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House GOP takes first step toward tax cuts, debt limit increase

February 12, 2025

House Republican leaders took the first step Wednesday toward enacting trillions of dollars in tax cuts and raising the nation's $36 trillion debt limit, offering a plan that risks rankling quarreling factions in the party.

  • advocacy - federal

House of Representatives Passes Delay BOI Bill

February 12, 2025

H.R. 736, Protect Small Businesses from Excessive Paperwork Act of 2025 (Rep. Zach Nunn, IA-3), which would delay FinCEN BOI reporting for one year (until January 1, 2026), passed the House of Representatives by a vote of 408-0. The bill now goes to the Senate for consideration.

  • advocacy - federal
  • boi

A bumpy start: Tax season kicks off amid uncertainty all around

February 11, 2025

Accountants are in the midst of a series of changes, ranging from the future of the Internal Revenue Service to the kick-off of tax season.

  • advocacy - federal
  • federal tax

What's ahead in CPA practice operation under Trump 2.0?

February 11, 2025

New presidential administrations typically mean a lot of questions and uncertainty. As Trump takes office, people wonder if the policy changes he promised will be realized. What will the tax implications be for CPA clients and practice owners? Where are interest rates headed? What about inflation?

  • practice management
  • advocacy - federal

AICPA prepares for the possible end of the PCAOB

February 10, 2025

The AICPA & CIMA's new president and CEO, Mark Koziel, told a group of accountants that the association is preparing for the possibility that the Public Company Accounting Oversight Board might be "rolled up" into the Securities and Exchange Commission under the Trump administration.

  • accounting and auditing
  • advocacy - federal

IRS delays resignation offer for critical tax season workers

February 05, 2025

IRS employees who work in "critical filing season positions" are exempt from the voluntary resignation program offered to federal government employees until May 15, according to an email sent Wednesday.

  • advocacy - federal
  • federal tax

New Hampshire fights out-of-state sales tax

February 04, 2025

New Hampshire is fighting back. The Granite State's latest move to protect businesses from sales tax legislation, HB 135, was introduced on Jan. 8, 2025. It states that "no New Hampshire business shall be required to collect sales taxes for a foreign jurisdiction [a.k.a., another state] unless mandated by Congress or New Hampshire law."

  • state tax
  • advocacy - state
  • advocacy - federal

Lamont’s commitment to CT’s fiscal ‘guardrails’ is being tested

February 02, 2025

Lawmakers seek more funds for Medicaid, education while federal funds vanish.

  • advocacy - state
  • advocacy - federal

Tong Announces Temporary Restraining Order Against Federal Funding Freeze, Ensuring Continued Services

January 31, 2025

Connecticut Attorney General William Tong on Friday announced an initial victory against the Trump administration and said that the state has successfully secured a temporary restraining order against the federal government’s recent freeze on appropriated funds.

  • advocacy - state
  • advocacy - federal

AICPA supports Senate discussion draft to help taxpayers, preparers

January 30, 2025

The AICPA said it supports the bipartisan Taxpayer Assistance and Service (TAS) Act discussion draft that two senators released Thursday and especially backs 13 of the 65 provisions designed to reduce burdens on taxpayers and tax preparers.

  • advocacy - federal
  • federal tax

PCAOB Launches New Resource Page for Smaller Audit Firms

January 28, 2025

As part of its ongoing efforts to support smaller audit firms, the Public Company Accounting Oversight Board (PCAOB) today launched a new online resource page: Information for Smaller Firms. The page features PCAOB content tailored for smaller firms, including publications, videos, and more.

  • accounting and auditing
  • advocacy - federal

IRS starts tax season with hiring freeze and rescinded job offers

January 27, 2025

The Internal Revenue Service kicked off tax season Monday facing a hiring freeze imposed by President Donald Trump in an executive order on Inauguration Day and lingering uncertainty over how to make up for over $20 billion in budget cuts.

  • advocacy - federal
  • federal tax

AICPA wants bigger safe harbor for corporate AMT

January 23, 2025

The American Institute of CPAs is asking the Treasury Department and the Internal Revenue Service to increase the safe harbor for companies to avoid determining whether the corporate alternative minimum tax would apply to them.

  • advocacy - federal
  • federal tax

BOI reporting still on hold despite Supreme Court ruling

January 23, 2025

A nationwide federal court order barring enforcement of beneficial ownership information (BOI) reporting requirements remains in effect, according to the legal team that filed the case, despite a Supreme Court ruling Thursday in a separate BOI case. But it was not immediately clear how the Financial Crimes Enforcement Network (FinCEN), which enforces BOI reporting requirements, would react to the stay, which is in effect until action by the Fifth Circuit and, potentially, further review by the Supreme Court.

  • advocacy - federal
  • boi

FASB Seeks Public Comment on Proposed Codification Improvements

January 22, 2025

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 April 22, 2025.

  • accounting and auditing
  • advocacy - federal

Key Legal Developments on Enforcement of the Corporate Transparency Act

January 22, 2025

For the time being, unless the Supreme Court intervenes, the nationwide injunction is likely to remain in place through at least March 25, 2025, the scheduled date for oral arguments before the Fifth Circuit.

  • advocacy - federal
  • boi

AICPA: Executive order shouldn’t affect IRS tax season hiring

January 21, 2025

An executive order signed by President Donald Trump regarding IRS hiring should not affect the use of seasonal employees for the tax filing season, an AICPA vice president said Tuesday.

  • advocacy - federal
  • federal tax

Werfel to resign Monday as IRS commissioner

January 17, 2025

IRS Commissioner Danny Werfel announced Friday that he would resign.

  • advocacy - federal
  • federal tax

SEC Announces Chief Accountant Paul Munter to Retire From Federal Service This Month

January 14, 2025

The Securities and Exchange Commission today announced that Chief Accountant Paul Munter plans to retire from federal service effective Jan. 24, 2025. Mr. Munter joined the agency in 2019, was named Acting Chief Accountant in 2021, and was appointed Chief Accountant in January 2023.

  • advocacy - federal

DOL’s ‘retirement security rule’ runs into obstacles

January 13, 2025

The U.S. Department of Labor's (DOL's) "retirement security rule" (RIN 1210-AC02), which was scheduled to take effect this past September but has been temporarily blocked by the courts, faces doubtful prospects because of court challenges and the change in presidential administration.

  • business and industry
  • personal financial planning
  • practice management
  • advocacy - federal