2022 - Page 17 of 18 - Journal of Accountancy

February 7, 2022

IRS backs away from facial recognition

The IRS scrapped plans to require individuals to authenticate their identities with facial-recognition technology to use certain online services after the plans prompted scrutiny, including from Congress.

February 7, 2022

Proposal would amend auditing standard for compliance audits

The AICPA Auditing Standards Board is seeking comment on a proposed Statement on Auditing Standards that would update the appendix in AU-C Section 935, Compliance Audits.

February 4, 2022

AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals

The Service deploys an “inventory surge team” to tackle backlog while a coalition of tax professionals including the AICPA continues its call for specific relief measures.

February 4, 2022

SBA details process to appeal partial PPP loan forgiveness decisions

A recent notice from the US SBA outlines a new process for PPP borrowers to appeal partial loan forgiveness decisions made by their lender.

February 4, 2022

Federal security agencies warn of potential Russian-sponsored cyberattacks

A joint cybersecurity advisory from the Cybersecurity and Infrastructure Security Agency, the FBI, and the NSA urges businesses and other organizations, to step up their cybersecurity mitigation and detection efforts.

February 4, 2022

Clarified peer review standards approved by Peer Review Board

The AICPA Peer Review Board approved guidance that is designed to make peer review guidance for CPA firms and peer reviewers easier to read, understand and apply.

February 3, 2022

Single audit guidance for 7 programs provided in OMB’s Addendum 2

The OMB issued a second addendum to its 2021 Compliance Supplement for single audits.

February 3, 2022

Avoid these 8 PowerPoint mistakes

PowerPoint blunders can make your presentations painful to sit through. Try these tips to make your talks clearer, more concise and more memorable.

February 1, 2022

Cyberattacks via Excel add-ins jump nearly 600%

Report finds huge surge in malware infections via .XLL files.

January 31, 2022

PCAOB seeks input on plans for new advisory groups

The PCAOB is creating two new advisory groups and inviting public comment on their structure and operation. The new groups are the Standards and Emerging Issues Advisory Group and the Investor Advisory Group. The comment period runs through Feb. 28.

January 31, 2022

List of automatic tax method changes updated

A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.

January 31, 2022

‘Quick’ carryback tax refunds took nearly double the 90-day deadline

Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a US Government Accountability Office study finds.

January 31, 2022

Companies urged to bolster defenses against ‘triple threat’

Businesses are experiencing more, and more costly, incidents of fraud, compliance breaches and cyberattacks but are not doing enough to protect themselves, KPMG says in its 2022 Fraud Outlook report, A Triple Threat Across the Americas. The report recommends five steps companies can take to mitigate the risk of losses to this “triple threat” of dangers.

January 28, 2022

IRS: ‘Limited group’ getting erroneous Letters 6419

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.

January 27, 2022

AICPA notes IRS announcement on notices, asks Service to do more

The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.

January 26, 2022

Cryptoasset accounting: Tips for common scenarios

The evaluation of whether contracts involving cryptoassets contain embedded derivatives, and borrowing, lending and mining of cryptoassets all come with complex accounting implications. This nonauthoritative guidance can steer entities in the right direction on reporting the performance of these assets more consistently in the financial statement.

January 26, 2022