The recommendations include allowing taxpayers to rely on substitute reasonable cause when appropriate, permitting them to reserve the automatic first-time abatement for future use.

Explore the AICPA's role in setting CPA standards, its historical evolution since 1887, and its impact on the accounting profession and public trust.

The US DoE will review all submissions before issuing final rules. Credit: Tada Images/Shutterstock.com. (Tada ...

"AICPA urges IRS to widen first time abatement penalty relief" was originally created and published by The Accountant, a ...

The AICPA Professional Ethics Executive Committee seeks comment on a revised definition to gather input on whether the ...

The American Institute of CPAs' Auditing Standards Board posted a work plan for 2026 through 2027 and a five-year strategic ...

The American Institute of CPAs recommends the First Time Abatement program be expanded to cover additional types of tax and information return penalties.

The AICPA’s stance is supported by a Harris Poll survey conducted in 2025.

The American Institute of Certified Public Accountants (AICPA) is trying to ensure that its reputation is not sullied by the recent scandal involving Enron and the role that improper financial ...

Expectations of lower borrowing costs and pro-growth economic policies this year have sparked optimism among top financial executives, according to a survey.

Around 39% of respondents said they are optimistic about the US economy over the next 12 months.

In the organizations’ latest economic outlook survey of CPAs and other business leaders, 39% said they’re optimistic about the U.S. economy.