Tax, accounting, auditing news - Journal of Accountancy

June 9, 2025

ENGAGE road trip: Simple directions for a smooth AI journey

On the surface, the number of sessions at AICPA & CIMA ENGAGE 25 that touch on artificial intelligence might seem intimidating to AI newcomers, but an AI workshop instructor explains why getting started is easier than you think.

June 6, 2025

53 CPA societies back AICPA in PTET SALT deduction effort

A letter from the AICPA and CPA societies in 53 states and jurisdictions criticizes the provision in the House version of the budget bill that would eliminate the state and local tax deduction for certain passthrough entities.

June 5, 2025

PEEC exposure draft seeks to clarify requirements for SSAE engagements

PEEC released for comment proposed changes to the AICPA Code of Professional Conduct related to engagements subject to the AICPA Statements on Standards for Attestation Engagements.

June 5, 2025

Economic optimism slides again amid tariff uncertainty

CPA leaders’ optimism declined sharply in the second quarter, as tariff concerns mount and businesses pivot their strategies to accommodate shifting requirements, according to a new AICPA survey.

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