What’s New in Accounting? IRS AI Regulations, Accounting Enrollment, KPMG Ends Contract & More!
This episode of ‘What’s New in Accounting’ covers three major industry developments.
First, the IRS has issued guidance on how AI fits into Circular 230 regulations, requiring tax professionals to maintain human oversight of AI-generated work, verify all outputs, understand their tools, protect client data, and bill fairly for AI-assisted services. Second, accounting enrollment at four-year colleges has increased 8.9% for the third consecutive year, suggesting the talent shortage may be improving as students are attracted by rising entry-level pay and the stability of licensed professions in an AI-driven world. Finally, KPMG is ending its federal government audit contracts by 2030, including a $64 million Army contract, as the Department of Defense faces pressure to complete proper audits of its $840 billion budget by 2028.
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