2020 - Page 3 of 26 - Journal of Accountancy

December 3, 2020

Practitioners provide new transparency through critical audit matters

New PCAOB requirements for communicating critical audit matters give practitioners an opportunity to provide additional transparency to financial statement users. A Center for Audit Quality study shows how auditors are delivering this information.

December 2, 2020

IP PINs to be available to all individuals in 2021

The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021.

December 2, 2020

Auditing fraud risk during a pandemic

Fraud risk in the financial statements has been elevated amid the coronavirus pandemic. Here’s what practitioners need to know as they audit the risks of fraud during their engagements.

December 2, 2020

Succession issues surge at accounting firms

According to the 2020 Succession Planning Survey, more than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016.

December 2, 2020

New report highlights digital transformation during COVID-19 and beyond

Get some insights on how CPAs and finance professionals are using technology solutions to change their businesses in the era of COVID-19. A new report will guide a long-term, strategic approach to drive digital success, manage risk and streamline costs.

November 25, 2020

AICPA urges SBA and OMB to reconsider PPP Loan Necessity Questionnaires

An AICPA letter suggests that the need for certain borrowers to complete a new form and provide extensive documentation supporting their request for relief funds be reconsidered and that other approaches be evaluated in assessing a borrower’s good faith certification.

November 25, 2020

Low demand leads to shrinking energy industry valuations

The coronavirus pandemic and other factors have resulted in shrinking valuations in the energy industry, according to experts at the AICPA/PDI Oil & Gas Online Conference.

November 25, 2020

Challenges, opportunities await energy sector after pandemic disruption

Energy producers are focusing on balance sheet strength and free cash flow as they recover from a severe blow dealt by the coronavirus pandemic.

November 24, 2020

Like-kind exchange rules define real property, incidental personal property

The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.

November 23, 2020

Final rules coordinate Sec. 245A and Sec. 951A

The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and disqualified payment rules, as well as reporting requirements to facilitate the rules.

November 23, 2020

AICPA mobilizes members to push for deductibility of PPP-funded expenses

The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the Paycheck Protection Program can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.

November 20, 2020

Centralized partnership audit regime changes proposed

The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.

November 20, 2020

Final regs. govern computation of UBTI for separate businesses

The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.

November 20, 2020

CPA Exam gets refresh after practice analysis

Understanding of business processes and data analytics will receive greater focus while other topics will be de-emphasized on the CPA Exam.

November 19, 2020

IRS doubles down on nondeductibility of PPP-funded expenses

The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.

November 19, 2020

PCAOB amends independence requirements to align with SEC changes

The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.

November 19, 2020

SEC amends guidance on MD&A, other disclosures

The SEC has voted to adopt amendments that are intended to modernize, simplify and enhance management’s discussion and analysis and other required financial disclosures.

November 19, 2020

How CPAs help clients reinvent struggling businesses during COVID-19

As the COVID-19 pandemic has changed the business environment, clients have turned to CPAs for help keeping their businesses afloat. CPAs serving restaurant, medical and real estate clients discuss how they’ve used client advisory services to help their clients stabilize and reposition their businesses.

November 18, 2020

Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires

The AICPA is among 80 organizations that have signed a pair of letters to SBA, Treasury and congressional leaders calling on the agencies to temporarily suspend use of the new Paycheck Protection Program Loan Necessity Questionnaires.

November 18, 2020

How to apply COSO’s ERM framework to compliance risk management

A new publication provides guidance on how to apply the Committee of Sponsoring Organizations of the Treadway Commission’s enterprise risk management framework to manage and mitigate compliance risks.