Accounting Today

Accounting Today is a specialized magazine catering to the public accounting industry in the U.S. Launched in 1987, it rapidly expanded its readership to over 30,000. The magazine is published by SourceMedia, a company that employs more than 400 people and manages over 30 different magazine titles, including several prominent financial publications. Some of the well-known magazines under SourceMedia include American Banker, The Bond Buyer, Employee Benefit News, and Financial Planning.

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Finance/Accounting and Auditing

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AICPA concerned about changes to deductibility of state, local taxes for firms

21 hours ago | accountingtoday.com | Michael Cohn

The American Institute of CPAs is worried about a provision in the tax reconciliation bill that would limit the deductibility of state and local taxes paid by partnerships such as accounting firms.
AICPA, NASBA approve CPA licensure model legislation

1 day ago | accountingtoday.com | Michael Cohn

The American Institute of CPAs and the National Association of State Boards of Accountancy have given their approval to new model legislation providing an alternative path to a CPA license in an effort to attract more people to the accounting profession. The optional path aims to maintain public protection while offering additional flexibility and options for CPA candidates.
House committee marks up tax reconciliation bill

1 day ago | accountingtoday.com | Michael Cohn

The House Ways and Means Committee held a hearing Tuesday to mark up the so-called "one, big beautiful bill" extending the expiring provisions of the Tax Cuts and Jobs Act while adding other tax breaks for tip income, overtime pay and Social Security income and eliminating tax credits from the Inflation Reduction Act for renewable energy.
FASAB mulls accounting repercussions of federal government reorganization

1 day ago | accountingtoday.com | Michael Cohn

The Federal Accounting Standards Advisory Board is asking for input on emerging accounting issues and questions related to reporting entity reorganizations and abolishments as the federal government endures wide-ranging layoffs and reductions in force, including the elimination of entire agencies by the Elon Musk-led Department of Government Efficiency.
GOP tax bill prioritizes Trump campaign vows, increases SALT

2 days ago | accountingtoday.com | Erik Wasson

President Donald Trump's campaign tax pledges — no taxes on tips and overtime pay, plus new tax breaks for car buyers and seniors — are the centerpiece of a multitrillion dollar package that will serve as Republicans' signature legislative effort. In a draft version of the tax bill released on Monday, House Republicans highlighted the president's populist priorities in a package that would enact those cuts through 2028.
New Yorkers vow to block House GOP tax bill over SALT limit

2 days ago | accountingtoday.com | Erik Wasson

Two New York Republican lawmakers promised to block their party's signature tax legislation unless GOP leaders raise a proposed $30,000 limit on the federal income tax deduction for state and local taxes.
Helping tax and accounting clients pick the right business structure

2 days ago | accountingtoday.com | Roger Russell

Clients who decide to make a "fresh start" after April 15 and launch their own business venture may seek guidance from their tax professional regarding the form or business structure they should choose. The tax pro's response should be simple enough to be understandable without confusing the issues, and comprehensive enough to include potential snags or traps for the unwary.
SALT, tips and auto loans: A guide to the House GOP tax bill

2 days ago | accountingtoday.com | Erik Wasson

House Republicans' release of the tax provisions in their massive fiscal bill provides a crucial initial reading of what party leaders think could pass, culminating weeks of intense negotiations among fractious GOP lawmakers. But the bill still may change as leaders strike more deals to secure passage in the House. And Senate Republicans are likely to follow their own path, requiring more compromises.
Improper payment rate still too high at IRS

2 days ago | accountingtoday.com | Michael Cohn

The Internal Revenue Service has not yet satisfied the goal of the Payment Integrity Information Act to reduce improper payment rates to less than 10%, according to a new report.
FASB issues standard on acquirers in business combinations

2 days ago | accountingtoday.com | Michael Cohn

The Financial Accounting Standards Board released an accounting standards update Monday to improve the requirements for identifying the accounting acquirer in business combinations such as mergers and acquisitions. The update applies to Topic 805, Business Combinations, and Topic 810, Consolidations, in FASB's Accounting Standards Codification, and is based on a recommendation of FASB's Emerging Issues Task Force.