Evergrande Liquidators, PwC to Face Off in Court
China Evergrande’s liquidators have scheduled a court hearing with PwC in Hong Kong’s High Court for May 18, 2026, marking the first public session of a lawsuit filed in March 2024. The creditors’ representatives allege that PwC’s mainland affiliate was negligent and misrepresented Evergrande’s financial statements, seeking to claw back dividends and other assets. A adverse ruling could broaden auditor liability for fraudulent accounting in insolvent companies. PwC already faces a 441 million‑yuan fine and a six‑month operational suspension in China.
IRS Extends Relief for Crypto Brokers
The IRS issued Notice 2026‑20, extending the temporary relief granted in Notice 2025‑7 for another year, now through Dec. 31, 2026. The extension lets eligible taxpayers use alternative methods—such as standing orders or other broker‑designated identifiers—to make adequate identification of digital‑asset units held by...
KPMG Names Next Global Chairman, CEO
KPMG International announced that Gary Wingrove will assume the role of global chairman and CEO on October 1, 2026, succeeding Bill Thomas. Wingrove, currently the firm’s global chief operating officer, previously led KPMG Australia from 2013 to 2021, nearly doubling...
How CPAs Can Build Relevance with Continuous Upskilling
Artificial intelligence is reshaping accounting, turning routine tasks into data‑driven insights and raising expectations for analytical fluency. Jen Cryder of PICPA argues that continuous, forward‑looking upskilling is essential for CPAs to remain relevant and to convert technical expertise into strategic...
Auvenir Separates From Deloitte, Now Styles Itself Streamworks
Founded by Deloitte in 2019 as Auvenir, the Toronto‑based firm has spun off to become Streamworks Tech, an independent provider of cloud‑based audit and quality‑management software. The company will concentrate on small and midsized accounting firms, launching a beta Engagements...
Clients Hope to Get Refunds From Tariffs
The Supreme Court invalidated tariffs imposed under the International Emergency Economic Powers Act, leaving importers entitled to refunds but without a clear administrative process. The Trump administration is developing an online portal for refund applications while simultaneously probing forced‑labor based...
Mamdani Wants New York Estate Tax Threshold Cut 90% to $750K
New York City Mayor Zohran Mamdani proposes slashing the state estate‑tax exemption from over $7 million to $750,000 and raising the top rate to 50%. The measure is part of a suite of revenue ideas to cover a $5.4 billion city‑budget deficit and...
The Meeting of CAS and AI
CohnReznick’s advisory arm is piloting generative AI tools such as Copilot and ChatGPT to automate routine CAS tasks, including documentation, email handling, and journal‑entry processing. The firm, now over 100 CAS professionals across 30 U.S. offices and offshore centers, is...
Some States Are 'Decoupling' From OBBBA Tax Changes
The One Big Beautiful Bill Act (OBBBA) reshaped the federal tax code, but state responses are split. Roughly half of the states automatically conform, while many Democratic‑led jurisdictions are decoupling to protect revenue, creating a patchwork of adoption dates. This...
AI Hiring Is Now a Legal Risk. Are You up to Speed?
A proposed class‑action lawsuit in California accuses Eightfold AI of using hidden candidate scores that violate consumer‑protection and fair‑employment laws. The complaint alleges the algorithm relied on sensitive data—social media, location, device activity—without informing or allowing candidates to contest the...
Hong Kong to Expand 'Name and Shame' List to IPO Lawyers and Auditors
Hong Kong will broaden its name‑and‑shame regime to include IPO lawyers, auditors, consultants and SPAC promoters. Under the new Enhanced Return Mechanism, any professional party linked to a filing deemed “not substantially complete” will be publicly identified. The change comes...
FASB's Private Company Council Aims to Raise Profile
Jere Shawver, former Baker Tilly CEO, became chair of the Private Company Council (PCC) in 2024 and is focused on raising the council’s visibility and participation among private‑company stakeholders. The PCC, created in 2012 to give private firms a voice in...
