2021 - Page 8 of 19 - Journal of Accountancy

July 26, 2021

Learning from Black CPA career role models

A century after John W. Cromwell Jr. became the nation’s first Black CPA, Black role models continue to open doors in the profession.

July 23, 2021

Single audit rules clarified for Provider Relief Fund recipients

Over the last several weeks, HHS has established in its PRF FAQs that the reporting in the PRF Reporting Portal will be based on when PRF payments were received.

July 20, 2021

IRS launches ‘Tax Pro Account’ feature

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.

July 20, 2021

GASB revises proposed approach to financial statement notes

GASB issued a revised proposal that describes concepts that would guide the board when it establishes requirements for notes to financial statements for state and local governments.

July 19, 2021

FASB alters accounting for certain leases with variable lease payments

FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.

July 19, 2021

GASB proposal addresses a variety of governmental accounting issues

Various issues that have been identified as worthy of attention by the Governmental Accounting Standards Board are addressed in an omnibus proposed standard issued Monday.

July 15, 2021

NFTs come with big valuation challenges

Nonfungible token sales have commanded eye-popping prices in the past year, leaving CPAs with many questions related to valuation of these digital assets.

July 14, 2021

Restaurant Revitalization Fund recipients revealed

The US Small Business Administration has published a database of the more than 100,000 approved grants from the $28.6 billion Restaurant Revitalization Fund.

July 12, 2021

SBA officially drops PPP Loan Necessity Questionnaire requirement

The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.

July 8, 2021

Quality management proposal provides opportunity to consider risks

Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.

July 7, 2021

Restaurant industry recovery aided by CPAs, 2 leaders with longtime ties

CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.

July 7, 2021

Content for redesigned CPA Exam takes shape

The AICPA released a survey seeking feedback on the preliminary content proposed for the redesigned CPA Exam, which would be assessed in three sections that will comprise the Core of the Exam, plus material that would assess candidates’ knowledge in one of three Disciplines they choose under the new CPA Evolution licensure model.

July 6, 2021

SBA officially closes Restaurant Revitalization Fund

The SBA announced the closure of the Restaurant Revitalization Fund with a final tally of how it awarded the program’s $28.6 billion in funding.

July 1, 2021

Last of the ‘Dirty Dozen’: Schemes peddled by tax promoters

The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.

July 1, 2021

Farm businesses receive guidance on tax treatment of losses

The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.

July 1, 2021

Bank information can now be updated on child tax credit portal

The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.

June 30, 2021

Proposed bill to regulate tax preparers has AICPA support

A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.

June 30, 2021

More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys

The IRS warns of tax-related scams in a third of four installments.

June 30, 2021

ASB addresses agreed-upon procedures for asset-backed securities

The AICPA Auditing Standards Board issued a statement of position Wednesday on performing agreed-upon procedures related to third-party due diligence services on rated Exchange Act asset-backed securities.

June 29, 2021

Next batch of ‘Dirty Dozen’ warns of personal info scams

In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.

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.