News

Following focused efforts by the PCAOB to drive improvement, the aggregate Part I.A deficiency rate across firms is expected to drop seven percentage points year over year.

Education Secretary Linda McMahon notified CT officials late Friday.

Lamont and legislators must decide how deeply to tap flush state coffers.

Some lawmakers want to remove overtime earnings from retirement pay.

The Earned Income Tax Credit (EITC) has played a crucial role in helping millions of low-to-moderate income workers out of poverty. Saturday, March 29, 2025, marks the 50th anniversary of this important credit.

The IFRS Foundation launched an interactive tool to help jurisdictions develop approaches for the adoption of ISSB standards into their regulatory frameworks.

The climate disclosure rules adopted a year ago by the SEC will no longer be defended in court by the commission after a vote Thursday.

As the expiration of key Tax Cuts and Jobs Act provisions looms, tax professionals are preparing for what could be another period of upheaval.

The federal government in a court brief continued to defend the constitutionality of the Corporate Transparency Act (CTA), P.L. 116-283, even though the government has, at least temporarily, eliminated the need for domestic companies to report beneficial ownership information (BOI) as part of the legislation.

Lamont, legislators must decide whether to use CT funds to replace lost grants.

The AICPA Accounting and Review Services Committee (ARSC) voted Wednesday to issue an amendment clarifying that a CPA preparing financial statements as part of a consulting services engagement performed in accordance with CS Section 100, Consulting Services: Definitions and Standards, is not required to apply AR-C Section 70, Preparation of Financial Statements.

Companies can adopt practical strategies to attract younger talent to the accounting field while also introducing ways to retain current employees.

CFOs looking to bolster cybersecurity at their firms need to have a thorough understanding of both the benefits and disadvantages of artificial intelligence.

The Employee Retention Credit FAQs have been update and answer a number of questions that practitioners have been asking.

A new report from the Treasury Inspector General for Tax Administration said that Internal Revenue Service claims regarding the Direct File pilot program last tax season omitted more than a third of costs.

The Internal Revenue Service issued a series of tips and reminders to speed taxpayer refunds and avoid errors on their federal tax returns as the April 15 filing deadline approaches.

The Governmental Accounting Standards Board (GASB) has completed a study of the utilization of Generally Accepted Accounting Principles (GAAP) by state and local governments in the U.S.

The PCAOB has posted a series of three staff presentation videos designed to help auditors implement the monitoring and remediation process under QC 1000, A Firm’s System of Quality Control. The videos are the latest in a series of resources the PCAOB has recently released to assist and inform auditors in their implementation of Quality Control (QC) and other PCAOB standards and rules. The PCAOB encourages firms to take advantage of the various implementation resources, including staff-led videos, guidance documents, knowledge checks, a practice aid, and interactive chart, which are available on the Implementation Resources for PCAOB Standards and Rules page.

Tax professionals who have been in the business for several years know that the implementation of the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, was time-consuming and stressful, so they are now concerned about what happens next since the act’s provisions are set to expire at the end of 2025, according to a report from Bloomberg Tax.

Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.