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Tax, accounting, auditing news - Journal of Accountancy

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A TIGTA report linked ghost preparers to $179 million in refund claims over two years. Its findings come as legislators consider the Taxpayer Assistance and Service Act, which would expand IRS oversight of paid tax return preparers.

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The board’s review of 2025 public company audit inspections revealed a significant decrease from 2024 in instances where an audit firm failed to obtain sufficient appropriate evidence to support its opinion on a financial statement.

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Proposed regulations governing employer contributions to Trump accounts are “administratively burdensome” and make a 2026 rollout potentially difficult, the AICPA said. A letter to the IRS and Treasury asked for employers to be given more time and for the programs to be easier to administer.

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Stakeholders have until Nov. 23 to comment on a proposed Accounting Standards Update related to Topic 606, Revenue from Contracts with Customers. Also, FASB is set to hold an update for private companies and not-for-profits.

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Just 3% of CFOs report actively reducing headcount where AI has replaced work in the finance function, although few organizations are yet in position to fully implement AI across all workflows.

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