News

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.

Last week, the AICPA’s Professional Ethics Executive Committee (PEEC) discussed revised changes to guidance in the AICPA Code of Professional Conduct related to firm independence and alternative practice structures, such as those funded by private-equity investments. PEEC also discussed revising the definition of “network firm” and adding a new interpretation prohibiting attest client investment in firms.

The Senate Finance Committee on Thursday approved the Taxpayer Assistance and Service (TAS) Act, which the AICPA said will improve tax administration and reduce burdens on both taxpayers and preparers.

The Financial Crimes Enforcement Network (FinCEN) should soon finalize its interim rule restricting beneficial ownership information (BOI) reporting requirements to foreign companies, the head of the agency told Congress.

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.