News

The Supreme Court’s decision Monday to deny certiorari in Murrin lets stand a Third Circuit holding that the Sec. 6501(c)(1) unlimited period for the assessment of tax applies when a fraudulent return is filed with the intent to evade tax, regardless of whether the intent is that of the taxpayer or another person, including the taxpayer’s return preparer.

Change management related to technology, including the rise of artificial intelligence (AI), ranked as CPA firms’ leading issue by expected impact in the next five years, according to the latest CPA Firm Top Issues Survey.

Slow and steady wins the race, according to younger workers. They want to develop on their terms rather than rapidly climb the corporate ladder, a stance that challenges employers to reconsider how talent is rewarded in the workplace.

The IRS’s outside technology advisory panel called on Congress to provide stable, multiyear funding; expand the use of artificial intelligence; and simplify tax administration. It also warned that resource constraints and complexity risk undermining recent modernization gains.

The Financial Accounting Standards Board (FASB) today published a proposed Accounting Standards Update (ASU) intended to make targeted improvements to interest rate risk hedging and net investment hedging accounting guidance. Stakeholders are encouraged to review and provide comments on the proposed ASU by August 17, 2026.

The gap between projected and actual return could widen further with increasing investments in complex new tools.

About one-fourth of callers to two IRS telephone lines during three months in 2025 did not receive quality customer service, a watchdog report dated June 10 said.

Top 15 firm Crowe LLP announced a new private-equity agreement. Global investment firm KKR will make a “significant equity investment” in Crowe, a deal that is expected to close during the third quarter of 2026, according to a news release.

This Policy Statement addresses the exemption from the sales and use tax for “nonelectronic school supplies” under Conn. Gen. Stat. § 12-412(128). This Policy Statement (A) identifies a list of qualifying “nonelectronic school supplies”, and (B) sets forth criteria concerning when a purchase is made for business purposes.

Finance teams are uniquely positioned to restore confidence by pairing AI tools with human judgment, stronger oversight and practical upskilling.

The U.S. Department of Labor’s (DOL’s) Wage and Hour Division announced it will rescind the Biden-era overtime rule, more than a year after federal courts vacated the rule (the “2024 Rule”). The recission formally ends the DOL’s effort to increase the salary threshold for overtime exemption eligibility under the Fair Labor Standards Act (FLSA).

The PCAOB issued for public comment a supplemental release regarding narrow, targeted proposed amendments to QC 1000, A Firm’s System of Quality Control, and related amendments to PCAOB forms and the QC reporting rule.

New research from talent solutions and business consulting firm Robert Half shows that professionals are reassessing their careers, and many are preparing to make a move in the second half of 2026. A survey of more than 2,000 U.S. professionals found that 46% plan to look for a new job in the next 6 months, up from 38% in the first half of 2026 and 27% one year ago.

The IRS moved almost 1,200 workers to Taxpayer Services “to address critical staffing shortages and potential 2026 filing season backlogs” after more than 11,000 employees left the division as various buyouts were offered, a watchdog report said.

Relief for renters and families bogs down despite huge surpluses.

Six months after President Donald Trump warned states not to regulate artificial intelligence, they are increasingly doing just that.

The Financial Accounting Standards Board (FASB) today today published a proposed Accounting Standards Update (ASU) intended to improve accounting guidance for certain market-return cash balance plans. The proposed ASU is based on a recommendation of the Emerging Issues Task Force (EITF). Stakeholders are encouraged to review and provide comments on the proposed ASU by August 10, 2026.

Innovative Asset Advisors Group (IAAG) is proud to celebrate its first anniversary, marking a year of significant growth, strategic expansion, and continued commitment to helping clients achieve their financial goals through a comprehensive, family office-style approach.

AI will not turn difficult clients into organised ones overnight. It will not make missing receipts appear, stop clients ignoring deadlines or remove every awkward conversation from practice life. But according to Prashant Ganti, vice president of product strategy at Zoho, that is not where AI's most immediate value lies.

The IRS will merge two offices that deal with tax practitioners — one that deals with misconduct and discipline and another that administers the preparer tax identification number (PTIN) program — a move the AICPA opposed.