IRS Updates Withholding Tax Calculator for New Tax Breaks
The IRS has refreshed its Tax Withholding Estimator to incorporate the new credits and deductions introduced by the One Big Beautiful Bill Act (OBBBA). The updates cover tax breaks for tips, overtime, senior citizens, car‑loan interest, family‑related credits, homeownership and...
Doeren Mayhew Adds Berman Hopkins
Doeren Mayhew announced the acquisition of Berman Hopkins CPAs & Associates, adding nearly 100 employees and nine principals to its roster. The deal expands the Michigan‑based firm’s presence in central Florida, bolstering its service platform across construction, healthcare, manufacturing and...
IRS Revises Process for 501(c)(4)s Ahead of Midterms
Starting March 9, 2026, the IRS will require all 501(c)(4) organizations to file Form 8976 electronically through Pay.gov, replacing the previous Electronic Notice Registration System. The filing carries a $50 user fee payable by bank transfer, credit or debit card, and...
Change to IRS's Tip Deduction Guidance May Mean Amended Returns
The IRS released updated Schedule 1‑A instructions that tighten the tip deduction for self‑employed and gig‑economy workers. The new rules cap the deduction at $25,000 and limit it to net business income after subtracting self‑employment tax, health‑insurance and retirement‑plan deductions. For...
Diligent Launches AI Tool for Internal Audit
Diligent unveiled AuditAI, an AI‑driven internal audit solution, at the IIA Great Audit Minds 2026 conference. The tool automates audit planning, evidence collection, and request routing by leveraging an organization’s risk profile and prior‑year data. Integrated with the Diligent One Platform...
North American Accounting Orgs Extend Recognition Pact
Leaders of the American Institute of CPAs, NASBA, CPA Canada and Mexico’s Instituto Mexicano de Contadores Públicos have signed a memorandum extending their mutual recognition agreement through December 31, 2028. The pact, first enacted in 2018, streamlines cross‑border practice for accountants across...
Can AI Fix the Shortage of Tax Talent?
The tax industry faces a structural talent shortage as graduate numbers fall and busy seasons accelerate turnover. Artificial intelligence is being deployed to automate data extraction, document processing, and research, allowing junior staff to focus on higher‑value work. While AI...
Meta Hikes Fees for Advertisers to Cover Europe's Digital Taxes
Meta Platforms will begin charging advertisers a "location fee" to offset Europe’s digital services taxes, starting July 1. The fee mirrors each country’s tax rate—3% in France, Italy and Spain; 5% in Austria and Turkey; and 2% in the U.K.—and...
AICPA Asks IRS to Expand First Time Abatement Program
The American Institute of CPAs has formally asked the IRS to broaden its First Time Abatement (FTA) program to cover additional penalty categories, including Section 6652, information‑return penalties, and estate‑gift tax filings. The AICPA also proposes automatic FTA application, a review...
Solve the Outsource Vs. In-House Staff Development Riddle
Accounting firms face a deepening talent shortage as senior CPAs retire faster than replacements can be trained. Lera Kooper argues that the traditional, slow career ladder no longer works and proposes a hybrid model that couples aggressive in‑house mentorship with...
IRS Releases Proposed Regs on Trump Accounts
The IRS and Treasury have issued proposed regulations for the Trump‑account pilot program, which will deposit a one‑time $1,000 into accounts for children born between 2025 and 2028. The rules clarify the election process, eligibility criteria, and the new Form 4547...
IASB Finalizing Standard for Rate-Regulated Cos.
The International Accounting Standards Board is finalising IFRS 20, a new standard titled “Regulatory Assets and Regulatory Liabilities.” It targets rate‑regulated entities in utilities, energy and transportation, requiring them to recognise assets and liabilities that arise from timing differences between service...
Don't Let Small Business Clients Keep Kicking the Payroll Can Down the Road
Small businesses should outsource payroll the moment they hire their first employee or contractor because manual processes quickly become error‑prone and legally risky. The article outlines seven common payroll mistakes—misclassification, missed state registrations, S‑corp salary errors, late tax deposits, incorrect...
