April 2016

April 6, 2016

Taxpayers can now pay federal tax at participating retail stores

A new program allows individuals who owe federal income taxes to pay in cash at 7-Eleven stores in 34 states.

April 6, 2016

ASB addresses reporting on audits conducted in accordance with GAAS and ISAs

The AICPA Auditing Standards Board addresses the implications for the auditor’s report when an audit is conducted in accordance with both GAAS and ISAs.

April 5, 2016

IRS’s inversion rules include earnings-stripping provisions

These new rules aim to curtail an inverted company’s ability to access foreign subsidiaries’ earnings without paying U.S. tax.

April 5, 2016

Inspections show high compliance with PCAOB audit committee communication rules

PCAOB inspectors found that 93% of audits inspected in 2014 showed no failure to comply with the board’s standard on communications with the audit committee.

April 5, 2016

Issuance of attestation standards completes clarity project

SSAE No. 18 is designed to make attestation standards easier to read, understand and apply.

April 4, 2016

Panama papers leak provides road map for tax investigations

Tax authorities in various countries announced the launch of investigations after 11.5 million documents were leaked from a Panamanian law firm that specializes in setting up offshore entities.

April 4, 2016

What will be tested on the next CPA exam

The next CPA exam, which will debut in April 2017, will have an increased emphasis on higher-order analysis and evaluation skills, the AICPA announced.

April 1, 2016

IRS issues 2016 and revised 2015 vehicle depreciation limits

The IRS issued guidance providing the depreciation limits for automobiles for 2016 and revised limits for 2015 reflecting the retroactive increase in the amount of bonus depreciation permitted under recent legislation.

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.