News

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.

The federal government will pay about 7,000 IRS probationary employees, who were laid off less than a month ago, not to work while lawsuits over layoffs wind their way through the court system, the agency said Tuesday in an email.

The AICPA's 2025 tax priorities include increasing the reporting threshold for Form 1099-K to $10,000 from the $600 that would go into effect next year, according to a letter Monday to congressional finance leaders.

Between multiple waves of layoffs and legislative efforts to pull back more than $20 billion in funding, the gradual declawing of the Internal Revenue Service is well underway.

Advocates say tax relief is needed more than ever as Washington shrinks programs.

A bipartisan group of lawmakers has reintroduced legislation to allow immediate expensing of research and development costs, all the way back to 2022 when the tax break expired.

There are many reasons for a business owner to develop a succession plan. It can ensure continuity and minimize disruptions, especially in the face of an unexpected death. It also can help prepare employees for future leadership roles.

The AICPA is discussing conflicting reports about the state of the IRS with agency officials and is monitoring developments in the wake of thousands of layoffs, the president and CEO of the AICPA said Friday in a statement.

As states explore alternative CPA licensure pathways, CPA society representatives addressed the misconception that they want to remove the 150-hour requirement during a recent webinar.

The AICPA Auditing Standards Board issued two separate exposure drafts for public comment. The exposure drafts were approved by the ASB in separate votes during a public meeting on Feb. 13.

The AICPA and the National Association of State Boards of Accountancy (NASBA) published proposed changes to the accounting profession's model law that would enable an additional path to CPA licensure.

Today, FinCEN announced that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (BOI) reports pursuant to the Corporate Transparency Act by the current deadlines. No fines or penalties will be issued, and no enforcement actions will be taken, until a forthcoming interim final rule becomes effective and the new relevant due dates in the interim final rule have passed. This announcement continues Treasury’s commitment to reducing regulatory burden on businesses, as well as prioritizing under the Corporate Transparency Act reporting of BOI for those entities that pose the most significant law enforcement and national security risks.

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.

Secretary of the Treasury Scott Bessent announced today that IRS Chief Operating Officer Melanie Krause will become acting IRS Commissioner following the retirement announcement of Doug O’Donnell.

Douglas O'Donnell, the acting IRS commissioner, told employees in an email Tuesday that he will step down from the position effective Friday.

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.

More than 3,500 employees in the Small Business/Self-Employed (SB/SE) division of the IRS will lose their jobs this week, according to an email sent to IRS managers on Wednesday. The affected employees are expected to be notified Thursday, according to the email signed by Lia Colbert, SB/SE commissioner, and four other SB/SE managers.

A federal district court lifted the last remaining nationwide injunction stopping beneficial ownership information (BOI) filing requirements, but the federal enforcement agency has promised at least a 30-day delay before new filings will be required.

The Internal Revenue Service is reportedly planning layoffs of thousands of first-year probationary employees in the midst of tax season, perhaps as soon as this week.