Tax, accounting, auditing news - Journal of Accountancy

April 29, 2025

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.”

April 25, 2025

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.

April 22, 2025

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.

April 22, 2025

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.

April 21, 2025

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.

April 18, 2025

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.

April 18, 2025

Financial Accounting Foundation issues annual report

FAF report highlights recent FASB and GASB actions and updates its strategic plan published three years ago.

April 15, 2025

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.

April 14, 2025

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.

April 11, 2025

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.”

April 9, 2025

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.

April 9, 2025

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.

April 8, 2025

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.

April 7, 2025

Retirement snapshot: 3 things to know about the average pre-retiree

Workers dreaming about the day they will retire reveal what circumstances they daydream about and what nightmares they hope to avoid while continuing to redefine what it means to retire in America.

April 4, 2025

IRS: 7,000 probationary workers will return to their jobs in next 10 days

“I’m just riding the government roller coaster,” says one worker, who lost her job in February, was placed on administrative leave in March, and plans to return to work later this month.

April 2, 2025

Bills dealing with tax administration, disaster victims pass House

The AICPA endorsed four of the six bills, all of which passed with bipartisan support and were forwarded to the Senate.

March 28, 2025

SEC ends legal defense of its climate rules

After a vote Thursday, the acting chair of the SEC described The Enhancement and Standardization of Climate-Related Disclosures for Investors as “unnecessarily intrusive.”

March 27, 2025

As time runs out for pandemic-era ERC, IRS adds 5 FAQs

The FAQs, which deal mainly with how to handle the employee retention credit on tax returns under various scenarios, are not authoritative but do provide some answers to questions about the expiration of the statute of limitation, an AICPA & CIMA tax practice and ethics manager said.

March 27, 2025

BOI reporting changes don’t affect CTA’s constitutionality, filing says

In a brief filed in the Eleventh Circuit, the federal government said the move to remove the beneficial ownership filing requirement for domestic companies does not affect the constitutionality of the Corporate Transparency Act.

March 26, 2025

AICPA, CalCPA jointly call for clarity regarding California climate rule

The organizations, on behalf of CPAs, responded to a request for feedback from the California Air Resources Board with recommendations related to guidance on the reporting and assurance requirements of recent legislation.