Accounting, tax, auditing news

Department of Education notice clarifies ‘professional’ degree definition

The notice of proposed rulemaking states that the exclusion of certain degree programs, including accounting, from the definition “does not reflect a value judgment” but rather serves as a technical term to define levels of federal student loan limits. An AICPA statement expressed appreciation for the “recognition of the broad definition and various aspects of the word ‘professional.’”

Change at the top: PCAOB will feature new chair, 3 new board members

IRS will stay fully staffed for first 5 days of shutdown

Profession Ready Initiative targets gaps in early-career CPA readiness

New law, IRS workforce cuts raise red flags for tax season, reports say

SECURE 2.0 amendment deadline extended for IRAs, other retirement plans

IRS releases FAQs on qualified overtime pay deduction under H.R. 1