Tax, accounting, auditing news - Journal of Accountancy

December 18, 2024

FASB proposal offers guidance on disclosure of environmental credits

The proposal aims to address gaps in guidance for financial accounting of environmental credits and environmental credit obligations.

December 17, 2024

IRS amends rules for computing the premium tax credit

The IRS released final regulations that amend the definition of “coverage month” and amend other rules in existing income tax regulations for computing the premium tax credit.

December 16, 2024

IRS expands online accounts, provides enforcement update

The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan.

December 16, 2024

PEEC issues recruiting guidance, exposure draft on simultaneous employment

The Professional Ethics Executive Committee’s guidance is related to recruiting services for attest clients, and the exposure draft includes a new definition and interpretation of simultaneous employment or association.

December 13, 2024

IRS grants partnerships additional time to furnish complete Forms 8308

The IRS is providing relief from penalties imposed solely for failure to furnish Part IV of Form 8308 for partnerships by Jan. 31, 2025, if a partnership meets certain requirements.

December 12, 2024

Gravitating to gen AI: CPA leaders show increased interest

More than 3 in 5 business executives surveyed by the AICPA are at least contemplating the use of generative AI, signaling that broad adoption could be around the corner.

December 11, 2024

FinCEN: Companies can voluntarily file BOI reports during injunction

The Financial Crimes Enforcement Network said in an alert, however, that reporting companies do not have to file beneficial ownership information reports while a preliminary injunction is in effect.

December 11, 2024

PCAOB shares inspection priorities for 2025

The board, facing an uncertain future following the presidential election, plans to prioritize inspections in the financial, real estate, and information technology sectors in 2025.

December 10, 2024

How the new QM standards may affect peer review

Follow these tips to ensure a smooth peer review process once the new standards take effect.

December 9, 2024

New guide clarifies accounting and valuation of business combinations

AICPA publication offers best practices for professionals working in accordance with a set of FASB standards related to accounting and valuations in mergers and acquisitions.

December 9, 2024

Engagement quality reviews: What auditors should know

Firms with A&A practices should be aware that the new quality management standards include changes to engagement quality reviews.

December 9, 2024

Growth in client advisory services set to continue rapid increase

Firms in CPA.com’s CAS Benchmark Survey report a significant increase in median revenue and project an increase of nearly 100% over the next three years.

December 6, 2024

Court halts BOI reporting; AICPA urges preparedness

Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.

December 5, 2024

CPA executives upbeat about domestic economy in 2025, survey says

Optimism about the U.S. economy rebounded significantly among finance decision-makers, according to a new AICPA & CIMA survey. Revenue and profit forecasts are up, along with expansion and hiring plans.

December 4, 2024

More return-to-office mandates? Report looks beyond the headlines

While some large companies have recently made news by making their employees return to the office, another trend is making bigger gains across the employment landscape.

December 3, 2024

BOI: Businesses cite procrastination, lack of clarity for not filing

Nearly three in eight businesses in a poll said they were waiting until the end of the year to file beneficial ownership information reports.

December 3, 2024

FASB proposes guidance on measurement of credit losses

An Accounting Standards Update focuses on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities.

December 2, 2024

Regs. address partnership recourse liabilities, related-party rules

The IRS issued regulations that finalize proposed regulations issued in 2013. The guidance is focused on when and to what extent a partner is treated as bearing the economic risk of loss and the special rules applying to a partner related to another partner.

November 26, 2024

IRS again delays effective date of $600 threshold for Form 1099-K reporting

The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.

November 26, 2024

New FASB standard addresses induced conversions

The standard aims to provide guidance missing in GAAP for the reporting of induced conversions related to settlement of convertible debt instruments.

FROM THIS MONTH'S ISSUE

Build reusable Skills in Anthropic’s Claude AI

Instead of rewriting prompts each time, CPAs can turn routine tasks into reusable AI Skills. This Technology Q&A walks through how to build Claude Skills that process files, ask setup questions, and export clean Excel outputs.