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Senators Demand IRS Action on AI-Generated Tax Scams
Taxation
A bipartisan group of senators has asked IRS Commissioner Daniel Werfel to take steps to foil tax scams generated by AI…
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Crypto Holder Challenges IRS 'John Doe' Summons
Taxation
A Coinbase client is challenging the IRS’s actions in seizing his financial records from that cryptocurrency exchange…
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PCAOB Inspection Reports to Include Auditor Independence Section
Auditing
The Public Company Accounting Oversight Board (PCAOB) has added a new section on auditor independence to its inspection…
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'Too Big To Fail' Rears Its Head Again
Trusted Professional
JPMorgan Chase’s purchase of the failing First Republic Bank is reviving the specter of “too big to fail” that haunted…
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FDIC Recommends Expanding Its Authority in Order to Prevent Bank Runs
Trusted Professional
In light of recent bank failures, the Federal Deposit Insurance Corporation (FDIC) issued a report recommending an expansion…
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With Tax Revenues Lower Than Expected, Debt Ceiling Default Date Could Come as Early as June
Taxation
The United States has already hit its $31.4 trillion debt limit, but accounting maneuvers have allowed the country to…
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Federal Regulators Seize Failing First Republic Bank and Sell It to JPMorgan Chase
Trusted Professional
Federal regulators raced over the weekend to rescue the failed First Republic Bank, seizing it and selling it to JPMorgan…
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Regulatory Roundup: April 25–May 1
Regulatory Roundup
AICPA More than half of finance professionals are considering changing jobs to boost career development, according to a new…
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IRS Commissioner Defends Agency’s Budget in Congressional Hearing
Taxation
IRS Commissioner Daniel Werfel defended his agency’s budget in testimony before the U.S. House of Representatives’…
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