IRS Proposes Rules for Electronic 1099-A Statements
The IRS and Treasury have issued proposed regulations allowing cryptocurrency brokers to deliver the new Form 1099‑DA electronically starting Jan. 1, 2027. Brokers would need customer consent and must meet enhanced electronic notice and access requirements, but they would no longer have to...
Ryan Acquires Hucke and Associates
Ryan, a leading tax and software provider, announced the acquisition of Hucke and Associates, a boutique New York City property‑tax firm. The deal adds Hucke’s expertise in hospitality, office, retail, industrial and multifamily tax appeals to Ryan’s commercial real‑estate services. Hucke’s...
Looking to Grow Like a Top 100 Firm? Try CAS
Client accounting services (CAS) emerged as the fastest‑growing niche among the 2026 Top 100 accounting firms, with 85% of the 88 respondents reporting revenue gains—up five points from the prior year. The service line now spans bookkeeping, cash‑flow forecasting, budgeting, and...
Institutional Investors Trust Audits, but Want Independence
A recent Center for Audit Quality survey of 300 institutional investors shows that 90% rely on audited financial statements and 91% trust their accuracy. Yet 35% remain concerned about auditor independence, with 14% extremely worried. Investors cite clearer standards, better...
Intapp's Celeste AI Aims to Automate Judgment-Heavy Tasks
Intapp unveiled Celeste, an agentic AI platform that leverages a firm’s entire data set to execute complex, judgment‑intensive workflows such as deal screening, conflict clearance, and revenue realization. The system uses firm‑specific "Playbooks" and modular "skills" to codify best‑practice methodologies...
SEC and PCAOB Enforcement Fall Sharply
Enforcement actions by the SEC and PCAOB dropped sharply in 2025, with the SEC filing 68% fewer accounting cases and the PCAOB finalizing 27% fewer audits than in 2024. The SEC launched only ten actions, the lowest in nine years,...
AICPA Auditing Standards Board Plans Future Projects
The AICPA Auditing Standards Board released its 2026‑27 work plan alongside a five‑year strategic roadmap through 2030. Key initiatives include a fraud‑focused standards update slated for Q3 2026, a sustainability attestation framework, and new guidance on audit confirmations. The board...
Small Businesses Raised Pay Slightly in February
Paychex’s Small Business Employment Watch shows hourly earnings at small firms rose 2.78% in February, staying below the 3% mark for the 16th straight month. Weekly hours worked slipped 0.24%, marking a negative trend for 58 of the past 60...
Nevada Implements Licensure Changes
Nevada's legislature approved a new CPA licensure pathway, effective Feb. 27, 2026. The regulation adds a third option—bachelor’s degree, two years experience, and passing the CPA exam. SB437 shifted licensing rules from statute to regulation, avoiding gubernatorial approval. The change aligns Nevada...
Stop Payment Fraud Before It Starts
Automated bank account verification protects AP departments from payment fraud. Fraudsters now use AI‑generated emails and deep‑fake audio to hijack bank‑change requests, leading to costly losses. Real‑time verification confirms account ownership, status, and matches supplier data while creating an immutable...
Insightsoftware Launches AI Analytics Platform
Insightsoftware unveiled Simba Intelligence, an AI analytics platform that delivers deterministic insights directly from live enterprise data. The solution supports cloud, on‑premises, and hybrid environments through a zero‑data‑movement architecture, eliminating the need for data replication. It embeds audit trails, enterprise...
The 2026 Fastest-Growing Firms
Accounting Today’s 2026 Fastest‑Growing Firms list shows private‑equity‑backed firms dominate, with 23 of the 26 top performers receiving PE investment or platform support. Overall, 41% of the firms posted double‑digit growth, while 42 firms grew more than 20% year‑over‑year. Alan & James...
