2024 - Page 6 of 7 - Journal of Accountancy

The magazines

March 1, 2024

What kind of deduction is a hobby expense?

In a case of first impression for the Eleventh Circuit, the court affirmed a Tax Court holding that expenses of activities not engaged in for profit, i.e., hobbies, are allowable only as miscellaneous itemized deductions under Sec. 67(a).

March 1, 2024

Diversification or dabbling? You make the call

Undertaking a new service or providing service to a client in an industry with which the CPA is unfamiliar, referred to as “dabbling,” can elevate the risk of errors and professional liability claims. Learn why.

March 1, 2024

Patent infringement litigation defense costs are not facilitative

An appellate court affirms a Tax Court decision allowing a generic drug manufacturer to currently deduct legal expenses.

March 1, 2024

A first look at using Microsoft’s new AI tool, Copilot

This article offers a brief overview of Copilot and then looks at some interactions with the Bing version of Copilot in the Edge browser.

March 1, 2024

Data analytics and visualization in the audit

The ability to quickly identify key points in large quantities of data — and to illustrate those findings to assess audit-related impacts — gives auditors a key tool for transforming audit processes.

March 1, 2024

Line items

ERC disallowance letters sent to 20K+ taxpayers … Lower Form 1099-K threshold delayed again … Prop. regs. issued on conservation easement deduction disallowance … AICPA adopts revised tax standards … Proposed crypto regs. define ‘broker’ too broadly, industry says … Werfel: IRS must move quickly to show what a well-funded agency can do

March 1, 2024

Psychological safety: Creating a workplace where all thrive

Can your team voice disagreement or admit mistakes without fear of termination? Learn how leaders can create a psychologically safe environment.

March 1, 2024

An efficient way to schedule multi-person meetings

This article shows how to use the Meeting poll feature in Calendly to set up meetings with multiple guests.

March 1, 2024

Q&A: Melancon warns of threats to CPA licensure

The CEO of AICPA & CIMA also addresses AI, private-equity investments in firms, and business model transformation.

February 1, 2024

Do names matter? Risk and the use of ‘merger’ or ‘acquisition’

Referring to an acquisition as a merger can have a serious impact on successor liability and inadvertently cause your firm to take on liability for services rendered by the acquired firm pre-transaction.

February 1, 2024

Line items

AICPA, others call for a one-year extension of BOI report deadline … COVID-19 changes allowing e-signatures made permanent … IRS emphasizes strides as it presses to keep funding … ‘As if they were never filed’: IRS outlines steps to withdraw ERC claims … 13 states will participate in IRS Direct File pilot

February 1, 2024