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PCAOB Bars Scott Reams, Fines $35,000, Allows Petition After Two Years

The PCAOB has granted Scott Reams' petition to terminate a bar imposed in December 2022, which included a $35,000 fine. Reams was found to have violated PCAOB rules in an audit engagement. The PCAOB has now consented to his association with a registered public accounting firm, subject to certain supervision requirements.

PCAOB Grants Petition to Terminate Bar for Brandon R. Keyes

The Public Company Accounting Oversight Board (PCAOB) has granted Brandon R. Keyes' petition to terminate a bar imposed in December 2022. Keyes, previously barred and fined $35,000 for audit deficiencies, is now permitted to associate with a registered public accounting firm, Richey May & Co., LLP, under specific supervision requirements.

AICPA Proposes Updates to Tax Services Standards

The AICPA is proposing updates to its Statements on Standards for Tax Services (SSTSs), affecting approximately 665,000 U.S. accountants. The proposed changes include revised guidance on data protection, reliance on digital tools, and tax representation services. The comment period closes on December 31.

IRS Contingency Plan During Government Shutdown

The IRS released an updated Contingency Plan on January 15, 2019, recalling 57.4% of its employees to work during the government shutdown to ensure tax refunds are processed. The tax filing season will start on time on January 28, and the filing deadline remains unchanged.

FASB Standard Impacts Construction Revenue Recognition

The Financial Accounting Standards Board's (FASB) new revenue standard, effective for nonpublic entities in 2019, significantly impacts revenue recognition for the construction industry. The AICPA provides resources to help construction firms navigate these changes, focusing on 10 key considerations.

OFAC Issues Russia-related General License 134 on Crude Oil

The Department of the Treasury's Office of Foreign Assets Control (OFAC) has issued Russia-related General License 134, authorizing the delivery and sale of crude oil and petroleum products of Russian Federation origin loaded on vessels as of March 12, 2026. This license provides specific exceptions to sanctions for certain oil transactions.

AI Training Compliance Guidance Post-SRB Ruling

This guidance analyzes the impact of the EU Court of Justice's Single Resolution Board ruling on AI training compliance for engineers. It outlines two pathways for compliance, emphasizing engineering choices in defining identifiability and data protection.

EU AI Act Omnibus: New Compliance Deadlines and Deepfake Ban

Members of the European Parliament have reached a preliminary agreement on amendments to the EU AI Act, including extended compliance deadlines for high-risk systems and a ban on non-consensual deepfakes. The agreement aims to provide legal certainty and allow more time for technical standards and guidance development.

US House Committee Advances KIDS Act and Other Online Safety Bills

The U.S. House Committee on Energy and Commerce advanced the KIDS Act, Sammy's Law, and the App Store Accountability Act to a full House vote. These bills aim to enhance children's online safety by addressing issues like dangerous content, age verification, and app store policies.

Maine Privacy Bill Advances, Oregon AI Chatbot Bill Clears Legislature

Maine's legislature has advanced a comprehensive privacy bill, the Maine Online Data Privacy Act, through both chambers. Oregon's Senate Bill 1546, an AI chatbot safety bill, has also cleared its state legislature and is heading to the governor. Both bills represent significant state-level regulatory developments.