Tax, accounting, auditing news - Journal of Accountancy

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.

March 26, 2025

Amendment clarifies CPAs’ financial statement preparation engagements

The AICPA Accounting and Review Services Committee approved an update to SSARS No. 21, clarifying that practitioners are not required to apply AR-C Section 70 when financial statements are prepared as part of a consulting engagement. The practical implication is that the engagement would not be required to be subjected to quality management standards or peer review.

March 26, 2025

AICPA recommends prop. regs. changes for some retirement savings plans

The AICPA submitted comments to Treasury and the IRS with recommended changes to proposed regulations for automatic enrollment requirements for most newly established 401(k) and 403(b) plans under the SECURE 2.0 Act.

March 24, 2025

What happens next with the TCJA? Tax professionals are concerned

A Bloomberg Tax survey found that more than 4 in 5 respondents are moderately to very worried about the potential sunset of the Tax Cuts and Jobs Act, which expires at the end of 2025.

March 21, 2025

BOI filing requirements for US companies, persons removed

FinCEN issued an interim final rule Friday removing the requirement for U.S. companies and U.S. persons to report beneficial ownership information under the Corporate Transparency Act.

March 21, 2025

The ROI of generative AI: It’s growing rapidly, CFOs say

Nearly 9 in 10 survey respondents believe artificial intelligence is providing a “very positive” return on investment, and even more express high levels of trust in the technologies.

March 19, 2025

7,000 IRS workers ‘reinstated’ — but not yet returning to work

An email from the acting IRS commissioner, citing a federal court order, says certain probationary employees will receive salaries, back pay, and benefits but are “not [to] report to duty or perform any work until receiving further guidance.”

March 18, 2025

FASB finalizes its taxonomies for 2025

The SEC approved three taxonomies, including the 2025 GAAP Financial Reporting Taxonomy, and FASB finalized two others.

March 18, 2025

Higher threshold for Form 1099-K reporting among AICPA priorities

In a letter to congressional finance leaders, the AICPA listed increasing the threshold to $10,000 as one of its priorities.

March 17, 2025

AICPA Auditing Standards Board names Creps as chair

Catherine “Halie” Creps, CPA, a current ASB member and a partner at KPMG, will replace Sara Lord in May, when seven new board members begin their tenures.

March 15, 2025

Private Company Council issues annual report for the first time

The council, which advocates for private companies during FASB’s standard-setting process, shares recent accomplishments and its vision for the future.

March 14, 2025

PCAOB offers reporting guidance on a number of fronts

The board offers advice to public company auditors about Form AP, upcoming standards on quality control and confirmation, and in the form of free PCAOB-led forums.

March 14, 2025

Auditing Standards Board releases consultation paper on its forward strategy

The ASB seeks input on the draft of its 2026–2030 strategic plan. The comment deadline is June 13.

March 14, 2025

IRS to remain at full staff for at least 5 days if government shuts down

Acting IRS commissioner says the agency will use “existing appropriations” to remain open if Congress does not agree to a continuing resolution by the end of Friday.

March 11, 2025

Untangling tariffs: Consumers expected to bear the brunt

The majority of companies represented in a survey said they plan to pass along most, if not all, costs created by tariffs to their customers.

March 10, 2025

AICPA seeks feedback on independence rules related to private equity

In response to increasing private-equity investment in accounting firms, a Professional Ethics Executive Committee (PEEC) task force has issued a discussion memorandum related to independence rules in the AICPA Code of Professional Conduct.

March 8, 2025

AICPA emphasizes importance of a modern IRS in statement

In a statement Friday, CEO Mark Koziel, CPA, CGMA, said the AICPA is discussing the state of the IRS with agency officials in the wake of layoffs. “A modern, functioning IRS is essential for Americans to meet their tax obligations,” the statement said.

March 6, 2025