The 549-page text calls for making many provisions of the Tax Cuts and Jobs Act permanent. The committee says that the SALT cap amount is “the subject of continuing negotiations.”
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NEWS
Lessons from a CPA whose firm delivered a ‘textbook response’ to data breach
The owner of a CPA firm in Texas told attendees at an AICPA & CIMA ENGAGE 25 session on data security that the breach was one of the hardest things she had experienced in her career, yet she came out of it with clients still viewing her positively.
SEC names new chief accountant
Kurt Hohl, CPA, is set to begin the role with the SEC in early July. He replaces Paul Munter, who left the job in January.
AICPA makes Priority Guidance Plan recommendations to IRS
In addition to its 183 recommendations for the IRS plan, the AICPA encouraged the agency to continue to pursue tax simplification.
Supreme Court: Tax Court lacks jurisdiction after removal of levy
Reversing the Third Circuit, the Court holds that the Tax Court lacked jurisdiction over a collection due process appeal of a levy once the taxpayer’s underlying tax liability was satisfied and the IRS removed the levy.
Insights from ENGAGE: Clever ways to improve your focus at work
Technology is responsible for creating decision fatigue, but a productivity expert shares how you can use those same technologies to reverse the impact and gain greater focus.
IRS provides additional transition relief for certain digital asset brokers
The relief applies to brokers who must report certain digital asset sales and exchanges on Form 1099-DA and is in response to public comment that brokers need more time to comply.
Senate confirms Billy Long as IRS commissioner
The former Missouri congressman is the sixth head of the IRS since January. He was confirmed by a vote of 53-44.
What some state CPA leaders are saying about PTET SALT deduction
CPA societies from 53 states and jurisdictions have backed the AICPA in the PTET SALT deduction effort. On Thursday, five state CPA leaders explained more about why they want the deduction preserved.
AICPA proposes controls framework for stablecoin issuers
The Assurance Services Executive Committee is seeking public comments on an exposure draft designed to ensure an effective system of controls is in place in connection with recently issued reporting guidelines focused on stablecoins.
Appeals court leaves tariffs in place, seeks expedited argument schedule
A federal appeals court extended its stay of a nationwide injunction on tariffs imposed by a trade court and proposed a schedule that would include oral arguments on July 31 in the challenge to the president’s authority.
Insights from ENGAGE: CPAs get a crash course in communication
From conducting an effective meeting to determining whether a team meeting is even the best format, a finance leader speaking at AICPA & CIMA ENGAGE 25 helps CPAs streamline their daily interactions.
Top scorers on CPA Exam earn Elijah Watt Sells Award
The AICPA named 11 CPA candidates as recipients of the 2024 Elijah Watt Sells Award, which recognizes outstanding performance on the CPA Exam.
Automatic accounting method changes list updated by IRS
On Monday, the IRS provided a list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 17 changes described as significant.
IRS budget request cuts 20% of employees in 2026, increases phone help
Treasury released the Congressional Budget Justification, which also would cut the IRS budget by 37% from the fiscal year 2025 operating plan to the fiscal year 2026 request.
ENGAGE road trip: Simple directions for a smooth AI journey
On the surface, the number of sessions at AICPA & CIMA ENGAGE 25 that touch on artificial intelligence might seem intimidating to AI newcomers, but an AI workshop instructor explains why getting started is easier than you think.
53 CPA societies back AICPA in PTET SALT deduction effort
A letter from the AICPA and CPA societies in 53 states and jurisdictions criticizes the provision in the House version of the budget bill that would eliminate the state and local tax deduction for certain passthrough entities.
PEEC exposure draft seeks to clarify requirements for SSAE engagements
PEEC released for comment proposed changes to the AICPA Code of Professional Conduct related to engagements subject to the AICPA Statements on Standards for Attestation Engagements.
Economic optimism slides again amid tariff uncertainty
CPA leaders’ optimism declined sharply in the second quarter, as tariff concerns mount and businesses pivot their strategies to accommodate shifting requirements, according to a new AICPA survey.
AICPA publishes additional resources in push to preserve PTET SALT deduction
The passthrough entity tax/state and local tax deduction remains a priority for the AICPA. The budget bill now being considered by the Senate does not allow certain service-based businesses to deduct state and local taxes.
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