This week in accounting, regulatory bodies announced significant leadership appointments, while lawmakers continued to debate critical tax reforms with substantial fiscal implications. The industry also saw major firms engaging in strategic mergers, and the profession celebrated top academic achievements amidst ongoing discussions about the talent pipeline.
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Senate Finance Committee Unveils Tax Proposals for “One Big, Beautiful Bill Act”
The Senate Finance Committee is set to release its version of the House-passed “One Big, Beautiful Bill Act” (H.R. 1), which aims to extend key Tax Cuts & Jobs Act (TCJA) provisions expiring at the end of 2025 and include significant spending cuts. Reports indicate potential differences from the House bill, particularly regarding the permanence of TCJA pre-cliff provisions like bonus depreciation and R&D expensing, as well as adjustments to Inflation Reduction Act (IRA) energy credits and international tax rules. This legislative effort signifies a major push to reshape the U.S. tax landscape for the coming years, impacting businesses and individual taxpayers alike.
Published: June 15, 2025
This Week in Tax Policy for June 16 -
AICPA and NASBA Honor Top CPA Exam Performers with Elijah Watt Sells Award
The AICPA and NASBA recognized outstanding candidates who passed the Uniform CPA Examination with exceptionally high scores, presenting them with the prestigious Elijah Watt Sells Award. This annual award celebrates the highest levels of academic and professional achievement among new CPAs. The recognition highlights the rigorous standards of the CPA examination and the dedication required to excel in the accounting profession, serving as an important benchmark for aspiring accountants and emphasizing the importance of maintaining high professional standards.
Published: June 10, 2025
AICPA and NASBA Recognize Top CPA Exam Performers with Elijah Watt Sells Award | News | AICPA & CIMA
Tools & Tips
The Nakisa Lease Accounting 2025.R2 release introduces impactful capabilities that streamline financial close processes, enhance organizational control, and improve reporting accuracy and compliance. This update includes the Nakisa AI Assistant, powered by Generative AI and Retrieval-Augmented Generation (RAG) technology, which provides intelligent, context-aware support to users across all Nakisa products. It is exclusively trained on Nakisa’s extensive documentation library, ensuring accurate and relevant responses without using an organization’s data. This release also brings enhancements to the Nakisa General Ledger, Financial Organization Structure, and external posting, designed to improve usability, boost operational efficiency, and support evolving financial reporting needs.
- Nakisa Lease Accounting 2025.R2 Release
Introduces Nakisa AI Assistant, GL enhancements, and other features to streamline lease accounting processes and improve compliance.
Fun Fact
Did you know that bubble gum was accidentally invented by an accountant? In 1928, 23-year-old Walter Diemer, an accountant for the Fleer Chewing Gum Company, was experimenting with new gum recipes when he stumbled upon the formula for a less sticky, more flexible gum that could be blown into bubbles. When asked why it was pink, he famously replied, “Pink food colouring was the only thing I had on hand!” This unexpected contribution from an accounting professional provides a lighthearted, unexpected twist, making the profession more engaging and memorable.
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