The SEC approved three taxonomies, including the 2025 GAAP Financial Reporting Taxonomy, and FASB finalized two others.
Advertisement
NEWS
Higher threshold for Form 1099-K reporting among AICPA priorities
In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.
AICPA Auditing Standards Board names Creps as chair
Catherine “Halie” Creps, CPA, a current ASB member and a partner at KPMG, will replace Sara Lord in May, when seven new board members begin their tenures.
Private Company Council issues annual report for the first time
The council, which advocates for private companies during FASB’s standard-setting process, shares recent accomplishments and its vision for the future.
PCAOB offers reporting guidance on a number of fronts
The board offers advice to public company auditors about Form AP, upcoming standards on quality control and confirmation, and in the form of free PCAOB-led forums.
Auditing Standards Board releases consultation paper on its forward strategy
The ASB seeks input on the draft of its 2026–2030 strategic plan. The comment deadline is June 13.
IRS to remain at full staff for at least 5 days if government shuts down
Acting IRS commissioner says the agency will use “existing appropriations” to remain open if Congress does not agree to a continuing resolution by the end of Friday.
Untangling tariffs: Consumers expected to bear the brunt
The majority of companies represented in a survey said they plan to pass along most, if not all, costs created by tariffs to their customers.
AICPA seeks feedback on independence rules related to private equity
In response to increasing private-equity investment in accounting firms, a Professional Ethics Executive Committee (PEEC) task force has issued a discussion memorandum related to independence rules in the AICPA Code of Professional Conduct.
AICPA emphasizes importance of a modern IRS in statement
In a statement Friday, CEO Mark Koziel, CPA, CGMA, said the AICPA is discussing the state of the IRS with agency officials in the wake of layoffs. “A modern, functioning IRS is essential for Americans to meet their tax obligations,” the statement said.
AICPA applauds Treasury’s suspension of BOI enforcement
A statement Thursday praised Treasury for ” reducing regulatory burden on businesses” and said the “AICPA remains committed to appropriate anti-money laundering policies.
Domestic economic sentiment declines 20 percentage points among CPA execs
CPA executives in business and industry have lowered expectations for the U.S. economy and, to a lesser extent, their own organizations, according to a quarterly AICPA & CIMA survey.
Proposed model law changes support a new path to CPA licensure
The AICPA and the National Association of State Boards of Accountancy are seeking comments for the next 60 days on an additional CPA pathway and changes to the practice mobility model.
Treasury says it won’t enforce BOI fines or penalties against U.S. citizens, businesses
A news release says Treasury won’t enforce fines or penalties against U.S. citizens or domestic reporting companies or their beneficial owners. Treasury will also issue proposed rulemaking to limit beneficial ownership information reporting to foreign reporting companies only.
AICPA auditing board approves two exposure drafts for public comment
The AICPA Auditing Standards Board voted Thursday to separately expose for public comment proposed changes related to attestation review engagements and external confirmations in the AICPA Professional Standards.
Remote control: 3 tips from a firm founder and remote-work trendsetter
Both quantity and quality of communication are crucial to the success of a fully remote work model, a leader with immense experience in the space shared at the AICPA Personal Financial Planning Summit 2025.
Top 20 firm CohnReznick executes the latest private-equity deal
The partnership, continuing an industrywide trend, necessitates the creation of an alternative practice structure featuring a new CPA firm for attest services and a separate firm for nonattest services.
FinCEN extends BOI reporting deadline, halts enforcement
The Financial Crimes Enforcement Network said late Thursday that it will extend the current reporting deadline beyond March 21 and will develop new regulations to reduce “regulatory burden.”
Phish, smish, and spear phish: IRS releases 2025’s Dirty Dozen
The annual list, which began in 2002, lists 12 ways scammers try to gain confidential information from tax professionals or trick taxpayers.
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.
Features
SPONSORED REPORT
Get your clients ready for tax season
Help clients avoid surprises with year-end planning strategies for managing taxable income, maximizing deductions, and adjusting to OBBBA changes affecting individuals and businesses.
From The Tax Adviser
September 30, 2026
Navigating the QSBS rules in pass-through structures
September 30, 2026
Sec. 338(h)(10) elections in business acquisitions
August 31, 2026
