Tax, accounting, auditing news - Journal of Accountancy

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.

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