Tax, accounting, auditing news - Journal of Accountancy

October 9, 2024

TIGTA says IRS should review $42 billion in ERC claims

The Treasury Inspector General for Tax Administration estimated that a change in policy for pre-refund examinations resulted in payment of $2 billion in erroneous employee retention credit claims.

October 9, 2024

AI promises more efficiency but won’t replace auditors

The 2024 BDO Audit Innovation Survey found that 54% of leaders expect their audit firm to use artificial intelligence and other advanced technologies to enhance the audit experience, but the human element is irreplaceable.

October 7, 2024

Final regs. target syndicated conservation easement transactions

The IRS issued the final regulations identifying these abusive transactions and substantially similar ones as listed transactions that must be reported to the agency.

October 7, 2024

‘Majority moves’ in tech: Finance leaders reveal popular practices

Finance leaders are increasingly being asked to devise plans that use new technologies to improve the bottom line. Recent survey results highlight the most common approaches leaders are taking.

October 3, 2024

IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions

The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.

October 1, 2024

PCAOB inspectors offer advice in areas of risk

Public company audits can benefit from expert input, particularly in the rapidly changing world of cryptoassets. Also, the SEC, FASB, and FASAB issued regulatory updates.

September 30, 2024

CPA licensure update: Uniform Accountancy Act changes proposed

The AICPA and NASBA seek comments on changes that would allow states to adopt the proposed CPA Competency-Based Experience Pathway.

September 27, 2024

New AICPA apprenticeship program expands accounting talent opportunities

The Registered Apprenticeship for Accounting and Finance Associate program pairs employers and entry-level employees. It expands the AICPA’s apprenticeship offerings.

September 26, 2024

ERC supplemental claim process opened for third-party payroll companies

The IRS announced that it will open a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the employee retention credit. The deadline is Nov. 22.

September 25, 2024

FASB seeks input on hedge accounting ASU

The proposed Accounting Standards Update is intended to clarify guidance on hedge accounting and address incremental hedge accounting issues arising from the global reference rate reform initiative.

September 25, 2024

Chair outlines Private Company Council’s top 4 priorities

Credit losses, debt modifications, retainage and overbillings presentation, and leases are the main items on the PCC agenda.

September 24, 2024

CPA Exam update: Core sections to offer more testing windows in 2025

The Core sections of the newly designed CPA Exam were graded quarterly during the testing model’s first year, but 16 grading periods are scheduled for next year.

September 23, 2024

IRS increases special per diem rate for business travel

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

September 23, 2024

Using behavioral science in a financial-planning practice

By understanding psychological influences on decision-making, CPA financial planners can work with clients more effectively and improve how they operate their practice.

September 20, 2024

Clarification proposed for CPAs’ financial statement preparation engagements

An AICPA committee approved a proposed revision to Statement on Standards for Accounting and Review Services (SSARS) No. 21 addressing the applicability of the standard when preparing financial statements as a part of consulting services.

September 16, 2024

Final regs. issued on consistent-basis and basis-reporting rules

The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements.

September 16, 2024

More organizations are turning to AI in the finance function

Research finds a significant increase in the percentage of companies leaning into finance AI, even as many struggle to develop sufficient talent to oversee execution.

September 13, 2024

Proposed regs. would exclude tribal general welfare benefits from income

The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.

September 12, 2024

Corporate AMT proposed regulations issued; some penalties waived

The IRS issued proposed regulations providing guidance on the corporate alternative minimum tax (AMT) and a notice that waives the penalty for failure to pay estimated tax with respect to the corporate AMT for 2024.

September 12, 2024

AICPA, NASBA propose a new pathway to CPA licensure

The CPA Competency-Based Experience Pathway offers an additional option for CPA candidates. Comments on the proposal are being accepted through Dec. 6.

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.