News

The American Institute of CPAs is asking accountants to reach out to their congressional representatives and protest the proposed elimination of the ability of pass-through entities such as accounting firms to deduct state and local taxes.

The boards of directors of the American Institute of CPAs (AICPA) and National Association of State Boards of Accountancy (NASBA) have approved expansion of accountancy’s model legislation to include an additional path to CPA licensure. The optional path maintains public protection while providing added flexibility and options for CPA candidates.

Though Florida’s House of Representatives passed a bill that would eliminate licensing boards like the state’s Board of Accountancy, the state Senate has rejected the move for now.

A powerful House committee has tucked language preventing states from regulating artificial intelligence into President Donald Trump's massive tax and spending bill, a move that would benefit many of the U.S.'s largest tech and AI companies.

President Donald Trump is pushing lawmakers to increase tax rates on some of the wealthiest Americans as a way to offset other cuts in his signature economic package.

The AICPA on Thursday sent a letter to the IRS with recommendations to two areas of new instructions to Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent. The AICPA understands that Treasury and the IRS are considering updating the form instructions for the final regulations.

But it’s unclear whether officials will tap $2.3 billion windfall to mitigate cuts in federal aid.

The House Financial Services Committee passed a budget bill Wednesday that eliminates the Public Company Accounting Oversight Board and caps the Consumer Financial Protection Bureau's budget at roughly $249 million, a drastic reduction from its recent budgets.

AICPA leadership is monitoring a legislative proposal that would defund the PCAOB, saying in a statement Monday that it “is committed to supporting the drivers of audit quality.”

The Trump administration’s tariffs have directly impacted several Connecticut businesses relying on motors, batteries, magnets, and rubber goods imported from China, according to data submitted through the state’s Federal Impact Reporting portal launched earlier this month.

The American Institute of CPAs (AICPA) is signaling its strong support for bipartisan legislation to establish the accounting profession as a career pathway through Science, Technology, Engineering and Math (STEM). H.R. 2911, the Accounting STEM Pursuit Act, introduced by Representatives Young Kim (R-CA) and Haley Stevens (D-MI), would allow K-12 grant funding to be used for accounting education, with a focus on improving access for underrepresented students. This will help ensure future leaders are highly skilled and prepared to meet the public's evolving needs.

A small business advocacy organization that sued over beneficial ownership information (BOI) reporting requirements asked the federal government to destroy BOI reports filed before the government dropped the requirement for domestic entities.

The Board of Trustees of the Financial Accounting Foundation (FAF) today announced the Appointments Committee is seeking nominations for new members of the Private Company Council (PCC). New member terms will be for three years beginning January 1, 2026, and ending on December 31, 2028, with the possibility of reappointment to an additional three-year term.

According to a news release, CohnReznick will operate in an alternative practice structure following the closing of the transaction. CohnReznick LLP, a licensed CPA firm, will provide attest services, and CohnReznick Advisory LLC (which will not be a licensed CPA firm) will provide tax, advisory, and other nonattest services.

Chad Acord is a 41-year-old father of four who's been in the accounting profession for more than a decade. Now, after years of waiting, he's about to close the 13-college-credit-hour gap that's been keeping him from earning his CPA license.

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.

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.

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.

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.

The move puts the Buckeye state at the forefront of the recent drive to address the talent shortage by widening on-ramps into the accounting profession.