Tax, accounting, auditing news - Journal of Accountancy

November 4, 2024

FASB sets new reporting standards for disclosure of expenses

FASB published an Accounting Standards Update requiring public companies to disclose additional information about certain expenses in the notes to financial statements.

November 1, 2024

Inflation adjustments to retirement account limits issued for 2025

The IRS announced inflation-adjusted limits on benefits and contributions for various retirement accounts on Friday, including maximum contribution amounts for 401(k) plans and traditional and Roth IRAs.

November 1, 2024

Fraudsters get $47 million from practitioner priority service line scheme

The losses occurred over an eight-month period ending in April, according to a report from the Treasury Inspector General for Tax Administration.

October 31, 2024

Reinforcing DEI accountability

Even as the climate for diversity, equity and inclusion remains volatile, the near- and longer-term impacts of DEI on the accounting profession amplify shared accountability.

October 30, 2024

BOI reporting deadlines extended for certain victims of 5 hurricanes

The AICPA had requested that the Financial Crimes Enforcement Network extend reporting deadlines for beneficial ownership information for victims of hurricanes Beryl, Debby, Francine, Helene, and Milton.

October 30, 2024

FASB proposes guidance on business combinations

FASB published a proposed Accounting Standards Update that is intended to improve the requirements for identifying the accounting acquirer in a business combination.

October 29, 2024

IRS to end automatic penalties for late filing of foreign gift, bequest forms

National Taxpayer Advocate Erin Collins discussed the changes in a recent blog post. The changes have been long advocated by the AICPA.

October 29, 2024

Accounting for software: FASB proposes amendments to its guidance

The Financial Accounting Standards Board seeks public comment on targeted improvements to the reporting of internal-use software.

October 29, 2024

How students use — and don’t use — ChatGPT

A study involving 390 students suggests a preference for using ChatGPT as a supplement to traditional resources, such as class notes and textbooks, to complete accounting assignments.

October 23, 2024

Shorter supply chains: US companies set sights on the Americas

Most senior executives are pleased by the impact of moving their supply chains closer to home, according to a KPMG report. Learn four keys to considering whether a change would benefit your company.

October 22, 2024

Annual inflation adjustments announced for tax year 2025

The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.

October 21, 2024

New fellowship honoring Melancon will support doctoral students

Barry C. Melancon Professional Accounting Research (PAR) Fellowship recognizes the legacy of the retiring CEO and will support research in public and management accounting.

October 18, 2024

GASB provides guidance for certain capital assets

GASB issued guidance for certain types of capital assets to be disclosed separately for purposes of note disclosures.

October 18, 2024

How firms can score the right talent mix

Want to build an employee roster that hits all the right notes? These 3 tips are key.

October 17, 2024

Public sector talent shortage: Unique challenges require unique solutions

Serious concerns facing accounting in the government space can be solved only by a multistakeholder commitment to improved conditions, an AICPA/NASACT report finds.

October 16, 2024

Mark Koziel to become CEO of the Association of International Certified Professional Accountants

Mark Koziel, CPA, CGMA, has been named as the next CEO for the Association of International Certified Professional Accountants. Koziel will begin the role in January 2025. He currently leads Allinial Global, an association of independent accounting and advisory firms with $6 billion in collective revenue.

October 11, 2024

IRS processing 400K ERC claims with about $10 billion in eligibility

Commissioner Danny Werfel says the IRS has made “substantial progress” in separating eligible claims from ineligible ones.

October 11, 2024

FinCEN offers storm and terrorist attack relief for FBAR filings

The Financial Crimes Enforcement Network extended filing deadlines for reports of foreign bank and financial accounts (FBAR) for people in federally declared disaster areas of five storms. It also is delaying the filing deadline for people affected by terrorist attacks in Israel.

October 11, 2024

Social Security wage base announced for 2025

The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last year’s COLA.

October 9, 2024

Intangible property repatriation rules finalized

The regulations terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.

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.