The Allies emerge victorious from WWII, digital computing becomes a reality, and new design trends are taking the country by storm. For accounting professionals, this era sees several firsts including gender diversity within the profession, as well as the proliferation of trade organizations and recognitions.
Important events on the accounting timeline from these years include:
- 1942 – The Revenue Act of 1942 is passed, changing The Board of Tax Appeals to The Tax Court of the United States.
- 1943 – Mary T. Washington Wylie becomes the first black female CPA.
- 1947 – The Taft-Hartley Act requires labor unions to prepare financial statements.
- 1950 – The Accounting Hall of Fame is established at the Ohio State University.
- 1953 – Thomas Coleman Andrews is the first CPA to head the Internal Revenue Service (IRS).
- 1954 – The filing deadline for individual tax returns changes from March 15 to April 15.
- 1957 – The American Institute of Accountants (AIA) becomes the American Institute of Certified Public Accountants (AICPA).