News

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).

The PCAOB issued for public comment a supplemental release regarding narrow, targeted proposed amendments to QC 1000, A Firm’s System of Quality Control, and related amendments to PCAOB forms and the QC reporting rule.

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.

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.