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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.”

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.

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.

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.

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.”

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.

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.