March 2015

March 10, 2015

Internal auditors confident in risk assessment but face possible talent shortage

Internal auditors are confident in their ability to identify emerging risks in a timely manner, but they may be facing a talent shortage, according to a new report.

March 10, 2015

Sec. 529A ABLE accounts may be set up before the IRS issues guidance

The IRS announced that state ABLE programs that are established before the Service issues guidance under Sec. 529A will be deemed to comply with the rules when they are issued.

March 10, 2015

Long-haul truck driver has no tax home

A long-haul truck driver who spent 358 days on the road during 2009 did not have a tax home that would permit him to deduct his travel expenses as unreimbursed business expenses.

March 10, 2015

Forging cooperation between internal audit, external audit, audit committee

The varied roles of internal auditors, external auditors, and audit committees often intersect. A new report describes how they can work together for mutual benefit.

March 9, 2015

GAAP taxonomy adopted by SEC

The 2015 GAAP financial reporting taxonomy has been adopted by the Securities and Exchange Commission and will be supported immediately. The taxonomy is a set of computer-readable tags for data included in financial statements.

March 5, 2015

FASB to propose new not-for-profit reporting requirements

The Financial Accounting Standards Board voted to propose new requirements designed to make not-for-profit financial statements more useful.

March 5, 2015

U.S. finance execs remain optimistic, envision growth, according to survey

Overall optimism among U.S. finance executives in business and industry took a slight quarterly dip, but sentiment remains positive compared with previous first quarters in the post-recession era, according to an AICPA survey.

March 4, 2015

IRS considering free e-filing for employment tax returns

The IRS asked for comments on a proposal to establish a free e-filing program for employment tax returns in an attempt to increase electronic filing of these returns by businesses.

March 3, 2015

IRS proposes new slot machine tax rules

Under the safe harbor, gamblers complying with the rules would be permitted to net gains and losses from all slot machine play on the same calendar day at one gambling establishment.

March 3, 2015

Supreme Court holds trade association can challenge Colorado’s Amazon law

The U.S. Supreme Court held that federal law does not prevent a trade association from suing Colorado to prevent enforcement of a law that requires out-of-state retailers to report sales to Colorado purchasers.

March 3, 2015

Root cause analysis can improve audits, regulators say

Root cause analysis of audit issues has the potential to bring about significant improvements in audit quality, audit regulators said while presenting results of a global survey of audit inspection findings.

March 2, 2015

GASB tackles fair value in state and local government reporting

New guidance issued by the Governmental Accounting Standards Board defines fair value and how it should be measured in state and local government financial reporting.

March 1, 2015

March 2015

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.