Tax, accounting, auditing news - Journal of Accountancy

December 22, 2020

2021 standard mileage rates decrease

The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.

December 22, 2020

AICPA white paper tackles blockchain and SOC for Service Organization reports

The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.

December 22, 2020

Circular 230 update planned for 2021

Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says.

December 21, 2020

5 accounting considerations for divestitures and carveouts

Divestitures, spinoffs and carveouts are business strategies that may be pursued by more companies amid the economic fallout from the coronavirus pandemic. These tips can assist in the accounting for these moves.

December 21, 2020

IRS regs. govern misdirected refund claims

The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the designated account.

December 21, 2020

FASB proposes goodwill evaluation relief for some private companies, NFPs

FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.

December 21, 2020

Forecasting and impairment tips for an unprecedented time

The economic slump resulting from the pandemic has increased the risk of asset write-downs and added to the pressure on auditors to scrutinize impairment models. Company boards also are paying more attention to forecasting and impairment.

December 18, 2020

Executive compensation regulations finalized

The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments.

December 16, 2020

New SEC rules require extraction companies to disclose payments

The SEC issued new rules requiring disclosure of payments to governments by certain resource extraction companies. Critics say the rules don’t go far enough.

December 16, 2020

Quiz: Are you prepared to audit fraud risk during a pandemic?

With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.

December 15, 2020

Temporary e-signature authorization for IRS forms extended

The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.

December 15, 2020

FASB addresses revenue contracts with customers acquired in a business combination

FASB proposed a standard that is intended to drive consistency in accounting for revenue contracts with customers acquired in a business combination.

December 15, 2020

FAQs on SOC 2 and SOC 3 engagements issued by AICPA staff

The AICPA staff has posted new FAQ guidance on issues related to System and Organization Controls 2 and 3 (SOC 2 and SOC 3) engagements.

December 11, 2020

Some teleworkers could be hit with surprise tax bills

With many workers unaware of the implications when remote work crosses state lines, CPAs may face frustration and confusion in clients.

December 10, 2020

Final rules govern disallowed transportation fringe benefits

The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.

December 10, 2020

Q&A: FASAB reaches milestone amid pandemic

After celebrating its 30th anniversary, the Federal Accounting Standards Advisory Board is continuing to move forward in its mission to deliver transparency in federal accounting, says board Chair George Scott, CPA, CGMA.

December 10, 2020

What to know about holiday travel policies during COVID-19

Firms share the approaches they are using to keep employees safe, and HR experts advise firms to stay current with their state’s guidance, know their rights as employers and communicate policies clearly to staff.

December 10, 2020

US finance leaders wary as pandemic impacts continue

Optimism is higher than in the third quarter, but plenty of obstacles remain, according to the AICPA’s quarterly economic outlook.

December 9, 2020

Tips for auditing in a COVID-19 environment

The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.

December 9, 2020

Assessing audit risks during the pandemic

The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.

FROM THIS MONTH'S ISSUE

Clean data faster using Excel’s REGEX functions

Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.