IRS funding has long been a point of contention for the Republican party, proven by the clawback of $20 billion from the $80 billion provided to it by the Inflation Reduction Act of 2022. And so, under the incoming Trump administration, IRS funding is at significant risk. In particular, tax practitioners are wondering whether any portion of the funding will remain available for taxpayer service-related improvements at the IRS.

The Public Company Accounting Oversight Board (PCAOB), on Nov. 14, adopted a rule amendment enabling it to respond to situations where a registered firm no longer exists or is operational. It also addresses circumstances where the firm fails to file annual reports and pay annual fees for at least two straight reporting years.

The Financial Accounting Standards Board (FASB) on Nov. 13 released a proposed Accounting Standards Update (ASU) that would make it easier to navigate the disclosures that are required in interim reporting periods, clarify when that guidance is applicable and what disclosures are required during these reporting periods. Responses to the proposed ASU are due Mar. 31, 2025.

The Public Company Accounting Oversight Board (PCAOB ) issued a new publication on Nov. 12 offering guidance from its staff on the auditor's responsibilities regarding detecting, evaluating and making communications on illegal acts as a "controversial" new standard that would make these requirements stricter are still awaiting approval.