Finance decision-makers are more optimistic about the U.S. economy and their own organizations in the first quarter, according to the AICPA and CIMA Economic Outlook Survey.
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NEWS
California board approves regulation for state’s climate reporting laws
Companies with more than $1 billion in revenue are required to post their first annual reports by Aug. 10, while a law affecting companies with at least $500 million in revenue remains paused by a legal challenge.
IRS issues higher 2026 depreciation limits for passenger automobiles
The IRS issued the 2026 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.
New Schedule 1-A for tips, OT, car loans, and senior deductions published
The Schedule 1-A does not differ from the draft version issued last year, but instructions for Form 1040 provide details and examples on the four temporary deductions.
GASB proposes guidance for financial reporting model improvements
The board is accepting comments through April 27 on proposed authoritative guidance related to subsidies in Statement No. 103, Financial Reporting Model Improvements.
Senate bill targets preparers who break the law, expands IRS reforms
The AICPA supports the Taxpayer Assistance and Service Act but seeks further improvements.
AICPA asks Department of Education to list accounting as a professional degree
In a comment letter, the AICPA asks that the department’s new rule related to student loan limits either list accounting as a “professional degree program” or retain current language stating that “professional degrees may include but are not limited to” the list in a notice of proposed rulemaking.
IRS should open Trump accounts for eligible children automatically, AICPA says
In a letter to the IRS and Treasury, the AICPA said enrolling children by default “would promote equitable access, reduce procedural barriers, and strengthen the intended reach of the program.”
AI early adopters pull ahead but face rising risk, global report finds
Most companies committed to AI tools believe they have a strategic advantage, but they also have more risks to consider.
COSO creates audit-ready guidance for governing generative AI
The Committee of Sponsoring Organizations of the Treadway Commission’s publication relies on its proven internal control framework to help companies manage AI-related risks.
GAO says tax pros helped shape IRS response to ERC issues
The report to Congress also recommends four ways for the IRS to close the chapter on the pandemic-era credit.
Auditing Standards Board proposes changes to attestation standards
An exposure draft approved by the AICPA board updates baseline standards and addresses sustainability and other emerging areas of assurance.
Actor Ryan Reynolds, Costco’s former CFO to headline 10th ENGAGE
Celebrating 10 years in Las Vegas, ENGAGE 2026 is set for June 8–11. The event begins with a high-profile keynote conversation.
What CPAs should know about Trump accounts
What are Sec. 530A Trump accounts, and how should CPAs advise families? This Q&A breaks down contributions, investment limits, and planning considerations practitioners need to understand.
Anticipated applicability date for future final RMD regs. announced
The IRS said it anticipates that the future final regulations on RMDs under Sec. 401(a)(9) will apply for the distribution calendar year that begins no earlier than six months after those regulations’ appearance in the Federal Register.
AI loses ground to pros as taxpayers rethink who should do their taxes
Taxpayers are shifting back toward human tax professionals, with trust in AI for filing slipping across every generation, survey shows.
AICPA seeks guidance on Sec. 174A(c) capitalization and amortization of R&E
Requested guidance can be provided through modifications to Rev. Proc. 2025-28 and/or other published guidance.
Can AI actually lead to a heavier workload?
More than 30% of corporate employees in a new survey said AI has increased their workload, nearly double the percentage of employees reporting a workload decrease.
Apprenticeship program participant aces CGMA case study exam
Financial analyst Caitlin Domina was one of three joint first honorees globally in the latest testing window for the CGMA Management Case Study Exam.
Average tax refund rises 11%; total filings decline
The average individual tax refund is up nearly 11% in the first 10 business days of the 2026 filing season, rising to $2,290 from $2,065 last year.
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Start in high school to strengthen the accounting profession
A practitioner-led outreach program, born of a university, accounting professionals, and local community collaboration, shows how to successfully engage high school students with the modern accounting profession.
