News

The IRS said President Donald Trump’s executive order calling for a hiring freeze caused it to rescind all jobs offered with a start date after Feb. 8.

The Financial Crimes Enforcement Network (FinCEN) said Friday that while the U.S. Supreme Court did stay one nationwide injunction, one issued by a different judge in a separate case remains in effect.

The board seeks comments on an Accounting Standards Update that addresses 34 issues in GAAP.

The AICPA’s vice president–Tax Policy & Advocacy said President Donald Trump’s executive order to freeze hiring at the IRS should not affect seasonal employees, who likely are already hired and trained.

CPA firms have numerous options to relieve stress and show appreciation.

Danny Werfel, who had two years remaining on his term, said he made the decision after “significant introspection and consultation.” An AICPA statement praised Werfel for “moving the IRS in the right direction to improve taxpayer services and start instituting modern technologies.”

The final regulations implement Sec. 2801, added to the Code in 2008, and follow up on proposed regulations issued 10 years ago.

The SEC’s Office of the Chief Accountant is accepting applications for Professional Accounting Fellow positions that will begin in the summer of 2025.

The final regulations, which include 24 exceptions to consideration of federal tax controversies by the Independent Office of Appeals, generally follow the proposed regulations issued in October 2022.

New pilot programs involve fast-track settlements and post-appeals mediation.

The regulations provide guidance on determining who is one of the “five highest compensated employees” under Sec. 162(m)(3)(C).

Almost three-fourths of CFOs in a Deloitte survey think the economy will improve over the next year. That sentiment, among finance leaders at companies with more than $1 billion in annual revenue, is up sharply from the previous quarter.

The IRS said it used feedback from tax advisers to write the proposed regulations, which include new multiyear tax reporting requirements.

The AICPA resource features new guidance and terminology for financial statement preparers and auditors.

The final regulations, posted by the IRS on Tuesday in the Federal Register, identify certain microcaptive transactions as reportable listed transactions or transactions of interest.