AICPA News is a roundup of recent announcements from the American Institute of CPAs.
AICPA Seeks Clarity and Guidance for Three CAMT Notices
The American Institute of CPAs (AICPA) is urging the Department of Treasury and the Internal Revenue Service (IRS) to provide additional clarity and simplification regarding three recent Corporate Alternative Minimum Tax (CAMT) notices.
The AICPA letter is intended to reduce compliance burdens, prevent double counting of income, improve consistency between financial and tax reporting, and make the CAMT rules more administrable for taxpayers and tax professionals. The recommendations focus on purchase accounting and push-down accounting, domestic research and experimental (R&E) expenditures under section 174A, intangible drilling cost and the Controlled Foreign Corporations (CFC) income double counting issue.
The letter requests guidance and offers recommendations in the following areas:
- Withdraw the purchase accounting, push-down accounting adjustment rules and the corresponding interim rule in Section 3.04(3) of Notice 2025-46 to better align CAMT with its statutory intent and reduce significant taxpayer compliance burdens.
- Provide guidance under section 56A(c)(15) and section 56A(e) coordinating applicable financial statement income (AFSI) with domestic R&E expenditures under section 174A.
- Allow a common parent (or other designated agent) of a CAMT tax consolidated group to file a single Form 4626, computing CAMT on a tax consolidated group basis.
- Provide additional guidance clarifying the adjustment under section 56A(c)(13), as amended by the OBBBA.
- State that taxpayers are not required to early adopt multiple disparate provisions in order to obtain relief for the CFC income double counting issue.
AICPA Recognizes Three Individuals with 2026 Emerging Leaders Award
The AICPA & CIMA recognizes three practicing CPAs with the 2026 AICPA Emerging Leaders Award in memory of Maximo Mukelabai, a member of the inaugural class of the AICPA Leadership Academy whose life was tragically cut short in 2011 at age 36.
Honorees are selected annually for exemplifying the passion, intellect and inspiration demonstrated during Maximo’s career. Shortly before his passing, he became the first African American and youngest chair of the North Carolina Association of CPAs board of directors. Maximo’s influence and leadership were felt by many, and the Emerging Leaders Award (formerly Outstanding Young CPA Award) is one way his legacy is carried on.
To be considered for the award, candidates submitted applications and details on their volunteer history. They shared why giving back is important to the profession, how their efforts have positively impacted the community, and the ways they have demonstrated leadership through professional or service activities. Applicants also provided professional references from peers, employers, and/or state CPA societies. The AICPA’s Emerging Professionals Initiative Committee (EPIC), along with past recipients, then reviewed all qualified nominations to determine this year’s honorees. Explore the complete eligibility criteria.
Congratulations to the following Recipients of the 2026 Emerging Leaders Award:
Holly Hawk, Ph.D., CPA, CGMA | Clinical Assistant Professor – Clemson University
Clemson, SC
Professional Biography:
Holly Hawk, Ph.D., CPA, CGMA, is a Clinical Assistant Professor at Clemson University, where she teaches accounting analytics, information systems, and emerging technologies. Before entering academia, Holly worked in risk assurance at PwC and internal audit at TD Bank.
Darius Hinton, CPA, CGMA | Business Operations Program Manager – Google
Reston, VA
Professional Biography:
Darius R. Hinton, CPA, CGMA, CMA, CDFM, is a strategic finance leader operating across commercial technology, enterprise governance, and national defense. He serves as a Business Operations Program Manager within Google’s Cloud Supply Chain, optimizing cost and performance for global server infrastructure deployments.
Dez Magelssen, CFE, CPA | Founder – Alpine Ridge Accounting
Bozeman, MT
Professional Biography:
Dez Magelssen is the Founder of Alpine Ridge Accounting, where she leads accounting and advisory services focused on empowering women-led professional service firms through tailored, technology-enabled financial solutions. Grounded in trust, compassion, and authenticity, Dez helps business owners simplify their financial operations, better understand their numbers, and make confident, strategic decisions about the future of their business or organization.
Pets are Family, and Budgets Show It: New AICPA Survey Finds Owners Prioritize Pet Care and Long-Term Planning
A new survey conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA) shows that Americans don’t just love their pets, they are making personal financial decisions around them. The survey found that 57% of Americans own a dog, 40% of Americans own a cat and 95% of those pet owners consider their pet(s) to be a member of the family.
Pets are a Financial Priority
The survey, done in mid-July 2026, shows that 62% of American pet owners (i.e., own a dog or cat) have a budget for spending on their pet. Devotion to pet(s) runs deep – 69% of pet owners say they would be more likely to cut spending on themselves than their pets if they had to make cuts, highlighting the important role pets play in American households. The survey also revealed that older pet owners may be especially devoted to protecting their pets’ well-being. Pet owners age 65 and older (81%) are more likely than younger pet owners to say that if they had to make cuts to their spending, they would be more likely to cut spending on themselves than spending on their pets (64% age 18-34, 63% age 35-44, 71% age 45-54, 73% age 55-64).
An Estate Plan with Fur
The love for pets is also showing up in Americans’ estate planning. The interest in including pets in a will/trust, reflects the trend of treating pets as family members. Of the 73% of pet owners who report having a will or trust, 40% of those individuals have included provisions for their pets.
