The Financial Accounting Standards Board added a project to its technical agenda to allow insurance companies to use the “portfolio layer method” when doing hedge accounting on their financial liabilities.

The AICPA and CIMA announced its new “AI Skills Accelerator,” an intensive multicourse program that provides a wide breadth of materials to build skills with AI and better understand the mindset needed to do so successfully.

The Internal Revenue Service is offering taxpayers a new option to request more time to review a disallowance of an Employee Retention Credit claim.

The House Appropriations Committee approved further budget cuts for the IRS, expanding the use of AI and data analytics to handle enforcement.

Big Four firm KPMG is eliminating approximately 100 partners in its U.S. audit and assurance practice, after not enough of them accepted an early retirement program.

The Taxpayer Advocacy Panel issued its annual report calling for improvements and greater clarity in notices, forms and publications after a year of turbulence.

The survey window for our “Wealth Magnets” annual ranking of the top CPA financial planners by assets under management is now open.

Plus, Gusto announces 75 new features; Infinite Ties launches new FanCAS-Kit; and other accounting tech news and updates.

CohnReznick opens seventh California office and adds international tax partner; Aprio appoints real estate industry leader; and more news from across the profession.

The Treasury Department said the IRS will be revising the Form 990 to uncover fraud and hidden sources of funding at tax-exempt organizations.