News

IRS enforcement activity declined in fiscal year 2025 after staffing levels fell and supplemental funding was exhausted, even as taxpayers paid a record $5.3 trillion in federal tax revenue, an agency watchdog said in a report.

Speaking to the Illinois CPA Society on Thursday, Fifth Third Bank’s Chief Economist Jeffrey Korzenik suggested baby boomers have likely played a role in keeping the economy afloat, for now.

https://www.journalofaccountancy.com/news/2026/aug/irs-should-automate-name-address-changes-aicpa-says/

The AICPA is supporting federal disaster relief legislation that awaits the president’s signature after Senate approval and urging Congress to provide permanent relief for victims.

The Department of the Treasury and the Internal Revenue Service today issued proposed regulations on eligible investments for Trump Accounts, a new type of traditional IRA under the Working Families Tax Cuts.

QC 1000 Questions and Answers is the latest in the PCAOB’s efforts to provide implementation information and resources

The Financial Crimes Enforcement Network (FinCEN) will issue a final rule (RIN 1506-AB67) that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act, Title 64 of P.L. 116-283, Treasury said Tuesday in a news release.

Last week, the AICPA’s Professional Ethics Executive Committee (PEEC) discussed revised changes to guidance in the AICPA Code of Professional Conduct related to firm independence and alternative practice structures, such as those funded by private-equity investments. PEEC also discussed revising the definition of “network firm” and adding a new interpretation prohibiting attest client investment in firms.

The Senate Finance Committee on Thursday approved the Taxpayer Assistance and Service (TAS) Act, which the AICPA said will improve tax administration and reduce burdens on both taxpayers and preparers.

The Financial Crimes Enforcement Network (FinCEN) should soon finalize its interim rule restricting beneficial ownership information (BOI) reporting requirements to foreign companies, the head of the agency told Congress.

Citing the increase in the cost of fuel, the IRS has set a higher optional standard mileage rate used to calculate the deductible costs of operating an automobile for business for the remainder of 2026.

The Securities and Exchange Commission today proposed Regulation E-Delivery, a new rule that would expand the ability of issuers, broker-dealers, investment advisers, and others to use electronic delivery to satisfy information delivery requirements under the federal securities laws.

The Show Me State joins over 40 others establishing a route to becoming a certified public accountant that doesn’t require 150 college credit hours.

U.S. Senator Richard Blumenthal said he was “shocked and deeply saddened” by the death if U.S. Sen. Lindsey Graham, who died suddenly over the weekend at age 71.

The IRS on Monday issued Rev. Proc. 2026-25, which provides a gift tax reporting safe harbor for individual donors who make one or more contributions to Trump accounts under Sec. 530A and satisfy certain conditions.

The global sustainability reporting ecosystem is becoming less fragmented as more of the world’s largest companies begin to adopt or form plans to use the International Sustainability Standards Board (ISSB) standards and European Sustainability Reporting Standards (ESRSs), an updated report from the International Federation of Accountants (IFAC), American Institute of CPAs (AICPA) and Chartered Institute of Management Accountants (CIMA) shows.

The American Institute of CPAs (AICPA) is encouraging families to educate themselves about new “Trump Accounts,” officially known as Section 530A accounts, so they can make informed investment choices for their children’s future. July 4 marks the official launch date, when the accounts become fully active investment accounts – allowing families to begin contributing and eligible children to receive a $1,000 federal deposit.

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.

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 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).