News

The American Institute of CPAs has issued a new practice aid for auditors that provides a framework for understanding how artificial intelligence affects the financial statement audit in two key areas: when an organization uses AI in its financial reporting or controls, and when auditors use AI-related technology in performing the audit.

The American Institute of CPAs (AICPA), the American Society of Appraisers (ASA) and the Royal Institution of Chartered Surveyors (RICS) seeks comment on an exposure draft for the proposed Valuation Performance Framework (VPF). Valuation professionals and other stakeholders are invited to provide feedback on whether the proposed provisions appropriately address current practice needs and whether additional guidance would be beneficial.

The PCAOB on Wednesday shared updated agendas for standard setting, research, and rulemaking projects.

The Senate unanimously approved the Taxpayer Assistance and Service (TAS) Act on Wednesday, advancing a bipartisan package of taxpayer-focused reforms that the AICPA called a “significant achievement” for taxpayers and tax professionals.

Treasury and the IRS issued temporary regulations (T.D. 10056) and proposed regulations (CC-00226466-26) Tuesday to automatically enroll eligible children in Trump accounts after developing a structure they said overcame barriers that previously made automatic enrollment impractical.

A first-of-its-kind U.S. Government Accountability Office (GAO) report estimates annual federal tax fraud losses of between $116 billion and $304 billion and says the IRS needs a coordinated strategy for managing fraud risks.

The AICPA and former IRS commissioner Danny Werfel will lead an initiative bringing together leaders to advance practical approaches to the responsible use of artificial intelligence in tax administration and tax practice.

For the second consecutive year, a watchdog has labeled the IRS’s cybersecurity program so ineffective that taxpayer data could be at risk if the agency fails to address security weaknesses.

In its opening brief in a case that could affect millions of taxpayers and billions of dollars in potential refund claims, the federal government argued that a lower court misread a COVID-era tax relief law, turning a 60-day extension into a postponement period lasting more than three years.

Both chambers of Congress return to Capitol Hill this week for a brief session before heading back to the campaign trail until mid-November.

A federal appeals court has affirmed a preliminary injunction blocking an IRS policy that disclosed thousands of taxpayers’ addresses to immigration authorities, agreeing the agency’s automated process likely violated the strict confidentiality protections Congress built into the Tax Code.

The Public Company Accounting Oversight Board (PCAOB) today adopted amendments(PDF) to certain provisions of QC 1000, A Firm’s System of Quality Control, and related amendments to PCAOB forms and the QC reporting rule.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) focused on targeted improvements to the FASB Accounting Standards Codification®. Stakeholders are encouraged to review and provide input on the proposed ASU by November 19, 2026.

IRS enforcement activity declined in fiscal year 2025 after staffing levels fell and supplemental funding was exhausted, even as taxpayers paid a record $5.3 trillion in federal tax revenue, an agency watchdog said in a report.

Speaking to the Illinois CPA Society on Thursday, Fifth Third Bank’s Chief Economist Jeffrey Korzenik suggested baby boomers have likely played a role in keeping the economy afloat, for now.

https://www.journalofaccountancy.com/news/2026/aug/irs-should-automate-name-address-changes-aicpa-says/

The AICPA is supporting federal disaster relief legislation that awaits the president’s signature after Senate approval and urging Congress to provide permanent relief for victims.

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations on eligible investments for Trump Accounts, a new type of traditional IRA under the Working Families Tax Cuts.

QC 1000 Questions and Answers is the latest in the PCAOB’s efforts to provide implementation information and resources

The Financial Crimes Enforcement Network (FinCEN) will issue a final rule (RIN 1506-AB67) that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act, Title 64 of P.L. 116-283, Treasury said Tuesday in a news release.