AICPA News is a round-up of recent announcements from the American Institute of CPAs.
Aprio Partner Lexy Kessler Elected AICPA Chair
Lexy Kessler, a partner in the assurance services practice at top 30 accounting firm Aprio, was elected the new chair of the American Institute of CPAs during the group’s Spring Council session on May 14. She also will serve as chair of the Association of International Certified Professional Accountants, which was founded in 2017 by the AICPA and the Chartered Institute of Management Accountants (CIMA).
Kessler, a CPA who also holds the CGMA designation, was elected to the one-year AICPA volunteer post by the organization’s governing Council, which concludes its Spring Council session on May 15.
AICPA Submits Comments on Generation-Skipping-Transfer Regulations
In a letter submitted to the U.S. Department of the Treasury and the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) provided comments on the section 2642(g) final regulations (Treas. Reg. § 26.2642-7), which provide relief provisions respecting timely allocation of generation-skipping-transfer (GST) exemption and certain GST elections.
The AICPA suggested that Treasury and IRS:
Extend the relief provided by Rev. Proc. 2004-46 to tax years 2001 and later.
Provide a similar revenue procedure to Rev. Proc. 2004-46 for situations in which the donor’s GST exemption has been automatically allocated to a prior transfer, but the donor either did not intend for GST exemption to be allocated or the donor was not aware that GST exemption was allocated to the transfer.
The administrative burden on both taxpayers and the IRS to process private letter rulings (PLRs) for small amounts is disproportionate to the amounts involved. Extending the relief provided by Rev. Proc. 2004-46 to tax years 2001 and later would streamline the process for taxpayers seeking to allocate their GST exemption to post-2000 transfers, thereby reducing the administrative burdens and costs associated with PLRs for both taxpayers and the government.
Extending relief to tax years 2001 and later would help taxpayers who didn’t file gift tax returns for certain gifts to trusts. This would allow them to make informed decisions and correct past mistakes, ensuring their GST exemptions match their tax planning goals.
AICPA Expresses Strong Support for Mobile Workforce State Income Tax Simplification Act of 2025
In a letter to Senate Majority Leader John Thune (R-SD) and Senator Catherine Cortez Masto (D-NV), the American Institute of CPAs (AICPA) commended the leadership of these two Senators on behalf of American businesses and employees through the introduction of the bipartisan Mobile Workforce State Income Tax Simplification Act of 2025. This bill provides uniformity for nonresident state and local income tax withholding and a reasonable de minimis exception from the assessment of state and local income tax in a jurisdiction in which an employee does not reside.
For more than a decade, the AICPA has strongly advocated for mobile workforce legislation to ease nonresident state income tax withholding and compliance burdens for taxpayers and businesses across the country. Having a uniform national standard for nonresident state and local income taxation, withholding and filing requirements will simplify and enhance compliance with all of the different state and local tax laws and reduce unnecessary administrative burdens on businesses and their employees.
Tax simplification is one of the guiding principles of good tax policy on which the AICPA advocates, and this bill supports that principle by reducing unnecessary administrative burdens on businesses and their employees,” said Melanie Lauridsen, stating that the AICPA remains grateful to Senators Thune and Cortez Masto for their leadership on the issue.
AICPA Signals Strong Support for Legislation Recognizing Accounting as STEM
The American Institute of CPAs (AICPA) strongly supports bipartisan legislation to establish the accounting profession as a career pathway through Science, Technology, Engineering and Math (STEM). H.R. 2911, the Accounting STEM Pursuit Act, introduced by Representatives Young Kim (R-CA) and Haley Stevens (D-MI), would allow K-12 grant funding to be used for accounting education, with a focus on improving access for underrepresented students. This will help ensure future leaders are highly skilled and prepared to meet the public’s evolving needs.
Accountants use predictive modeling to help clients make strategic decisions. By using math and developing technology to solve complex issues, accountants empower communities and drive trust in financial markets. Accounting professionals must master these new technologies and seek innovative solutions to ensure they meet and surpass the demands of our global economy.
STEM recognition for accounting at the K-12 level, coupled with the potential for existing STEM K-12 federal funding to be used for accounting awareness and education, will affirm that the accounting profession is qualified to assess the technological world businesses are in today.
World’s largest accounting and finance membership body encourages the profession to embrace the future of finance
On Wednesday, 16 April 2025, the world’s largest accounting and finance membership body, AICPA & CIMA, together as the Association of International Certified Professional Accountants, hosted members and industry leaders in Accra to discuss the future of finance and how accounting and finance professionals can accelerate and lead in a rapidly changing business environment.
