In May 2025, various regulatory authorities such as the IRS, SEC, FASB, and PCAOB all introduced significant changes. The IRS implemented AI to enhance compliance and provided overseas filers with a grace period until June, while the FASB issued two updates concerning share-based incentives and defining "acquirer" in mergers. The crackdown of fraudulent crypto activities by the SEC, valued at $100 million, and warnings about financial scams were also notable factors. These changes matter as they influence how businesses file taxes, conduct audits, and make financial decisions, impacting compliance and operational procedures.
May 2025 brought the heat—not just outside, but across the regulatory boards. From the IRS, SEC, FASB, and PCAOB, this month was a mix of hard pivots, overdue clarity, and bold moves that affect how we file, audit, and advise. The IRS gave overseas filers...
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