AICPA News Roundup is a collection of recent announcements from the American Institute of CPAs.
AICPA Issues Statement on Department of Education Professional Degree Designation in Draft Rules
The American Institute of CPAs (AICPA) has recently expressed opposition to a proposed Department of Education regulation that would exclude accounting programs across the country from a professional degree designation for the purposes of graduate student loan limits.
On January 30, the Department of Education published the draft rules on student loan limits in the Federal Register. The notice summary now includes the following paragraph:
“The Department notes that the term ‘professional student’ as used in this Notice of Proposed Rulemaking (NPRM) is intended solely to distinguish those programs that we propose would be eligible for higher loan limits, as required by the OBBB. The designation, or lack thereof, of a program as ‘professional’ does not reflect a value judgment by the Department regarding whether a borrower graduating from the program is considered a ‘professional.’ This NPRM only interprets the phrase ‘professional student’ as used in the context of the loan limits established by the OBBB.”
AICPA President and CEO, Mark Koziel, CPA, CGMA, issued a statement following the release of the draft rules:
“Accounting is a critical part of our nation’s economic infrastructure and is a profession that has contributed significantly to our economic growth. We appreciate the Department of Education’s recognition of the broad definition and various aspects of the word ‘professional.’ As the rulemaking process moves forward, the AICPA will continue to review the proposal, and we look forward to providing our suggestions and insights.”
With the publication of the rule, a 30-day comment period has now opened. The AICPA intends to submit comments to the Department of Education during this period.
AICPA to Seek Comment on Proposed Changes to Attestation Standards
The Auditing Standards Board, a key standard-setting body of the American Institute of CPAs, recently voted to seek public comment on proposed updates to attestation standards, in part to address sustainability information and other emerging areas of assurance.
An exposure draft of the proposed changes is expected to be available online on Feb. 26, with a comment period to be determined later (but which will end no less than 120 days after the document’s publication date).
The proposed changes reflect the ongoing evolution in attestation services, in which practitioners are increasingly asked to provide services beyond audits of the financial statements, such as in the areas of sustainability, digital assets, cybersecurity, governance and related controls. The exposure draft consists of two main parts:
- Updates to the baseline attestation standards to address evolving practice,
- Two new AT-C sections related to engagements to report on sustainability information.
Adoption of the updates is expected to occur next year, pending revisions after the comment period and further deliberation by the Auditing Standards Board. The exposure draft, once published, can be found on the AICPA’s resource page for comments on standards proposals.
AICPA Applauds Introduction of Accounting STEM Pursuit Act in Senate
The American Institute of CPAs (AICPA) recently endorsed legislation introduced by Senators Susan Collins (R-ME) and Jacky Rosen (D-NV) to recognize accounting as a Science, Technology, Engineering and Math (STEM) education program. The Accounting STEM Pursuit Act (S. 3784) establishes the accounting profession as a STEM career pathway, allowing students greater access to accounting programs. This legislation would also amend the Every Student Succeeds Act to allow K-12 grant funding to be used for accounting education programs. Identical legislation was introduced in the House (H.R. 2911) last spring by Representatives Young Kim (R-CA) and Haley Stevens (D-MI).
The Accounting STEM Pursuit Act would add accounting education to the list of allowable uses under the Student Support and Academic Enrichment Grant program, a key funding stream for states to expand educational opportunities in public schools. This change would empower educators to introduce students at an earlier age to foundational accounting skills and highlight the profession’s role in today’s technology-driven marketplace.
The AICPA has long advocated for the designation of the accounting profession as a STEM discipline, citing the clear, logical integration of accounting and technology that emphasizes the value of accounting professionals, including CPAs, as technological leaders. The AICPA has also demonstrated public support for this move, noting that a recent survey conducted by The Harris Poll on behalf of the AICPA revealed that three-quarters of Americans (74%) believe accounting courses should be designated as STEM education programs.
AICPA Recommends Treasury and IRS Simplify “Determine and Document” Requirement for Taxes Charged to Controlled Foreign Corporations
In a letter sent to the Department of the Treasury and the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) submitted recommendations regarding Notice 2025-75, Transition Rule for Applying Section 951(a)(2)(B), one of the four international tax notices released as part of H.R. 1. The transition rule modifies the application of section 951(a)(2)(B) for certain taxable years of foreign corporations beginning before January 1, 2026.
The AICPA letter provides recommendations to modify and simplify the “determine and document” requirement in the Notice by either eliminating or significantly paring back the documentation requirement or alternatively adopting a per se rule or safe harbor.
The AICPA recommends the IRS:
- Eliminate or significantly pare back the documentation requirement regarding transactions where the dividend is required by law to be included in the gross income of a U.S. person and where no exclusion or deduction could reasonably apply.
