From Yahoo Finance: 2025-04-02 07:20:00

The American Institute of CPAs (AICPA) supports bipartisan bills enhancing tax transparency and fairness. The Electronic Filing and Payment Fairness Act proposes the “mailbox rule” for electronic tax submissions. The AICPA sees this as a positive step to simplify the process and protect taxpayers from penalties. Another bill, the Filing Relief for Natural Disasters Act, aims to expedite tax relief after natural disasters by granting immediate relief after state-level declarations. The Disaster related Extension of Deadlines Act seeks equal treatment for disaster victims in tax refunds or credits. AICPA vice president Melanie Lauridsen expresses support for these proposals, aiming to enhance IRS operations and improve the taxpayer experience.

In April 2025, the AICPA Accounting and Review Services Committee issued a clarification on the standard for financial statement preparation within client advisory services engagements. The Statement on Standards for Accounting and Review Services No. 27 addresses the applicability of AR-C Section 70 to financial statements prepared in consulting services engagements, providing guidance to accountancy professionals.

Read more: AICPA backs bipartisan tax bills and more