April 2020

TAX

COVID-19 pandemic prompts many tax changes

Here are legislative and IRS responses to the coronavirus outbreak.

NEWS

Pandemic places accounting, auditing rules in flux

As the coronavirus gripped the world, regulators, standard setters, and others moved to adjust rules and effective dates that are important to businesses, CPAs, and their clients. Meanwhile, CPA Exam candidates will have additional opportunities for testing during an emergency testing period.

MANAGEMENT ACCOUNTING

Strategic disruption: An expert’s thoughts on moving forward

Rita McGrath, a professor of management at Columbia University’s Graduate School of Business who has written extensively on disruption, foresees changes in business strategy in the wake of the COVID-19 pandemic.

AUDITING

How auditors can test inventory without a site visit

A few methods are available for providing sufficient appropriate evidence of inventory even if an auditor can’t make a site visit because of the coronavirus pandemic.

COLUMNS

CHECKLIST

When hard times hit staff

TAX MATTERS

Supreme Court overturns consolidated group tax refund allocation rule

Sec. 6662(a) penalties require written supervisor approval

Failure to file FBAR is not due to reasonable cause

Line items

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.