Private Company Council issues annual report
The report highlights the activities of the group charged with working with FASB to improve the process of setting accounting standards for private companies.
PEEC proposes revised definition of ‘attest engagement team’
The AICPA Professional Ethics Executive Committee seeks comment on a revised definition to gather input on whether the definition appropriately reflects the roles that should be excluded from an attest engagement team. The comment deadline is June 1.
AICPA pushes IRS to ease and expand first‑time abatement rules
The recommendations include allowing taxpayers to rely on substitute reasonable cause when appropriate, permitting them to reserve the automatic first-time abatement for future use.
US, Canada, Mexico extend CPA mobility agreement through 2028
The AICPA and the National Association of State Boards of Accountancy are among the group of entities reaffirming a smooth path for accounting professionals to practice across North American borders.
Top 50 firm announces new majority private-equity investment
Schellman’s investment from Goldman Sachs, a transaction expected to close in the second quarter of this year, comes after its initial private-equity deal with Lightyear Capital in 2021.
IRS proposes regulations for Trump accounts, pilot program
Proposed regulations under Sec. 530A provide information on how to open initial Trump accounts, and proposed regulations under Sec. 6434 provide guidance on the program that provides $1,000 contributions to Trump accounts for eligible children.
IRS seeks to scrap basis‑shifting TOI reporting regulations
If proposed regulations become final, the withdrawal would let taxpayers treat the January 2025 transaction-of-interest regulations as having never taken effect.
IRS Dirty Dozen adds new capital gains scheme for 2026
The IRS says a surge in fabricated Form 2439 filings prompted the only new addition to this year’s Dirty Dozen, underscoring how quickly tax schemes evolve.
IRS proposal eases provision of 1099-DA statements by digital asset brokers
The proposed regulations would shift digital-asset reporting toward electronic-only delivery by loosening consent requirements for brokers.
Optimism, while tempered, is up among finance leaders
Finance decision-makers are more optimistic about the U.S. economy and their own organizations in the first quarter, according to the AICPA and CIMA Economic Outlook Survey.
California board approves regulation for state’s climate reporting laws
Companies with more than $1 billion in revenue are required to post their first annual reports by Aug. 10, while a law affecting companies with at least $500 million in revenue remains paused by a legal challenge.
IRS issues higher 2026 depreciation limits for passenger automobiles
The IRS issued the 2026 depreciation limitations for passenger vehicles, including those for which bonus depreciation is applied.
New Schedule 1-A for tips, OT, car loans, and senior deductions published
The Schedule 1-A does not differ from the draft version issued last year, but instructions for Form 1040 provide details and examples on the four temporary deductions.
GASB proposes guidance for financial reporting model improvements
The board is accepting comments through April 27 on proposed authoritative guidance related to subsidies in Statement No. 103, Financial Reporting Model Improvements.
Senate bill targets preparers who break the law, expands IRS reforms
The AICPA supports the Taxpayer Assistance and Service Act but seeks further improvements.
AICPA asks Department of Education to list accounting as a professional degree
In a comment letter, the AICPA asks that the department’s new rule related to student loan limits either list accounting as a “professional degree program” or retain current language stating that “professional degrees may include but are not limited to” the list in a notice of proposed rulemaking.
IRS should open Trump accounts for eligible children automatically, AICPA says
In a letter to the IRS and Treasury, the AICPA said enrolling children by default “would promote equitable access, reduce procedural barriers, and strengthen the intended reach of the program.”
AI early adopters pull ahead but face rising risk, global report finds
Most companies committed to AI tools believe they have a strategic advantage, but they also have more risks to consider.
COSO creates audit-ready guidance for governing generative AI
The Committee of Sponsoring Organizations of the Treadway Commission’s publication relies on its proven internal control framework to help companies manage AI-related risks.
GAO says tax pros helped shape IRS response to ERC issues
The report to Congress also recommends four ways for the IRS to close the chapter on the pandemic-era credit.