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The AICPA, in letters to Congress, said it supports legislation in the House and Senate that would codify Treasury’s 2025 interim rule limiting beneficial ownership information (BOI) reporting to foreign-owned entities, saying the bills provide relief for both small businesses and finance professionals.

Attorney General William Tong joined a federal lawsuit on Tuesday against the U.S. Department of Education over new limits to student loan borrowing.

Governor Ned Lamont today announced that his administration has submitted a supplemental plan to the bipartisan leadership of the Connecticut General Assembly to use funding from the state’s Federal Cuts Response Fund to mitigate the impact of federal funding reductions and other policy decisions made by the Trump administration and Congressional Republicans.

Explore resources and examples that explain how small firms can carry out monitoring procedures and document results under SQMS No. 1.

National Accounting Day, celebrated on May 19, offers an opportunity to recognize the essential role CPAs play in strengthening businesses, communities, and the public trust. This year, the celebration goes beyond recognition - it becomes a collective moment to show the impact of the profession in a powerful, visible way.

In a letter submitted to the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) requested Treasury and IRS provide guidance addressing Section 4960, which was amended last year by the OBBBA (One Big Beautiful Bill Act). Section 4960 imposes an excise tax on applicable tax-exempt organizations (ATEO) equal to 21 percent of the remuneration in excess of $1 million paid to “covered employees” of the ATEO.

The Securities and Exchange Commission has released more details about its plan to give companies the option of reporting financials semiannually instead of quarterly.

So far about 39 states have added an alternative route to becoming a certified public accountant that requires less schooling and more practical experience.

A House committee voted to repeal beneficial ownership information (BOI) reporting by domestic companies, leaving only foreign-owned companies covered by the requirement.

The Kentucky General Assembly has passed House Bill 45 (HB45), landmark legislation that modernizes the pathway to becoming a Certified Public Accountant (CPA) in Kentucky. The bill marks a significant step forward in addressing workforce pipeline challenges while maintaining the high standards expected of the profession.

The Federal Accounting Standards Advisory Board (FASAB) on Monday announced the appointment of Terry K. Patton, CPA, as chair.

The IRS dipped into its supplemental funding from the Inflation Reduction Act of 2022, P.L. 117-169, to “deliver a successful filing season” in fiscal year 2025 because its annual appropriation was not enough, an IRS watchdog’s report said.

At an open meeting held today, the Public Company Accounting Oversight Board (PCAOB) issued a request for public comment(PDF) seeking input regarding the PCAOB’s strategic priorities.

Lexy Kessler admits to feelings of self-doubt when she took center stage at AICPA Council last May to be officially introduced as AICPA chair.

The IRS wants to deploy artificial intelligence, but workforce reductions that hit tech teams mean the agency has capacity gaps that could impact its ability to do so, according to a new report from Congress’ watchdog, the Government Accountability Office.

The federal tax law passed in 2025 made the paid family and medical leave credit in Sec. 45S permanent and made substantive changes to enhance the credit and expand its availability. In a letter to Treasury and the IRS, the AICPA requested guidance and offered recommendations to update the existing guidance on matters emerging from revisions to Sec. 45S.

Residents exiting Massachusetts took a net of $4.2 billion in adjusted gross income with them in 2023, one of the largest totals in the country, after a tax on millionaires took effect.

Margaret Ryan has resigned as director of the agency’s division of enforcement after about six months on the job.

The AICPA Professional Ethics Executive Committee (PEEC) issued an exposure draft proposing revisions to the definition of “attest engagement team” in the AICPA Code of Professional Conduct (the Code). The proposal is intended to align the Code’s use of “attest engagement team” with other AICPA professional standards.

During 2025, audit and assurance professionals continued to operate in an environment marked by sustained economic uncertainty, evolving regulatory expectations, ongoing workforce constraints, and rapid advances in technology. Elevated interest rates, continued inflationary pressures in certain sectors, geopolitical instability, and increased focus on supply chains and liquidity heightened risks for many entities and increased the complexity of audit engagements.