News

Earlier today, the AICPA and state CPA societies in 53 states and jurisdictions sent a letter to the Senate Committee on Finance urging the retention of the ability for all pass-through entities to deduct state and local taxes at the entity level.

The Senate is considering a sweeping bill that effectively targets particular pass-through businesses by indirectly raising taxes on those entities that are considered the backbone of the American economy but maintain deductions for large corporations. The legislative package, known as the “big beautiful bill,” is expected to undergo additional changes before the Senate’s upcoming vote. Join ARCPA and AICPA in raising awareness of this issue by encouraging other members to contact their senators by Friday, June 13

Deana A. Infield becomes the 94th Chair of ARCPA’s Board of Directors on April 1, 2025

In the wake of recent reports of workforce reductions at the Internal Revenue Service (IRS), President and CEO, Mark Koziel, CPA, CGMA, of the American Institute of CPAs (AICPA) released a statement regarding IRS Services for this tax season

In the wake of recent reports of workforce reductions at the Internal Revenue Service (IRS), President and CEO, Mark Koziel, CPA, CGMA, of the American Institute of CPAs (AICPA) released a statement regarding IRS Services for this tax season

The Financial Crimes Enforcement Network (FinCEN) will extend the current March 21 beneficial ownership information (BOI) reporting deadline, has suspended BOI enforcement, and will develop new regulations it says will reduce "regulatory burden," the agency said Thursday.

The American Institute of CPAs (AICPA) president and CEO, Mark Koziel, CPA, CGMA, released the following statement highlighting the need for the Internal Revenue Service (IRS) to have the ability to meet the needs of taxpayers and tax preparers during this filing season: “For many years, one of the top priorities at the AICPA has been to promote efforts that ensure the IRS has the appropriate resources to meet the needs of taxpayers and preparers. Our goal is to support taxpayers and our members during times of uncertainty and to provide guidance to help navigate any changes that may affect critical, time-sensitive interactions with the IRS. “Many are concerned with potential challenges that could arise from recent changes throughout government. While there is a lot of speculation and many unknowns, the AICPA is actively monitoring the situation and engaging with IRS leadership and other key stakeholders to understand and mitigate the impact of these changes on IRS services. “IRS service levels and modernization efforts have seen progress since the COVID-19 pandemic and we are committed to seeing those efforts continue. Americans deserve a fully functioning agency that can be respected by taxpayers and their preparers, thereby allowing them to comply with their tax obligations.”

The AICPA and the National Association of State Boards of Accountancy (NASBA) are proposing changes to the Uniform Accountancy Act (UAA) that would help pave the way for states to uniformly adopt an additional pathway for CPA licensure in conjunction with a shift to a different form of practice mobility. The changes to model legislative language that NASBA and the AICPA have asked their joint UAA committee to draft aim to maintain the integrity of the CPA license while allowing individuals to earn their license by obtaining a bachelor's degree (with requisite accounting and business courses); completing two years of professional experience; and passing the CPA Exam.

The United States Senate Committee on Finance has released a bipartisan discussion draft that will help to improve Internal Revenue Service administration - the AICPA has endorsed numerous provisions in this draft. Many of the provisions that the AICPA and state societies have long advocated for have been included in this discussion draft.

The deadline for most reporting companies to file beneficial ownership information (BOI) reports was extended to Jan. 13, 2025, by the Financial Crimes Enforcement Network (FinCEN), hours after a Monday court ruling reinstated the reporting requirement.