- Alternatively, adopt a per se rule or safe harbor under which the “determine and document” requirement does not apply to dividends received by certain U.S. persons for whom inclusion in taxable income is mandatory under the Code. For all other situations, Treasury and the IRS should clarify that federal income tax principles must be analyzed and the type of documentation is sufficient to demonstrate that the dividend increased taxable income.
Andrea Millar, CPA/PFS, Presented with AICPA’s 2025 Personal Financial Planning Distinguished Service Award
The American Institute of CPAs (AICPA) recently honored Andrea Millar, CPA/PFS, with AICPA’s 2025 Personal Financial Planning (PFP) Distinguished Service Award during the group’s PFP Symposium last month. The award recognizes an AICPA member who meritoriously contributes to the advancement of personal financial planning, best exemplifies a CPA financial planner, and serves the public’s interest by enhancing the quality of personal financial planning services.
Millar is the founder of Andrea Millar Life Planning in Raleigh, North Carolina.
She served as director of the AICPA’s PFP Division for almost 15 years and was instrumental in fostering many dedicated practitioners who have been perennial leaders in the profession. As director, Millar helped to bolster the AICPA’s PFP conference, establish PFP Standards, and champion having PFP content included on the CPA exam.
AICPA and CIMA Announce Global Top Ranking for U.S. Candidate on the CGMA Management Case Study Exam
The Association of International Certified Professional Accountants (AICPA and CIMA), which advances and governs the Chartered Global Management Accountant (CGMA) designation, is proud to announce that Caitlin Domina, Financial Analyst, FP&A at Liberty Bank, headquartered in Middletown, Connecticut, has achieved Joint First Place in the World on the CGMA Management Case Study Exam for the November 2025 testing window.
Domina shares her Joint First Place ranking with two other candidates, both based in the United Kingdom, who also achieved top marks.
During the November 2025 exam window alone, 2,519 students sat for the Management Case Study (MCS) Exam. The exam is offered four times per year, with the highest achiever results issued after each sitting. Across all four 2025 exam cycles, AICPA and CIMA delivered 9,138 MCS exams, and Domina’s performance ranks among the highest scores recorded throughout the entire year.
Domina also serves as a representative of AICPA and CIMA’s U.S. Registered Apprenticeship Program, a national initiative expanding access to careers in accounting and finance through competency-based apprenticeships. This structured program equips participants with real-world skills and paid learning, while dedicated mentoring ensures their work is practical and meaningful.
AICPA Letter Requests Guidance for Itemized Deductions and Trump Accounts
The American Institute of CPAs (AICPA) has requested guidance from the Department of the Treasury and the Internal Revenue Service (IRS) on how individuals, estates and trusts should report income taxes under the newly enacted H.R. 1 (One Big Beautiful Bill Act). The letter focuses on Section 70111, which modifies the Section 68 limitation on itemized deductions (LID) and also provides comments on Notice 2025‑68, outlining the IRS’s planned regulations for Section 530A Trump accounts, including guidance related to gift tax reporting.
The AICPA is requesting guidance on the following:
Section 68 LID
- Section 68 limitation calculation for individual, estate and trust taxpayers whose taxable income exceeds the 37 percent tax rate beginning threshold.
- Estates’ and trusts’ LID regarding charitable deductions, income in respect of a decedent deductions, section 642(b) deductions, income distribution deductions, and certain administration expenses deductions, as well as the definition of adjusted gross income under section 67(e).
Notice 2025-28, Section 530A Trump accounts
- Gift and generation-skipping transfer tax treatment of Trump account contributions.
- Ordering rules for returning excess contributions made to an eligible individual’s Trump account and allocation of gain or loss related to such excess contributions.
- Penalty of perjury for authorized individuals electing to open Trump accounts for an eligible individual and clarification of priority listing mechanics.
- Automatic enrollment of eligible individuals in Trump accounts and federal pilot program.
- Form 8879-TA use with electronically filed tax returns.
- New responsible party selection after the Trump account is established.
- Clarification of whether an index is composed primarily of U.S. equity investments, and the circumstances under which assets may be held in non‑eligible funds for a de minimis time during the growth period.
AICPA Urges Department of Education to Include Accounting Among List of Professional Degrees in Response Letter to Proposed Rulemaking
Following the release of the Department of Education’s Notice of Proposed Rulemaking (NPRM) titled Reimagining and Improving Student Education, the American Institute of CPAs (AICPA) submitted its response acknowledging the Departments efforts to clarify the definition of “professional,” and urging the incorporation of similar language into the final rule, making the intent clear within the Code of Federal Regulations itself.
Additionally, the AICPA strongly encouraged the Department to include “accounting” in the definition or to retain the current language stating that “professional degrees may include but are not limited to,” the list included in the NPRM.
The AICPA joins voices of CPAs across the country, with many state CPA societies also submitting comments to the Department of Education. The Department will review and consider all comments submitted and final regulations must be implemented by July 1, 2026, per the One Big Beautiful Bill Act.
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