Tax, accounting, auditing news - Journal of Accountancy

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

SEC pauses legal defense of its climate-related disclosures rule

The acting SEC chair, who voted against the rule last year, cites “changed circumstances” while calling the rule “deeply flawed.”

February 10, 2025

Melancon named to Accounting Hall of Fame

Barry Melancon, who retired as CEO of AICPA & CIMA in December, will be one of four inductees into the Accounting Hall of Fame in August.

February 7, 2025

BOI penalties increase while reporting rules remain on hold

The Financial Crimes Enforcement Network list includes inflation-adjusted amounts for the civil monetary penalties for violating beneficial ownership information reporting rules.

February 7, 2025

FinCEN hints at BOI reporting changes in court filing

If an injunction is lifted, FinCEN will extend BOI filing deadlines for 30 days and reassess the types of companies required to file beneficial ownership information reports, the government said in its filing in a Texas case.

February 5, 2025

IRS delays resignation offer for critical tax season workers

IRS employees received an email Wednesday advising them that workers in “critical filing season positions” must work until mid-May.

February 5, 2025

Report: Undergraduate enrollment in accounting on the rise

The fall semester saw a 12% increase in accounting enrollment from the previous year to the highest figure observed by the National Student Clearinghouse Research Center in four years.

February 3, 2025

Former NFL player making an impact as a CPA

Richie Brockel, whose football career included involvement in a pair of unforgettable trick plays, shares his thoughts on the Super Bowl and discusses the superpower that having a CPA license has afforded him post-football.

January 30, 2025

AICPA supports Senate discussion draft to help taxpayers, preparers

An AICPA news release mentioned 13 provisions in the bipartisan draft that have its strong support, including ones dealing with tax filing by victims of disasters, electronic notices, and callback technology.

January 27, 2025

Financial planning aspects of unretiring

Reentering the workforce after having officially retired from it can raise a host of financial planning questions, especially for individuals whose main motivation for “unretiring” is economic.

January 24, 2025

Executive order’s hiring freeze causes IRS to cancel some job offers

The IRS said President Donald Trump’s executive order calling for a hiring freeze caused it to rescind all jobs offered with a start date after Feb. 8.

January 24, 2025

FinCEN says BOI reporting remains on hold

The Financial Crimes Enforcement Network (FinCEN) said Friday that while the U.S. Supreme Court did stay one nationwide injunction, one issued by a different judge in a separate case remains in effect.

January 22, 2025

FASB proposes series of changes to accounting standards

The board seeks comments on an Accounting Standards Update that addresses 34 issues in GAAP.

January 21, 2025

AICPA: Executive order shouldn’t affect IRS tax season hiring

The AICPA’s vice president–Tax Policy & Advocacy said President Donald Trump’s executive order to freeze hiring at the IRS should not affect seasonal employees, who likely are already hired and trained.

January 21, 2025

Activities to ease busy season stress

CPA firms have numerous options to relieve stress and show appreciation.

FROM THIS MONTH'S ISSUE

Want to thrive in an AI world? Power up your people skills

Learn how CPAs can strengthen their human relationships by developing their communication, curiosity, and self-awareness. Artificial intelligence can’t replicate these people skills.