News
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.
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.
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.
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?
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.
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.
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."
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Werfel to resign Monday as IRS commissioner
January 17, 2025
IRS Commissioner Danny Werfel announced Friday that he would resign.
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.
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.