an anti-money-laundering rule that affects small registered investment advisers. It said the effective date was expected to be postponed from Jan. 1, 2026, to Jan. 1, 2028.
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NEWS
Accounting for software: FASB issues improved guidance
The Accounting Standards Update aims to simplify the reporting of internal-use software costs.
NASBA, AICPA release proposed revisions to CPE standards
Comments are being accepted through mid-December on changes designed to address emerging learning methods and clarify CPE-awarding mechanisms.
Private equity and peer review: Proposed change targets consistency
The AICPA’s Peer Review Board is seeking public comment through Oct. 25 on a proposal that would involve the AICPA’s National Peer Review Committee in administration of peer reviews of firms backed by private equity investments and other alternative practice structures.
PEEC releases guidance on attest client association, simultaneous employment
The Professional Ethics Executive Committee guidance in the AICPA Code of Professional Conduct adds a new interpretation that includes a reporting requirement triggered by a member’s intent to accept an attest client’s offer of employment.
IRS finalizes regulations for Roth catch-up contributions under SECURE 2.0
The final regulations are similar to the proposed regulations issued in January, with some changes that the IRS said were made in response to comments.
PEEC seeks feedback on guidance for providing tax services to attest clients
An exposure draft addresses potential threats to independence when members perform tax advisory and tax planning services. The comment deadline is Dec. 15
OMB announces plan to eliminate 60 accounting rules for federal contractors
The White House Office of Management and Budget’s Cost Accounting Standards Board published a final rule and a proposed rule that would eliminate “redundant” requirements.
IRS releases draft form for tip, overtime, car loan, and senior deductions
The IRS on Friday released a draft of Schedule 1-A (Form 1040), a single form that consolidates the calculations of the four temporary deductions for tips, overtime, car loan interest, and seniors that are allowed under H.R. 1.
MAP Survey finds CPA firm starting pay on the rise
Starting salaries increase 17% over two-year period for master’s graduates, 11% for those with a bachelor’s degree.
Skilled for success? Accounting newcomers say yes, managers say no
Employees in their first five years give themselves high ratings on readiness skills, but those who manage new employees don’t see it that way.
IRS warns taxpayers: Social media advice can lead to costly penalties
Misleading posts about credits like the fuel tax credit are landing taxpayers in trouble — with fines up to $5,000 for frivolous returns.
Global tax deal could hurt US companies, says letter requesting OECD guidance
A letter from the Association of International Certified Professional Accountants addresses guidance and recommendations on the Pillar Two framework co-existing with U.S. tax rules for U.S. multinational enterprises in a side-by-side system to the OECD.
Few companies strategically using risk management
Even though most leaders look at risk when evaluating new strategic initiatives and don’t view a lack of value as a barrier to implementation of risk management measures, few put it all together and turn enterprise risk management into a competitive advantage.
Treasury posts preliminary list of jobs eligible for no tax on tips
The list has a variety of occupations that customarily receive tips, including bartenders, dancers, and digital creators.
Business outlook brightens somewhat despite trade, inflation concerns
CPA leaders’ optimism about their own organizations remained the same, and projections for revenue and hiring rose slightly, a quarterly survey shows.
New: Digital assets practice aid addresses auditing of lending, borrowing
A new chapter in Accounting for and Auditing of Digital Assets provides examples of substantive procedures and scenarios for both the lender and borrower perspectives.
Guidance on research or experimental expenditures under H.R. 1 issued
The revenue procedure advises taxpayers how to make various elections, file amended returns, and change accounting methods as provided under Section 70302 of the new law.
PCAOB postpones effective date for new quality control system
The PCAOB announced that QC 1000, A Firm’s System of Quality Control, is set to be effective Dec. 15, 2026, to give firms sufficient time for implementation.
Draft 2026 Form W-2 includes boxes and codes for tips and overtime
The IRS said previously that it will not release a new form for 2025, even though the temporary H.R. 1 provisions are effective this year, but it will provide transition relief.
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