Tax, accounting, auditing news - Journal of Accountancy

December 20, 2023

Commercial clean vehicle credit safe harbor announced for 2024

The IRS announced a safe harbor for owners of commercial clean vehicles placed in service in 2024 that will allow them to take the credit without calculating the vehicle’s “incremental cost.”

December 20, 2023

IRS announces penalty relief, resumption of collection notices

The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.

December 19, 2023

FASB addresses guidance on induced conversions of convertible debt instruments

The comment deadline on the proposed Accounting Standards Update is March 18, 2024.

December 18, 2023

IRS expands access to business tax accounts, adds features

Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.

December 18, 2023

FASB releases 2024 reporting taxonomies

The 2024 GAAP Financial Reporting Taxonomy and the 2024 SEC Reporting Taxonomy are now available, along with a taxonomy related to XBRL data.

December 18, 2023

Information-reporting penalty safe harbor finalized

The IRS issued regulations on Monday providing a de minimis safe harbor from information-reporting penalties, finalizing proposed regulations issued in 2018.

December 15, 2023

DOL report points out deficiencies in employee benefit plan audits

The report examined filings from 2020, finding that 70% of audits either fully complied with auditing standards or had minor deficiencies.

December 15, 2023

Interim guidance provided for the corporate alternative minimum tax

The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.

December 15, 2023

New FASB standard addresses income tax disclosures

In response to investors, a new Accounting Standards Update will require an increased level of disaggregation of income tax disclosures on an annual basis.

December 14, 2023

Business standard mileage rate increases for 2024

The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.

December 14, 2023

AICPA issues guidance on potential mobility changes

As states propose changes to CPA licensure requirements, the AICPA is providing crucial mobility guidance for CPAs and firms. Read the overview to understand the issue and review the checklist to see how to continue to practice successfully and remain in compliance should changes take effect.

December 14, 2023

IRS reorganizes leadership structure with 1 deputy commissioner

Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position.

December 13, 2023

FASB issues new cryptoassets standard

The Accounting Standards Update requires entities to report on certain fungible assets at fair value, with changes in fair value recognized in net income.

December 13, 2023

AICPA comments on proposed standard for sustainability assurance

The comment letter, in response to the exposure draft of ISSA 5000, shows support for the global standard while suggesting revisions to ensure it can be “consistently interpreted and applied.” The AICPA’s Auditing Standards Board is considering related changes to its attestation standards.

December 11, 2023