Under the title “Future of Finance 2.0 Breakfast”, the hybrid event attracted accounting and finance professionals from across Ghana and the rest of Africa. The event featured a prominent finance leader, Andrew Akoto, FCMA, CGMA, Country Manager at KPMG Ghana, who shared insights on how fast-paced technological advancements, the ever-evolving workplace, and the rising prominence of environmental, social, and governance (ESG) practices are reshaping financial strategies, enhancing decision-making, and driving operational efficiencies.
AICPA Finds Some Americans are Making Financial Changes and Delaying Major Purchases Based on Feelings about their Financial Situation
A Financial Literacy Month survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) found that more than one-third of American adults have felt cautious (37%) or uncertain (36%) about their financial situation in the past 12 months.
The survey was conducted April 1-3 among over 2,000 U.S. adults as a kickoff to National Financial Literacy Month, which explores the benefits of understanding your personal finances and promotes financial education and empowerment.
Changing Financial Behaviors
- When asked about new financial behaviors they adopted in the past 12 months, 28% of Americans reported that they have been charging less on their credit cards.
- Over a quarter (27%) started saving or increased their savings rate in the past 12 months, with those ages 18 to 44 significantly more likely to have done so than those ages 45+ (37% versus 19%).
Finances Creating Delays
- Over a quarter of Americans (27%) delayed a major purchase (e.g., home, car) in the past 12 months.
- Over half of those who delayed something for financial reasons in the past 12 months (57%) said it was because of the cost of goods and services.
- Those who delayed something for financial reasons in the past 12 months aged 18-54 were more likely to say it was due to lack of savings than those aged 65+ (47% versus 26%).
- When asked if they had delayed something for financial reasons in the past 12 months, those aged 55+ were more likely to say they hadn’t delayed anything versus those under age 55. (56% versus 29%).
- Twenty percent of Americans haven’t initiated any new financial behaviors over the past 12 months.
Looking Forward
When discussing feelings about their financial situation over the next 12 months compared to the previous 12 months, Americans were divided:
- 33% believe it will be better
- 37% believe it will be neither better nor worse
- 30% believe it will be worse
Advice for Handling Financial Stress
- Take inventory of your finances
- Keep perspective and know what you can (and can’t) control
- Find opportunities and tools to help you today and in the future
AICPA Statement on Proposed Changes to the Structure of the Public Company Accounting Oversight Board
The House Financial Services Committee has released draft language for a measure that would defund the Public Company Accounting Oversight Board (PCAOB) and transfer its activities to the Securities and Exchange Commission.
The following statement can be attributed to AICPA President and CEO Mark Koziel, CPA, CGMA:
“The AICPA believes that healthy oversight of accounting firms that audit listed companies strengthens capital markets and protects the public interest. That oversight system involves multiple layers, including timely and transparent audit standard setting and rigorous inspections intended to drive effectiveness and expand knowledge and best practice. It also includes licensing, firm and engagement quality control requirements, and disciplinary activities at the state and federal levels.
“The AICPA continuously engages in activities to support ethical behavior and high-quality performance among CPAs serving the public interest and performing audits. The Auditing Standards Board sets audit standards for U.S. private companies, employee benefit plans, not-for-profit organizations and state and local governments, and attestation standards. Our initiatives include supporting the Center for Audit Quality’s work to promote high-quality audits of listed companies.
“The AICPA is committed to supporting the drivers of audit quality needed to keep the investing public safe and provide confidence in our capital markets. We stand ready to assist policymakers as they consider potential changes to the regulatory infrastructure overseeing public company auditing.”
AICPA Outlines Its Digital Assets Activities to SEC’s Crypto Task Force
The American Institute of CPAs (AICPA) recently spelled out its initiatives in the digital assets space to the Securities & Exchange Commission’s Crypto Task Force, submitting a comment letter on AICPA activities and offering to serve as an ongoing resource.
The AICPA formed a Digital Assets Working Group in 2019 as a joint project of its Financial Reporting Executive Committee and Assurance Services Executive Committee. The working group, which has developed guidance under its continuously updated practice aid, Accounting for and Auditing of Digital Assets, now includes subgroups for accounting, auditing, and attestation.
Activities for the working group, by area, include:
Accounting Subgroup – Develops nonauthoritative implementation guidance on the accounting for and financial reporting of digital assets under U.S. generally accepted accounting principles (GAAP) for nongovernmental entities
Auditing Subgroup – Develops guidance for auditors of entities that hold or transact in digital assets, specific to generally accepted auditing standards (GAAS).
Attestation Subgroup – Develops guidance for practitioners performing assurance engagements on digital asset-related matters that are not related to financial statements.
To learn more about the AICPA’s Digital Assets Practice Aid, please visit the download page (member access only). In addition, to learn more about resources related to stablecoins, please visit the Stablecoin Reporting and Assurance page.
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Tags: Accounting, AICPA
