News
House passes One Big Beautiful Bill Act with its many tax changes
July 03, 2025
The House passed the Senate’s version of the One Big Beautiful Bill Act, sending it to President Donald Trump for his signature. The bill extends many of the expiring provisions from the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. It also addresses other tax priorities of the Trump administration, including providing deductions to eliminate income taxes on certain tips and overtime pay.
AICPA Applauds Senate Passage of Reconciliation Bill, Encourages House Support
July 01, 2025
The U.S. Senate passed its reconciliation bill earlier this morning, which removes the limit on pass-through businesses’ state and local tax (SALT) deductions entirely, generating optimism for those affected businesses. The American Institute of CPAs (AICPA) sent a letter to Senate leadership expressing its strong support of tax-related provisions included in the latest version of the One Big Beautiful Bill Act (OBBB) passed by the Senate. Additionally, the AICPA is urging members of the House of Representatives to join their Senate counterparts in preserving this important deduction.
CT senators cite a ‘catastrophe’ as Senate passes Trump’s ‘big beautiful bill’
July 01, 2025
The Senate vote was split 50-50, with Vice President JD Vance breaking the tie and casting the deciding vote.
Senate passes reconciliation bill including tax changes
July 01, 2025
The Senate passed its version of the One Big Beautiful Bill Act on Tuesday, sending the measure back to the House, where its fate is uncertain. If the House passes the measure without amendment, it would go to President Donald Trump for his signature to become law.
Details of tax changes in Senate reconciliation bill
June 29, 2025
The Reconciliation Bill being debated in the Senate contains many tax provisions, some of which have changed since the Senate Finance Committee released its proposed legislative language on June 16.
Senate GOP restores Medicaid cuts to Trump tax package
June 29, 2025
Senate Republicans restored major Medicaid cuts to Donald Trump's signature economic legislation, re-fashioning a key provision to overcome a procedural obstacle.
Senate budget bill would preserve PTET SALT deduction
June 28, 2025
A revised version of the budget bill that passed a procedural vote in the Senate on Saturday would preserve the state and local tax (SALT) deduction for certain passthrough businesses, including accounting firms — a victory for the AICPA if that language becomes law.
AICPA proposes changes to Senate bill that would help most US businesses
June 25, 2025
The AICPA submitted a letter with comments Monday on the Senate Finance Committee reconciliation bill, recommending three changes it said would put most U.S. businesses and many family-owned businesses — known as passthrough entities (PTEs) — on more even tax footing when compared with corporations.
After 'successful' season, new IRS problems loom: TAS
June 25, 2025
One of the most successful filing seasons in recent memory" still had a few potholes — and cutbacks at the Internal Revenue Service portend tougher seasons ahead, according to the latest report to Congress by the National Taxpayer Advocate Erin Collins.
AICPA Submits Recommendations to Senate Finance Committee on Reconciliation Bill
June 24, 2025
The American Institute of CPAs (AICPA) has expressed concerns with proposals pertaining to the pass-through entity tax (PTET) state and local tax (SALT) deductions in reconciliation bills introduced in the Senate and passed House of Representatives.
GASB updates guidance on application of standards
June 23, 2025
GASB on Monday issued Implementation Guidance Update — 2025, a guide updated for the first time in nearly two years that features questions and answers addressing how to apply GAAP to a variety of GASB standards.
Inside GASB's far-reaching agenda
June 23, 2025
The Governmental Accounting Standards Board is juggling a variety of projects to improve accounting for state and local governments as they come under pressure from the threat of reduced funding from the federal government.
Long sworn in as the 51st IRS Commissioner
June 23, 2025
Billy Long was sworn in as the 51st Commissioner of the Internal Revenue Service on June 16. Long was confirmed by the Senate on June 12.
Senate readies tax bill as holdouts threaten delay
June 23, 2025
President Donald Trump's tax-and-spending agenda is nearing a climactic vote in the Senate this week in the wake of air strikes on Iran, which risk embroiling the U.S. in a prolonged Middle East conflict.
Cuts to PCAOB and more blocked from tax bill
June 20, 2025
The Senate rules-keeper has decided that Republicans can't use President Donald Trump's multitrillion-dollar tax bill to strip all funding from the Consumer Financial Protection Bureau and to cut salaries for many Federal Reserve employees.
Elimination of PCAOB can’t remain in budget bill, Senate official rules
June 20, 2025
The Senate parliamentarian’s office ruled that a provision in the One Big Beautiful Bill Act to defund the PCAOB and transfer its activities to the SEC isn’t permissible.
AICPA Expresses Appreciation to Senate for Efforts to “Improve and Correct” House Bill
June 18, 2025
For several weeks, the American Institute of CPAs (AICPA), along with various other stakeholders, have raised concerns over proposals to eliminate the pass-through entity tax (PTET) state and local tax (SALT) deduction for specified service trades or businesses (SSTBs). Following the release of the reconciliation bill by the Senate, the AICPA has identified several provisions it supports.
Trump urges SALT deal as Lawler stands firm on $40K cap
June 18, 2025
President Donald Trump expressed optimism that lawmakers could reach a compromise on the state and local tax deduction — a sticking point in his "One Big Beautiful Bill" — even as a key SALT advocate insisted a deal had already been reached.
Tax provisions of Senate Finance’s version of the budget bill
June 17, 2025
The Senate Finance Committee on Monday released its version of proposed tax provisions to be included in the budget reconciliation bill being considered by Congress. The House of Representatives passed its version of the bill, H.R. 1, known as the One Big Beautiful Bill Act, in May. The Senate is considering its own version of the bill, which has to meet certain criteria to be exempt from the Senate’s filibuster rules and therefore eligible to be passed on a majority vote.
AICPA makes Priority Guidance Plan recommendations to IRS
June 16, 2025
The AICPA recommended 183 changes to the IRS’s 2025–2026 Priority Guidance Plan and also encouraged the agency to continue to pursue tax simplification.