Tax, accounting, auditing news - Journal of Accountancy

January 19, 2022

IRS issues procedures for employee status determinations

Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.

January 14, 2022

AICPA joins coalition seeking relief from IRS service challenges

A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.

January 14, 2022

FAQs address calculation and reconciliation of recovery rebate credit

Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.

January 14, 2022

Diversity continues to rise among CFOs and CEOs, survey shows

Data from an annual report by executive recruiting firm Crist | Kolder shows that women and racial and ethnic minorities have a greater percentage of leadership roles than in previous years.

January 13, 2022

Does client feedback hold the secret to employee retention?

Firm leaders can use the data they gather from client feedback systems to streamline processes and reduce strain on staff.

January 12, 2022

National taxpayer advocate details 2021 as ‘most challenging year’ ever

Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.

January 12, 2022

Profession intensifies diversity efforts with new CAQ initiative

The Center for Audit Quality announced a strategic initiative intended to increase diversity of talent coming into the accounting profession while raising awareness of the profession’s diversity, equity, and inclusion efforts.

January 12, 2022

Updated FAQs address 2021 child tax credit and advance payments

FAQs on the Service’s website are updated for preparing 2021 returns.

January 11, 2022

Practitioners wary of IRS service lapses as tax season begins

Continuing problems in timely processing of returns and correspondence may threaten more headaches.

January 10, 2022

IRS to accept 2021 tax returns starting Jan. 24

The IRS announced the start date for tax season and that the due date for most individuals is April 18.

January 7, 2022

New R&D credit documentation requirements clarified

Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.

January 6, 2022

What’s new for 2022 in federal taxes

A law change and some regulations take effect while an array of provisions expire.

January 6, 2022

Treasury rule provides flexibility for state and local government pandemic aid

State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds program.

January 6, 2022

GASB to consider governmental going concern standards

GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.

January 4, 2022

Single audit clarity provided related to pandemic relief programs

An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.

December 23, 2021

FASB issues 2 new financial accounting concept statements

Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.

December 22, 2021

Lenders should not report student loans discharged under ARPA

The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.

December 21, 2021

How companies are responding to rising pressure on wages and benefits

Leaders are employing a range of strategies to keep workers; some save costs elsewhere to invest in employee training and benefits. One-fourth of companies are offering signing bonuses.

December 20, 2021

FASB ASU addresses supplier finance programs

A proposed Accounting Standards Update would help investors and others better consider the effects on a buyer’s working capital, liquidity and cash flows. The comment deadline is March 21.

December 20, 2021

SALT payments before year end a priority for passthroughs

To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.

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