Category: AICPA News

Congress did not include a delay to the beneficial ownership information reporting requirement in its government funding bill. The AICPA has been advocating for a delay.

A comment letter sent Thursday urges the SEC, which oversees the PCAOB, to “refrain from approving” final rules issued last month that call for certain PCAOB-registered public accounting firms to report on a list of firm and engagement metrics.

The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 70 cents per mile driven, up 3 cents from 2024.

Treasury and the IRS announced that certain portions of future regulations finalizing the proposed regulations for required minimum distributions will apply beginning in the 2026 distribution calendar year.

A delay to Jan. 1, 2026, for beneficial ownership information reporting had been included in a proposed government funding bill that has now collapsed. The AICPA has been advocating for a delay in the reporting requirements.

The Financial Accounting Foundation’s review of the council, which works with FASB to support the interests of private companies in the standard-setting process, concluded that the council is serving its purpose.

The proposal aims to address gaps in guidance for financial accounting of environmental credits and environmental credit obligations.

A vote could come as early as today on the continuing resolution, which would extend the reporting deadline by one year to Jan. 1, 2026.

The IRS released final regulations that amend the definition of “coverage month” and amend other rules in existing income tax regulations for computing the premium tax credit.

The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan.