Tax, accounting, auditing news - Journal of Accountancy

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