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AICPA News – July 2025

CPA Practice

Ujjwal Ahluwalia (Montana), a graduate of University of Delhi with a Bachelor of Commerce (Honors), and a Chartered Accountant from The Institute of Chartered Accountants of India, is employed with American Express in Gurugram, India. accounting and finance industry.

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Friday Footnotes: Auditors Can Prevent Fraud With Fibbing; AI Rollup Accounting Firms Are So Hot Right Now | 6.20.25

Going Concern

DOD Will Pass Audit by 2028, Comptroller Confirms [ US Department of Defense ] The Marine Corps has already passed a financial audit, and the Defense Department has until 2028 to do the same, the department’s comptroller said today during a hearing before the Senate Armed Services Committee in Washington.

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Tax Changes Impacting Offshore Trusts Created by Non-UK Domiciliaries

Menzies

Menzies LLP - A leading chartered accountancy firm. Effective from 6 April 2025, these changes represent a substantial departure from the previous regime and significantly alter the UK tax landscape for affected families and trustees. It is critical that such exclusions extend to the settlor’s spouse and minor children.

Tax
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Making Tax Digital (MTD) for Self-Assessment

Menzies

Menzies LLP - A leading chartered accountancy firm. From the 2026/27 tax year HMRC are requiring certain individuals to maintain digital records and submit quarterly returns. You must register for Making Tax Digital (MTD) if: You are registered for Self-Assessment. Are you required to register for MTD?

Tax
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End of Non-Dom Status and Planning Opportunities Around the Temporary Repatriation Facility

Menzies

Menzies LLP - A leading chartered accountancy firm. The October 2024 Budget signalled a seismic shift in the UK personal tax landscape, dismantling some of the long-standing benefits previously enjoyed by non-domiciled individuals. by 31 January 2027 for 2025/26). by 31 January 2027 for 2025/26).

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Spring Statement 2025 Commentary: Hospitality & Leisure

Menzies

Menzies LLP - A leading chartered accountancy firm. in 2028 and 1.8% Taxes No new tax rises were announced in the Spring Statement which would have been welcomed by the Hospitality & Leisure sector and Rachel Reeves announced shell raise an extra billion pounds in taxes by cracking down on tax evasion.

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Autumn Statement – Although investors and companies might have wished for more, the markets react calmly

Menzies

Menzies LLP - A leading chartered accountancy firm. The lack of clarity about whether the Energy Price Guarantee for companies will continue beyond the start of April and the decision to freeze the National Insurance Contribution (NIC) secondary threshold for employers until April 2028, have been seen as negatives.