Master’s in accounting applications in the United States hit a five-year high. Interest globally is also rising, according to a survey of nearly 300 business schools.
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AICPA makes recommendation for updated Form 8971 instructions
In a letter to the IRS, the AICPA recommended that the agency provide further guidance in two areas of new instructions for Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent.
HSA inflation-adjusted maximum contribution amounts for 2026 announced
Rev. Proc. 2025-19 also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements.
FASB proposes guidance on accounting for debt exchanges
FASB published a proposed Accounting Standards Update on debt exchange transactions involving multiple creditors.
Pipeline update: Perceptions of accounting brighten among students
Survey shows that students’ positivity toward accounting as a career choice is on the rise. In the pursuit of talent, that presents an opportunity for the profession tied to successfully connecting with future professionals in multiple ways.
CFOs express negative economic sentiment
Almost three-fourths of CFOs have a negative view of the current economy and its impact on their organization, according to a survey of emerging and midmarket finance leaders.
AICPA comments on proposed regs. on new transfer-pricing method
The comments are in response to Notice 2025-04, which announced plans for the simplified and streamlined approach as a new transfer-pricing method under Sec. 482 regulations for pricing of baseline marketing and distribution activities.
AICPA monitoring proposed changes to public company auditing oversight
Changes have been proposed by the House Financial Services Committee related to PCAOB inspection and enforcement activities involving firms that audit public companies. In a statement, the AICPA said it believes that healthy oversight of accounting firms performing audits of public companies “protects the public interest.”
Mortal fears about retirement: Americans need more time, money
A majority of survey respondents worry more about running out of money than death, but less than one-fourth have talked to a financial professional about their fears.
3 tips for handling financial stress in volatile times
With uncertainty and caution about money common, it’s important to have a firm grasp on spending habits and other aspects of personal finance. A survey shed light on the mood, and the AICPA offered advice for managing financial stress as part of National Financial Literacy Month.
Baker Tilly, Moss Adams merge to create 6th-largest US CPA firm
The deal, which includes private-equity investments, is expected to close in June. The Baker Tilly CEO will serve as leader of the combined firm until his retirement at the end of the year.
Faulkender named fourth acting IRS commissioner this year
Treasury Secretary Scott Bessent said Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will step in to lead the IRS temporarily.
Basis-shifting transaction-of-interest regulations to be removed
The announcement by Treasury and the IRS is a reversal from January regulations. Thursday’s notice provides immediate relief from penalties under Secs. 6707A(a), 6707(a), and 6708 for any failure by participants or material advisers to file disclosure statements required by the regulations.
Financial Accounting Foundation issues annual report
FAF report highlights recent FASB and GASB actions and updates its strategic plan published three years ago.
AICPA backs bill that would add accounting to STEM program
The bipartisan bill would make accounting part of STEM, a federally funded program for science, technology, engineering, and mathematics education.
Business advocacy group seeks destruction of millions of BOI records
The National Federation of Independent Business said in a letter to Treasury Secretary Scott Bessent that millions of beneficial ownership information (BOI) reports filed by domestic companies before the government dropped the BOI requirement should be destroyed.
Uniform nonresident state income tax, withholding rules get AICPA support
A Senate bill would bar states from imposing tax and withholding on out-of-state workers who work for no more than 30 days within its borders. An AICPA letter described the bill as “critically important.”
IRS can make it easier to leave assets to younger generations, AICPA says
In a letter to the IRS, the AICPA recommended changes to the final regulations for generation-skipping transfer (GST) exemption and certain GST elections that it said would make it easier and less expensive for taxpayers to file.
IRS offers 3 voluntary separation programs as RIF gains steam
The programs include one open to the workers with the most seniority and a renewal of the previous deferred resignation program.
Pandemic-era ERC started with good intentions, ending with frustration
Congress authorized the employee retention credit, which ends April 15, to help businesses suffering in the throes of COVID-19. The arrival of promoters and ERC mills brought headaches for the IRS.
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SPONSORED REPORT
Preparing clients for new provisions next tax season
As the 2025 filing season approaches, H.R. 1 introduces significant tax reforms that CPAs must be prepared to navigate. These legislative changes represent some of the most comprehensive tax updates in recent years, affecting both individual and corporate taxpayers. This report provides in-depth analysis and guidance on H.R. 1.
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