Enrico Palmerino Explains Botkeeper's Fall
Botkeeper, a venture‑backed accounting automation platform, shut down in February after a rapid loss of its core client base. CEO Enrico Palmerino explained that 30‑40% of revenue came from just ten large accounting firms, and a wave of mergers among...
Nidec Warns of $1.6B Charges From Accounting Scandal
Nidec Corp. warned it may record up to ¥250 billion ($1.6 billion) in impairment charges as a third‑party probe uncovered more than 1,000 accounting irregularities across its global subsidiaries. The scandal has triggered a wave of executive resignations, including the chairman, CFO...
What It Takes to Stay Independent
Accounting firms are confronting a surge of private‑equity buyouts that are reshaping valuations, hiring norms, and client expectations. To stay independent, firms must demonstrate financial health, unified leadership, clear succession plans, and a strong cultural identity rooted in conscious capitalism....
Botkeeper Infinite Acquired by Xendoo, Platform Will Live Again
Botkeeper Infinite has been revived after Xendoo acquired its AI assets and re‑established the platform as a distinct division. The acquisition follows a brief shutdown announced by CEO Enrico Palmerino, but the software remained live to give customers time to...
Senate Committee Proposes to Regulate Tax Preparers, Improve IRS
The Senate Finance Committee unveiled the bipartisan Taxpayer Assistance and Service Act, targeting IRS modernization and stricter oversight of paid tax preparers. The legislation introduces penalties for preparers who alter returns, fail to provide valid PTINs, or misappropriate refunds, while...
On the Move: CRI Launches Capital Markets Practice
Carr, Riggs & Ingram (CRI) announced the launch of a dedicated capital‑markets practice focused on IPO readiness, SEC reporting, PCAOB‑compliant audits, and private‑equity accounting for small‑cap and middle‑market firms. Brent Leslie was named partner‑in‑charge, with Michael Corkery, Elizabeth Marks and...
It's Not a People Problem Anymore
Accounting firms have long grappled with a talent pipeline that can’t keep up with demand, turning the shortage of CPAs into a strategic crisis. The industry is shifting its perspective from a pure "people problem" to a broader capacity challenge,...
The ERC Trap: Closed Claims and Ticking Clocks
The IRS announced it closed all non‑examined Employee Retention Credit (ERC) claims on Dec. 31, 2025, yet roughly 41,000 claims remain in examination or appeal stages, many stalled without resolution. Appeals is severely backlogged, and the two‑year statutory deadline to sue for...
Tax Season Ramps up with Client Questions, Capacity Issues
Tax season 2024 is seeing a surge in early client inquiries as new legislation, notably the One Big Beautiful Bill Act (OBBBA), reshapes deductions and credits. Preparers are intensifying outreach through blogs, webinars, and newsletters to clarify misconceptions, yet many clients still repeat...
IRS Sent $447.8M in RRC Payments to Ineligible Taxpayers
The Treasury Inspector General for Tax Administration reported that the IRS mistakenly issued $447.8 million in Recovery Rebate Credit (RRC) payments to 300,843 ineligible taxpayers, many of whom were non‑resident aliens or received duplicate advances. The erroneous disbursements represent roughly 25 %...
Act Now to Battle Data Exfiltration
Accounting firms are facing a surge in data‑exfiltration attacks, where cybercriminals silently steal sensitive financial records to extort victims or sell the data. Traditional detection tools often miss covert channels, encrypted uploads, and traffic mimicry, leaving firms vulnerable. The average...
IRS Creates Tax Scam Reporting Web Page
The Internal Revenue Service unveiled a new, centralized web page (IRS.gov/SubmitATip) that lets taxpayers confidentially report tax fraud, scams, and evasion. By consolidating multiple reporting channels into a single "Report Fraud" button, the agency aims to simplify submissions and improve...
Boomer's Blueprint: Mind the Gap: Change, Talent, and the CPA Future
Boomer Consulting warns that the accounting profession faces a widening transformation gap between firms that evolve and those that remain static. Leadership must address talent alignment, business‑model redesign, and technology as a unified front to stay relevant. Automation is removing...
