News

A CPA who recently solved a 40-year-old math problem using AI believes that the “gold rush” to solve similar problems is creating a golden opportunity for CPAs in the assurance space.

The first-of-its-kind assurance certification, developed with the Artificial Intelligence Underwriting Company, is in a piloting phase and is expected to fully launch in early 2027.

The IRS on Friday issued final regulations implementing Taxpayer First Act provisions that would allow taxpayers to make credit and debit card tax payments directly to the IRS rather than through third-party payment processors. The final regulations adopt, without change, proposed regulations issued in July 2024.

National Taxpayer Advocate Erin Collins urged the IRS to halt denials of claims tied to ongoing Kwong litigation, arguing that taxpayers could lose rights or pursue unnecessary litigation while courts continue to consider the case. The IRS has received more than 275,000 refund and abatement claims related to Kwong, she said.

The IRS and Treasury proposed regulations implementing Sec. 36B premium tax credit changes enacted in H.R. 1, including new eligibility and verification requirements, reporting changes, and rules governing repayment of excess advance premium tax credits.

Taxpayers in parts of Alabama and Florida that sustained damage from Hurricane Isaias have until February to file various federal tax returns and make tax payments under disaster relief announced Wednesday by the IRS. The IRS said it will automatically identify taxpayers in the covered disaster areas and apply the relief.

The Social Security Administration announced a 3.6% cost-of-living adjustment for 2027 and increased the Social Security wage base to $192,300. The annual update also includes changes to retirement earnings limits and other indexed Social Security amounts that affect taxpayers and employers.

The AICPA asked the IRS to clarify that Form 8050, used to provide direct deposit information for tax refunds, will not be included in exempt organizations' publicly available tax return filings. An AICPA letter said the change would reduce the risk of inadvertently disclosing sensitive banking information.

A new practice aid covers the impact of organizations’ use of artificial intelligence in financial reporting and the impact of audit firms’ use of AI in audit engagements.

The AICPA is reminding states about the correct procedure to use to request disaster tax relief following Hurricane Isaias' landfall just days before the Oct. 15 filing deadline.

Feedback is being accepted through Dec. 22 on a principles-based framework to promote consistency, quality, and transparency in valuation engagements.

What questions should financial advisers expect to hear from clients newly armed with artificial intelligence tools, and how can they answer the call to strengthen their position as essential experts?

Treasury and the IRS proposed regulations for the education freedom tax credit, a new federal credit under Sec. 25F for contributions to organizations that provide scholarships to eligible elementary and secondary schools.

The agenda features projects on negative assurance related to comfort letter engagements, auditor independence, fraud, noncompliance with laws and regulations, and going concern. Also, the SEC is considering whether to add the CPA credential as a pathway to accredited investor qualification.

The Senate unanimously approved the Taxpayer Assistance and Service Act, a bipartisan package of 65 tax administration reforms backed by the AICPA. The measure now moves to the House.

Treasury and the IRS issued proposed and temporary regulations providing for automatic enrollment in Trump accounts after developing a structure they said overcame barriers that previously stymied the move. Treasury estimated the approach could create more than 60 million additional accounts.

A first-of-its-kind GAO analysis estimates annual federal tax fraud losses at $116 billion to $304 billion. The report said that the IRS needs a coordinated antifraud strategy. The IRS partially agreed with the recommendations but disputed aspects of the report's methodology.

After 15 years as IRS2Go, the IRS’s taxpayer app now offers expanded access to account services under a new name. The IRS said it expects to add more capabilities to the app over time.

A TIGTA report found that IRS delays in resolving identity theft cases cost the government $124.2 million in refund interest from fiscal years 2023 through 2025. The findings echo warnings from National Taxpayer Advocate Erin Collins, who has called the wait times “unconscionable.”

The AICPA Auditing Standards Board approved a new fraud standard to enhance and clarify auditor responsibilities in a financial statement audit.