Tax, accounting, auditing news - Journal of Accountancy

June 4, 2025

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.

June 3, 2025

Simplified method to determine corporate AMT applicable status issued

A notice issued by the IRS with interim guidance for the application of the corporate alternative minimum tax offers an optional simplified method for determining applicable corporation status under Sec. 59(k).

June 2, 2025

Report card: Student interest in accounting shows marked improvement

Buoyed by a spike at two-year institutions, undergraduate enrollment in accounting programs is up 12% from the spring of 2024.

May 29, 2025

Tariffs back in force after appeals court ruling

A federal appeals court temporarily restored President Donald Trump’s power to impose tariffs. The Thursday ruling followed a district court’s nationwide injunction Wednesday curtailing that authority.

May 27, 2025

IRS hotline questions resolved faster in 2025; concern grows about agency’s future

An annual survey of AICPA members about IRS service showed the majority of respondents are concerned that political distractions will affect agency funding and administration in the future.

May 27, 2025

What leaders need to know about a growing group of employees

As Gen Zs and Millennials begin to become a bigger majority in the workforce, a new survey provides insights into what motivates them to switch jobs and what motivates them to stay.

May 22, 2025

AICPA recommends changes to prop. regs. on PTEP, related basis adjustments

The recommendations, sent Tuesday in a letter to Treasury and the IRS, include that the IRS expressly allow taxpayers to rely on proposed regulations until they are final.

May 22, 2025

House passes budget reconciliation bill with changes to tax provisions

Early Thursday morning, the House of Representatives passed the One Big Beautiful Bill Act by one vote. The bill had been amended by the Rules Committee, and it now goes to the Senate for consideration.

May 21, 2025

AICPA: Contingent fee provision in tax bill would help unscrupulous tax preparers

In a letter to congressional committee leaders, the AICPA said Congress should strike language from the tax bill that bars Treasury from regulating contingent fees.

May 19, 2025

AICPA names new FinREC chairman

The AICPA named Grant Thornton partner Rahul Gupta as chairman of FinREC. Gupta succeeds Mark Crowley, a managing partner at Deloitte.

May 18, 2025

Reconciliation bill clears committee on second try

Sunday revote came after Republican fiscal hawks initially joined Democrats to sink the bill, which includes tax provisions approved by the House Ways and Means Committee last week.

May 18, 2025

Ways and Means approves proposed TCJA extensions and tax changes

The bill would make key portions of the TCJA permanent and create a new “senior bonus” deduction, among its many provisions. An AICPA statement said it is “deeply troubled” by the plan to curtail use of passthroughs to avoid SALT cap. The bill now heads to the House Budget Committee.

May 16, 2025

IRS reduces user fee for estate tax closing letters

The receipt of an estate tax closing letter generally indicates that the estate tax return’s IRS examination is closed. Final and proposed regulations lowered the fee by $11.

May 16, 2025

FASB updates guidance on share-based consideration

The Accounting Standards Update addresses share-based consideration payable to a customer in conjunction with selling goods or services.

May 14, 2025

AICPA endorses some Ways and Means tax provisions, signals concern for others

One item is a “longstanding priority for the AICPA and the tax profession,” a news release said. The AICPA cited the “potential detrimental impact” of other provisions.

May 14, 2025

AICPA gives Gold Medal Award of Distinction to Mintzer

Andrew Mintzer, CPA, a firm leader in Los Angeles, was presented with the highest honor granted by the organization.

May 14, 2025

AICPA, NASBA approve new CPA licensure path

Amendments to the Uniform Accountancy Act add a third pathway to CPA licensure: a bachelor’s degree, two years of professional experience, and passing the CPA Exam.

May 12, 2025

State of Play: How firms are helping smooth sustainability reporting

The latest data from research by the International Federation of Accountants, the AICPA, and CIMA reveals that nearly three-fourths of the largest global companies obtained assurance of sustainability disclosures in 2023, with the majority depending on audit firms. U.S. companies rank ahead of the pack when it comes to obtaining assurance but behind the pack when it comes to depending on audit firms.

May 12, 2025

FASB issues guidance on business combinations

FASB published an Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in FASB ASC Topic 805, Business Combinations.

May 7, 2025

Revenue agents who conduct audits lead IRS job losses

The IRS lost 11% of its staff in the first three months of 2025, with revenue agents who conduct audits accounting for the largest percentage of those who left, the Treasury Inspector General for Tax Administration said in a report.