May 2018

May 31, 2018

Inter-entity cost accounting rules amended for federal agencies

The Federal Accounting Standards Advisory Board issued amended accounting rules for recognition of inter-entity costs by federal agencies.

May 31, 2018

U.S. companies keen on hiring, but they see fewer candidates

A rising number of accounting executives say their businesses plan to hire in the coming year, a quarterly survey by the Association of International Certified Professional Accountants shows.

May 30, 2018

AICPA recommends IRS FAQs on virtual currency taxation

The comments were prompted by new questions that have emerged about how the tax rules apply to virtual currency transactions since the AICPA first submitted comments.

May 25, 2018

Standard mileage rates, depreciation amounts updated

The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.

May 25, 2018

IRS warns tax practitioners of new phishing scam

The IRS alerted tax practitioners to beware of a phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.

May 23, 2018

IRS to clarify rules on payments in lieu of state and local taxes

The IRS announced that it intends to issue regulations explaining that legislation attempting to recharacterize state and local taxes as charitable contributions will be subject to interpretation under federal tax law.

May 23, 2018

New compilation and review report requirements issued

The AICPA Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services No. 24, which revises reporting requirements for compilations and reviews.

May 21, 2018

Tech, people skills are key as accountants face changing demands

To be prepared for the future, accountants need to develop technical competencies, people skills and an agile mindset, the AICPA’s Clar Rosso said during the spring meeting of the AICPA governing Council.

May 21, 2018

New skills essential for thriving amid digital disruption

Technological advancements have made it necessary for professionals and leaders to develop new skills to help their organizations thrive.

May 21, 2018

GASB issues implementation guidance

New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.

May 20, 2018

Helping CPAs grasp the fundamentals of global power

The U.S. is headed for turbulence economically and politically over the next few years, geopolitical analyst Jacob Shapiro said during an AICPA spring governing Council session.

May 17, 2018

How accounting firms can tap into benefits of AI

The technology can help empower existing professionals, not necessarily remove them, particularly in specialist fields.

May 17, 2018

Charitable contribution procedures updated

The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.

May 16, 2018

AICPA recommends flexibility in partnership audits

The IRS should provide a simplified adjustment procedure for partnership audits, the AICPA recommended in a letter to the IRS Chief Counsel’s Office.

May 15, 2018

FASAB proposes new standards for accounting and reporting of government land

A new FASAB proposal is designed to promote consistency in the accounting treatment and reporting for land holdings while considering the information needs of financial statement users.

May 15, 2018

Valuation of portfolio company investments addressed in AICPA working draft

The working draft of an Accounting and Valuation Guide issued by the AICPA provides guidance on the accounting for and valuation of portfolio company investments of venture capital and private-equity funds and other investment companies.

May 15, 2018

Fewer Americans delaying life events for financial reasons

Just 35% of Americans said they had delayed a major life event for financial reasons, compared with 51% in 2015, according to an AICPA survey.

May 10, 2018

IRS issues HSA contribution limits for 2019

The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.

May 10, 2018

IRS updates automatic accounting method change procedures

The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.

May 8, 2018

5 things you need to know about the new international ethics code

A new international Code of Ethics for professional accountants contains new guidance on safeguards, cooling-off periods, and other important issues.

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.