Tax, accounting, auditing news - Journal of Accountancy

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

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.