Among those who have a will/trust but do not have provisions for their pet, when asked why:
- 40% say they hadn’t thought of adding their pet(s) to their will/trust.
- 38% say that their family/friends would figure out what to do with their pet(s) if needed.
- 25% feel that wills/trusts are only meant for people, not animals.
- 18% say they haven’t updated their will/trust since getting their pet(s).
AICPA Tips for Pet Owners
- Create a dedicated pet budget and emergency fund
- Evaluate pet insurance
- Review your estate planning documents
- Create a pet care plan for emergencies
New Auditing Standard Clarifies and Enhances CPAs’ Responsibilities Relating to Fraud in a Financial Statement Audit
The American Institute of CPAs’ Auditing Standards Board (ASB) has approved a new standard that clarifies and enhances auditors’ responsibilities relating to fraud or suspected fraud in a financial statement audit.
The ASB’s adoption of Statement on Auditing Standards (SAS) No. 151, The Auditor’s Responsibilities Relating to Fraud in an Audit of Financial Statements, supersedes SAS No. 122, Statements on Auditing Standards: Clarification and Recodification, as amended (Section 240, Consideration of Fraud in a Financial Statement Audit), and amends several other standards. The new standard helps auditors more clearly understand their role in assessing risks of material misstatement due to fraud and their response when fraud or suspected fraud is identified in a financial statement audit.
SAS No. 151’s major changes include:
- Enhancing the auditor’s risk identification and assessment process as it relates to fraud by providing a fraud lens when performing risk assessment procedures in accordance with AU-C section 315.
- Requiring the auditor to understand the entity’s whistleblower program (or other program to report fraud), if the entity has such a program, including how management and, if applicable, those charged with governance address allegations of fraud made through the program.
- Additional requirements governing how auditors respond when fraud or suspected fraud is identified, and more extensive requirements regarding communications with management and those charged with governance.
- Leaves unchanged the presumption that fraud risks exist in revenue recognition, and requires auditors to determine which types of revenue transactions, or relevant assertions give rise to such risks.
The final version of the standard is expected to be posted online in October. SAS No. 151 will be effective for audits of financial statements for periods ending on or after Dec. 15, 2028, although firms can implement it earlier.
AICPA Applauds Passage of Disaster Tax Bill with Strong Bipartisan Support, Continues to Urge Permanency for Disaster Tax Relief Legislation
The American Institute of CPAs (AICPA) has long-advocated for policies and legislation that would provide clear, permanent and consistent tax relief to individuals and businesses impacted by natural disaster across the country. Among the changes the AICPA has supported is newly passed legislation that provides “special rules” for casualty loss deductions attributed to qualified disasters occurring before January 1, 2027. The Doug LaMalfa Federal Disaster Tax Relief Certainty Act recently cleared a final hurdle, passing in the Senate with strong bipartisan support. The bill now awaits the President’s signature.
For qualified disasters after July 4, 2025, and before January 1, 2027, this bill would extend the special rules consistent with recent disaster relief legislation, which include waiving the 10% adjusted gross income limitation, allowing qualified disaster losses to be added to the standard deduction, and raising the deduction floor from $100 to $500. Unlike previous disaster tax relief bills, this bill is the first in many years to be prospective, where most are typically retroactive. The bill also introduces significant clarity by adding the disaster relief provisions to the Internal Revenue Code (IRC).
The legislation also extends the coverage period through the end of 2026 for the exclusion of qualified wildfire relief payments. The 2024 legislation enacting this disaster relief covered payments received between 2020 and 2025 and extended the period of limitation for refund claims; however, the limitations period extension was unnecessary in the bill because it extended the original disaster period by just one year.
AICPA Provides New Guidance on Stablecoins, Mining Revenue and Current Auditing Standards
The American Institute of CPAs (AICPA) has released an updated version of its practice aid, Accounting for and Auditing of Digital Assets, providing accounting and auditing professionals with new guidance addressing emerging developments in the digital asset ecosystem, including accounting for stablecoin issuers, auditing mining revenue arrangements and updates for recently effective auditing standards.
The August 2026 update includes several significant enhancements:
New guidance for stablecoin issuers
The practice aid adds a new chapter dedicated to accounting considerations for stablecoin issuers. The guidance addresses recognition of obligations associated with issued tokens and considerations related to reserve assets that support stablecoins.
New auditing guidance for mining revenue
A new auditing chapter provides considerations related to mining revenue arrangements, including transactions involving mining pool participants and data center hosts.
The guidance addresses emerging revenue models that have become increasingly prevalent throughout the digital asset ecosystem and offers auditors additional considerations and example procedures that may be performed when evaluating these activities.
Updated for current auditing standards
The practice aid has been updated to reflect auditing standards through Statement on Auditing Standards (SAS) No. 148 and includes revisions related to SAS No. 146, Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards (AU-C Section 220).
These updates are intended to help practitioners apply the latest quality management requirements and ensure the guidance remains aligned with current professional standards.
Additional enhancements
Other updates include revisions to Chapter 5, Considerations for Existence, Rights and Obligations of Digital Assets, which streamlines and consolidates existing question-and-answer content without changing the underlying guidance.
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