IRS warns about more tax scams
The IRS said scams involving the fuel tax credit, the sick and family leave credit, and household employment taxes led thousands of taxpayers to file inflated refund claims.
SEC strengthens requirements for response to data breaches
Changes to Regulation S-P call for covered institutions to develop an incident-response plan beginning in 2026.
New SSAE caps standards related to quality management
The statement offers new definitions of “other practitioner” and completes the suite of standards that firms performing A&A services are required to use to design and implement a QM system by Dec. 15, 2025, and to perform A&A services in accordance with for engagements beginning on or after that date.
Regulations finalize PTIN fees for tax return preparers
The IRS was required to reduce the charge for preparer tax identification numbers after a federal court found the previous amount excessive. The final regulations adopt the text of interim final and proposed regulations issued in 2023 without change.
PCAOB updates general auditor responsibilities, quality control rules
PCAOB updates general auditor responsibilities, quality control rules AS 1000, General Responsibilities of the Auditor in Conducting an Audit, replaces AICPA-provided standards, and QC 1000, A Firm’s System of Quality Control, considers the AICPA’s new quality management standards.
NPAG recommends solutions to the talent shortage
The National Pipeline Advisory Group will present an extensive draft of its findings to AICPA Council before publishing the final report over the summer.
Proposal from SEC, FinCEN calls for investment advisers to ID customers
The proposed rule would require SEC-registered investment advisers and exempt reporting advisers to establish customer identification programs aimed at curbing financial crimes.
HSA inflation-adjusted maximum contribution amounts for 2025 announced
After steep increases for 2024, the HSA maximum contribution amounts allowed by the IRS still increase for 2025, but not by as much, as the rate of inflation slowed.
Foreign trust transactions and large gifts addressed in proposed regs.
The proposed regulations implement Secs. 643(i), 679, 6039F, 6048, and 6677, which were added or modified to prevent efforts by U.S. taxpayers to use foreign trusts and offshore arrangements to avoid U.S. taxes.
Auditor resource: Considerations for commercial real estate
A PCAOB staff report considers the changing world of commercial real estate, offering advice for public company auditors that also applies to auditors outside of the PCAOB’s purview.
Prepare large estates for TCJA sunset now
Now is the time to talk with high-net-worth clients about using the temporarily doubled estate and gift tax exclusion before its sunset in 2026, Bob Keebler, CPA/PFS, stressed in a webcast.
Final regs. issued for new, previously owned clean vehicle credits
The final regulations, which the IRS issued Friday, also provide rules regarding the critical mineral and battery component requirements for the new clean vehicle credit, and they add a new test for mineral content.
Practitioner service improvements part of IRS strategic operating plan
The IRS aims to improve service on the tax practitioner phone line and build a better online account for tax professionals, Commissioner Danny Werfel said Thursday.
Automatic accounting method changes list updated by IRS
The IRS on Tuesday provided a comprehensive list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 21 changes described as significant.
Root cause analysis: Auditor tool gaining traction on multiple fronts
A new PCAOB report highlights how audit quality can be improved by root cause analysis — an approach the federal board eventually could require and one addressed in new AICPA quality management system standards.