Professionals at Armanino LLP and Crowe Horwath LLP have reacted enthusiastically to their firms’ recent implementation of casual dress codes for the office.
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AICPA and CIMA members approve ballot initiatives by wide measure
Members of the AICPA and The Chartered Institute of Management Accountants voted in separate ballot measures to approve a proposal to create a new international accounting association that will integrate operations and represent the entire accounting profession, while preserving the membership bodies of both organizations.
FAQs explain the wrongful incarceration exclusion
A new law allows taxpayers to exclude from income money they receive to compensate them for being wrongfully incarcerated and to claim refunds for earlier tax years if they included such damages in income.
New FASB standard requires earlier reporting of credit losses
Credit losses on loans and other financial instruments will be required to be reported in a more timely fashion under a standard the Financial Accounting Standards Board issued.
COSO proposes update to enterprise risk management framework
The proposal would update the definition of ERM and emphasize the link between risk and value.
Proposal would clear path to CPA for foreign credential holders
Holders of qualified foreign accounting designations would have an easier path to licensure as U.S. CPAs under changes proposed to the Uniform Accountancy Act.
IRS did not discover or help all Get Transcript data breach victims
The TIGTA criticized the IRS’s failure to identify and assist all taxpayers whose tax return and other data may have been accessed by cybercriminals in last year’s Get Transcript breach.
Taxpayers can get tax return transcripts online once again
Announcing increased security and authentication procedures, the IRS said that it had re-instated its Get Transcript Online service, which had been breached by cybercriminals last year.
Tax-free REIT spinoffs are curtailed
The IRS issued regulations restricting the ability of C corporations to use this method.
FASB proposes clarifying scope of nonfinancial asset derecognition guidance
FASB wants to clarify the scope of its nonfinancial asset derecognition guidance and address accounting for partial sales of nonfinancial assets.
Lease accounting implementation a challenge for preparers
Companies are encountering challenges with new lease accounting standards in a process few expect to be easy, according to a recent Deloitte survey.
FASAB seeks transparency on tax expenditures
The Federal Accounting Standards Advisory Board proposed a standard with the intention of providing the public more information about the U.S. government’s tax expenditures.
Revenue standard causes concern about compensation arrangements
The new revenue recognition standard is causing companies to review compensation arrangements and bonus structures that are based on revenue metrics, said Deloitte & Touche LLP’s Eric Knachel, CPA.
A steadier outlook for the economy
Finance executives in business and industry reversed several trends in a quarterly AICPA survey, showing a more positive outlook.
AICPA members weigh in on IRS service levels
Problems included trouble getting through on the phone and trouble reaching IRS representatives who could answer their questions. Written communications with the agency were another source of frustrations.
Mary Kay sales consultant’s retirement payments subject to self-employment tax
The Eleventh Circuit Court of Appeals held that payments a retired Mary Kay sales consultant received from the cosmetics company were subject to self-employment taxes because they were payments of deferred compensation.
FASB proposes more clarifications to revenue standard
Clarifications on guidance for contract costs, and preproduction costs related to long-term supply arrangements are included in the proposal.
Final regulations change allocation rules for Roth IRA rollovers
The regulations allow taxpayers to allocate pretax amounts to direct rollovers, rather than having to make pro rata allocations.
IRS future state is not a one size fits all
Nina Olson, the national taxpayer advocate, heard from tax practitioners and taxpayer groups on how the IRS can modernize its taxpayer services.
Audit data standards proposed for inventory subledger account
Voluntary audit data standards proposed by the AICPA Assurance Services Executive Committee are designed to enable more efficient and effective exchange of information between companies and auditors.
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FROM THIS MONTH'S ISSUE
Right-sizing risk management
Sole practitioner or small firm? Risk management doesn’t have to be “one size fits all.” Learn how to help protect your practice without adding unnecessary admin time.
From The Tax Adviser
July 31, 2026
Current developments in S corporations
July 31, 2026
