2023 - Journal of Accountancy

December 21, 2023

ERC voluntary disclosure program requiring 80% claim payback launched

The IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit claims and avoid penalties and interest.

December 21, 2023

Final rule issued on access to beneficial ownership information

The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.

December 21, 2023

FASB seeks input on new chapter of conceptual framework

FASB issued a proposed new chapter of its Conceptual Framework related to the measurement of items recognized in financial statements. If finalized, the chapter would represent the completion of the framework.

December 21, 2023

AICPA, NASBA approve revisions to CPE standards

The AICPA and NASBA approved revisions to The Statement on Standards for Continuing Professional Education (CPE) Programs, as well as the NASBA Fields of Study document.

December 21, 2023

PCAOB shares inspection priorities for 2024

A staff report reveals what is top of mind for PCAOB inspectors and what auditors in the board’s purview should prioritize in the coming year.

December 21, 2023

The AICPA’s tax policy and advocacy work: 2023 highlights

It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.

December 20, 2023

Commercial clean vehicle credit safe harbor announced for 2024

The IRS announced a safe harbor for owners of commercial clean vehicles placed in service in 2024 that will allow them to take the credit without calculating the vehicle’s “incremental cost.”

December 20, 2023

IRS announces penalty relief, resumption of collection notices

The relief will go to about 4.7 million taxpayers — most with income under $100,000 a year — who did not receive automated collection reminder notices during the pandemic.

December 19, 2023

FASB addresses guidance on induced conversions of convertible debt instruments

The comment deadline on the proposed Accounting Standards Update is March 18, 2024.

December 18, 2023

IRS expands access to business tax accounts, adds features

Individual partners of partnerships and individual shareholders of S corporations can now open business tax accounts, which previously were available only to sole proprietors.

December 18, 2023

FASB releases 2024 reporting taxonomies

The 2024 GAAP Financial Reporting Taxonomy and the 2024 SEC Reporting Taxonomy are now available, along with a taxonomy related to XBRL data.

December 18, 2023

Information-reporting penalty safe harbor finalized

The IRS issued regulations on Monday providing a de minimis safe harbor from information-reporting penalties, finalizing proposed regulations issued in 2018.

December 15, 2023

DOL report points out deficiencies in employee benefit plan audits

The report examined filings from 2020, finding that 70% of audits either fully complied with auditing standards or had minor deficiencies.

December 15, 2023

Interim guidance provided for the corporate alternative minimum tax

The IRS issued a notice on regarding the application of the corporate alternative minimum tax to shareholders of CFCs and to affiliated groups of corporations filing consolidated returns.

December 15, 2023

New FASB standard addresses income tax disclosures

In response to investors, a new Accounting Standards Update will require an increased level of disaggregation of income tax disclosures on an annual basis.

December 14, 2023

Business standard mileage rate increases for 2024

The optional standard mileage rate for business use of a vehicle increased slightly from 2023. The new rate is effective Jan. 1.

December 14, 2023

AICPA issues guidance on potential mobility changes

As states propose changes to CPA licensure requirements, the AICPA is providing crucial mobility guidance for CPAs and firms. Read the overview to understand the issue and review the checklist to see how to continue to practice successfully and remain in compliance should changes take effect.

December 14, 2023

IRS reorganizes leadership structure with 1 deputy commissioner

Doug O’Donnell, the current deputy commissioner for services and enforcement and the acting IRS commissioner from November 2022 to March 2023, will fill the position.

December 13, 2023

FASB issues new cryptoassets standard

The Accounting Standards Update requires entities to report on certain fungible assets at fair value, with changes in fair value recognized in net income.

December 13, 2023

AICPA comments on proposed standard for sustainability assurance

The comment letter, in response to the exposure draft of ISSA 5000, shows support for the global standard while suggesting revisions to ensure it can be “consistently interpreted and applied.” The AICPA’s Auditing Standards Board is considering related changes to its attestation standards.

FROM THIS MONTH'S ISSUE

How a CPA beat burnout after strokes, depression

Randy Crabtree, CPA, suffered two strokes in four days and struggled with his mental health for years before he learned to recognize, address, and prevent chronic stress. Learn from his insights on how CPAs can avoid professional burnout.