News

Citing the increase in the cost of fuel, the IRS has set a higher optional standard mileage rate used to calculate the deductible costs of operating an automobile for business for the remainder of 2026.

The Securities and Exchange Commission today proposed Regulation E-Delivery, a new rule that would expand the ability of issuers, broker-dealers, investment advisers, and others to use electronic delivery to satisfy information delivery requirements under the federal securities laws.

The Show Me State joins over 40 others establishing a route to becoming a certified public accountant that doesn’t require 150 college credit hours.

U.S. Senator Richard Blumenthal said he was “shocked and deeply saddened” by the death if U.S. Sen. Lindsey Graham, who died suddenly over the weekend at age 71.

The IRS on Monday issued Rev. Proc. 2026-25, which provides a gift tax reporting safe harbor for individual donors who make one or more contributions to Trump accounts under Sec. 530A and satisfy certain conditions.

The global sustainability reporting ecosystem is becoming less fragmented as more of the world’s largest companies begin to adopt or form plans to use the International Sustainability Standards Board (ISSB) standards and European Sustainability Reporting Standards (ESRSs), an updated report from the International Federation of Accountants (IFAC), American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) shows.

The American Institute of CPAs (AICPA) is encouraging families to educate themselves about new “Trump Accounts,” officially known as Section 530A accounts, so they can make informed investment choices for their children’s future. July 4 marks the official launch date, when the accounts become fully active investment accounts – allowing families to begin contributing and eligible children to receive a $1,000 federal deposit.

The Supreme Court’s decision Monday to deny certiorari in Murrin lets stand a Third Circuit holding that the Sec. 6501(c)(1) unlimited period for the assessment of tax applies when a fraudulent return is filed with the intent to evade tax, regardless of whether the intent is that of the taxpayer or another person, including the taxpayer’s return preparer.

The IRS’s outside technology advisory panel called on Congress to provide stable, multiyear funding; expand the use of artificial intelligence; and simplify tax administration. It also warned that resource constraints and complexity risk undermining recent modernization gains.

The U.S. Department of Labor’s (DOL’s) Wage and Hour Division announced it will rescind the Biden-era overtime rule, more than a year after federal courts vacated the rule (the “2024 Rule”). The recission formally ends the DOL’s effort to increase the salary threshold for overtime exemption eligibility under the Fair Labor Standards Act (FLSA).

Six months after President Donald Trump warned states not to regulate artificial intelligence, they are increasingly doing just that.

The IRS will merge two offices that deal with tax practitioners — one that deals with misconduct and discipline and another that administers the preparer tax identification number (PTIN) program — a move the AICPA opposed.

The Association of International Certified Professional Accountants (AICPA and CIMA) today launched Rise2040: Shaping the Future of Finance and Accounting, a global, profession-led initiative designed not simply to anticipate the future of the profession but to actively shape it.

Two AICPA senior technical committees issued proposed strategic plans for 2027–2030.

The American Institute of CPAs (AICPA) requested the Department of Treasury and the Internal Revenue Service (IRS) provide guidance on proposed regulations for Trump Accounts. The AICPA’s comment letter identified several areas where additional guidance will be needed in future proposed regulations addressing contributions, distributions and investment-related rules.

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.