News

Consistent with applicable law and longstanding practice, the Secretary of the Treasury oversees the operations of all Treasury offices and bureaus, including the Internal Revenue Service. Secretary Scott Bessent’s service as Acting Commissioner of the IRS under the Federal Vacancies Reform Act has expired, and he has not served in that capacity since that time.

The Securities and Exchange Commission initiated only 10 accounting and auditing actions last year — its lowest level in nine years.

An agreement between professional accounting bodies in North America’s three largest countries will extend cross-border practice mobility for CPAs through the end of 2028.

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations providing guidance regarding the pilot program for Trump Accounts, which are a new type of individual retirement account for eligible children. Trump Accounts and the Trump Account Pilot Program were established under the One, Big, Beautiful Bill enacted on July 4, 2025.

The American Institute of CPAs (AICPA) is signaling its strong support for a bipartisan bill which contains 63 provisions designed to improve tax administration and reduce the burdens on taxpayers and their preparers. The Taxpayer Assistance and Service (TAS) Act, introduced by Senate Finance Committee Chairman Mike Crapo (R-ID) and Ranking Member Ron Wyden (D-OR), addresses important tax provisions that the AICPA has long-advocated for, including...

Tougher penalties for tax preparers who break the law are included in a sweeping bipartisan Senate bill designed to overhaul IRS operations and strengthen taxpayer service.

The move, issued as part of a wider set of recommendations to the IRS, would “promote fairness and ease administrative burden,” the CPA group said.

Following the release of the Department of Education’s Notice of Proposed Rulemaking (NPRM) titled Reimagining and Improving Student Education, the American Institute of CPAs (AICPA) submitted its response acknowledging the Departments efforts to clarify the definition of “professional,” and urging the incorporation of similar language into the final rule, making the intent clear within the Code of Federal Regulations itself.

New legislation can quickly change how CPAs advise families, especially when it introduces an entirely new type of savings and investment vehicle for children. That’s what H.R. 1, P.L. 119-21, also known as the One Big Beautiful Bill Act, did with the creation of Sec. 530A “Trump” accounts.

A number of provisions in President Donald Trump’s blockbuster bill to enact his second-term agenda will go into effect throughout the year.

The American Institute of CPAs (AICPA) has endorsed legislation introduced by Senators Susan Collins (R-ME) and Jacky Rosen (D-NV) to recognize accounting as a Science, Technology, Engineering and Math (STEM) education program. The Accounting STEM Pursuit Act (S. 3784) establishes the accounting profession as a STEM career pathway, allowing students greater access to accounting programs.

Just over 100 business associations have urged Treasury to destroy beneficial ownership information (BOI) records that domestic companies no longer must file, saying the retention of the records no longer serves a legitimate purpose.

With tax season underway, we encourage you to help your clients Go Digital! by reminding them that they can quickly and securely access their Benefit Statement through their personal my Social Security account.

For several weeks, the American Institute of CPAs (AICPA) has expressed opposition to a proposed Department of Education regulation that would exclude accounting programs across the country from a professional degree designation for the purposes of graduate student loan limits.

The PCAOB has a new chair and set of board members. Demetrios “Jim” Logothetis, who retired in 2019 following 40 years with EY, will replace George Botic, a current PCAOB board member who has served as acting chair since Erica Williams departed in July, the SEC announced Friday.

A notice of proposed rulemaking (NPRM) clarified the Department of Education’s proposed definition of professional degrees for the purposes of graduate student loan limits.

The IRS will stay fully staffed for the first five working days of a possible Saturday shutdown, a lapsed appropriations contingency plan posted late Friday shows — temporarily easing concerns that the IRS would furlough employees during tax filing season.

As the nation faces the possibility of another government shutdown, the American Institute of CPAs (AICPA) has urged the Internal Revenue Service (IRS) to release a contingency plan excepting 100 percent of IRS employees in the event of a shutdown. In a letter to the Agency, the AICPA highlighted the severe impact a failure to do so would have on the 2026 filing season.

The Internal Revenue Service today issued frequently asked questions in Fact Sheet 2026-02 PDF to help taxpayers, businesses, and other stakeholders understand the changes under Executive Order 14247: Modernizing Payment To and From America’s Bank Account.

The American Institute of CPAs (AICPA) is expressing its support for the Fiscal State of the Nation Act, introduced by Representatives Andy Barr (R-KY) and Scott Peters (D-CA). This bipartisan legislation will promote greater fiscal transparency and require the Comptroller General of the United States to make an annual presentation before a joint hearing of the House and Senate Budget Committees to help key policymakers focus on some of the most important aspects of the consolidated financial statements, including financial and sustainability measures.