G.C. Consultants INC

06/11/2026

FASB issued new accounting guidance to improve how entities report and disclose environmental credits and related obligations. The update aims to bring greater clarity, consistency, and comparability to financial reporting in this emerging area.

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https://tinyurl.com/msjtnshs

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06/10/2026

Treasury and the IRS issued additional guidance on Section 892 proposed regulations, offering grandfathering protection and transitional relief for foreign government investors. The guidance aims to provide certainty for sovereign wealth funds while preserving established U.S. investment practices.

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https://tinyurl.com/4ut4x82s

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IR-2026-69, May 29, 2026 — The Department of the Treasury and the Internal Revenue Service today issued additional guidance addressing the applicability dates of recent proposed regulations under Section 892 of the Internal Revenue Code, which exempts foreign governments, including sovereign wealt...

06/09/2026

The IRS announced new Individual Account features that let taxpayers view and electronically submit Trump Account elections through Form 4547. These updates aim to improve transparency, speed up processing, and support tax-advantaged savings accounts for eligible children.

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https://tinyurl.com/48bjts27

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IR-2026-68, May 28, 2026 — The IRS today announced new features in IRS Individual Accounts that allow taxpayers to view and submit Trump Account elections, making it easier to invest in these tax-advantaged accounts.

06/03/2026

The Financial Accounting Foundation reappointed Jere Shawver as Chair of the Private Company Council, along with three members for additional terms. The move supports continued guidance to FASB on accounting standards and financial reporting needs for private companies.

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https://tinyurl.com/yu5z25va

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06/02/2026

The IRS released a new Excel-based calculator to help businesses and tax professionals compute look-back interest for long-term construction and manufacturing contracts. The tool supports Form 8697 calculations but does not replace official tax guidance or compliance review.

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https://tinyurl.com/4eu9vjr5

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IR-2026-70, May 29, 2026 — The Internal Revenue Service today announced the release of a new calculator to help businesses working on large, multi-year construction or manufacturing projects more easily figure interest related to those contracts.

06/01/2026

The AICPA asked Treasury and the IRS to provide clearer guidance on proposed regulations for Trump Accounts, especially around who is authorized to open an account and how key terms like “available” should be defined. The organization also recommended that the legal guardian or fiduciary of an eligible child be named the default responsible party to ensure proper account oversight and easier administration.

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https://tinyurl.com/mr36w276

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The American Institute of CPAs (AICPA) requested the Department of Treasury and the Internal Revenue Service (IRS) provide guidance on proposed regulations for Trump Accounts. The AICPA’s comment letter identified several areas where additional guidance will be needed in future proposed regulation...

05/29/2026

The IRS recognized U.S. VITA and TCE volunteers for helping taxpayers access free tax preparation and community-based filing support. These programs assist eligible individuals, seniors, people with disabilities, and limited English-speaking taxpayers across the country.

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https://tinyurl.com/5dm6duek

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IR-2026-56, April 24, 2026 — During National Volunteer Week, the Internal Revenue Service recognizes the tens of thousands of volunteers who donate their time to serve their communities and the nation by participating in the Volunteer Income Tax Assistance and Tax Counseling for the Elderly progra...

05/28/2026

FASB issued U.S. GAAP guidance on how companies should initially measure paid-in-kind dividends on equity-classified preferred stock. The update aims to improve consistency and investor usefulness by reducing differences in how these dividends are reported.

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https://tinyurl.com/mb8nyx4b

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05/22/2026

AICPA’s NPRC Alert provides U.S. firms with peer review and industry updates affecting reviews administered by the National Peer Review Committee. It highlights peer review news, quality management standards, PCAOB updates, inspection priorities, and related resources for accounting firms.

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https://www.aicpa-cima.com/news/article/nprc-alert

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This newsletter is designed to highlight peer review and other industry news that will impact firms that have reviews administered by the National Peer Review Committee.

05/21/2026

The IRS Taxpayer Advocacy Panel released an annual report with recommendations to improve U.S. tax administration, taxpayer service, communications, and modernization. The report highlights taxpayer-focused efforts to reduce burden and support a more efficient IRS experience for individuals and businesses.

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https://tinyurl.com/4mddshes

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IR-2026-57, April 24, 2026 — The Taxpayer Advocacy Panel today released its 2025 Annual Report highlighting accomplishments and ongoing efforts to strengthen Internal Revenue Service delivery, improve communications with taxpayers, reduce taxpayer burden, and support continued modernization of tax...