2021 - Page 4 of 19 - Journal of Accountancy

November 6, 2021

Infrastructure bill tax provisions include ERC termination

The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.

November 5, 2021

Serving cannabis clients: Understand the risks

Practicing due diligence and understanding state and local laws are keys to success for firms that choose to engage with this industry.

November 4, 2021

IRS makes retirement account inflation adjustments for 2022

The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.

November 4, 2021

FASAB amends lease accounting requirements

Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.

November 4, 2021

Lessons in career and business development during times of disruption

Forensic accounting and valuation professionals offer advice on how to leverage career and business development at a time of uncertainty.

November 4, 2021

House approves resolution to boost financial transparency

A concurrent resolution with an objective of providing more transparency to Congress about the fiscal state of the US government passed the House by a voice vote. The Senate has yet to vote on the resolution, which has the AICPA’s backing.

November 4, 2021

Carried interest reporting FAQs and guidance posted

The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.

November 3, 2021

Quality management: ARSC pursues consistency with proposed ASB standards

The quality management standard for accounting and review services would achieve consistency, where appropriate, with that proposed for audit services under a proposal issued by the AICPA Accounting and Review Services Committee.

November 2, 2021

Say ‘yes’ to saying ‘no’

Turning down requests isn’t easy, but it’s necessary for protecting your time.

November 1, 2021

When seniors are targeted in schemes

Practitioners need to understand elder fraud and what to do when they find it.

November 1, 2021

FASB proposal would amend interim disclosure requirements

Interim disclosure requirements would be changed and clarified under a proposal issued by the Financial Accounting Standards Board.

November 1, 2021

Building DEI for the future profession

Both accomplished leaders and young professionals are among the many people working to advance the accounting profession’s diversity, equity, and inclusion efforts for the future. Read insights and experiences from DEI leaders as well as some 40 Under 40 Black CPA Award winners on how to expand Black CPA representation in the profession.

October 28, 2021

FASB addresses contract assets, liabilities acquired in a business combination

Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard.

October 28, 2021

How investors can protect against inflation

CPA financial planners discuss this year’s nearly 6% inflation rate and what it could mean for investment portfolios.

October 25, 2021

FASB provides new private company practical expedient

Private companies that issue equity-classified share-based awards will be able to elect a practical expedient and use the reasonable application of a reasonable valuation method to determine the current price input of these awards offered as compensation, according to a new standard issued by FASB.

October 22, 2021

AI in manufacturing: Optimizing costs and enabling the workforce

Manufacturing leaders can use artificial intelligence to improve efficiency and drive growth. But taking full advantage of the technology requires upskilling the workforce.

October 22, 2021

Guidance issued for LLCs seeking tax-exempt recognition

The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).

October 20, 2021

How CPAs can rise above a polarized political climate

A severely polarized political climate doesn’t have to stop CPAs from achieving their ambitions. Instead, a little empathy can go a long way, according to AICPA governing Council guest speaker Amy Walter, publisher and editor-in-chief of The Cook Political Report.

October 20, 2021

Government fiscal path, cybersecurity among US comptroller’s concerns

An unsustainable long-term fiscal path and cybersecurity concerns heightened by aging systems are among the biggest challenges the federal government faces, US Comptroller General Gene Dodaro said Tuesday at the fall AICPA governing Council meeting.

October 19, 2021

Videoconferencing with IRS now an option for all LB&I taxpayers

The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.

FROM THIS MONTH'S ISSUE

Flip out with the latest Tech Q&A

The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.