2023 - Page 2 of 15 - Journal of Accountancy

December 11, 2023

PEEC releases new ethics guidance related to public interest entities

The committee’s actions include a new definition of publicly traded entity and a revised definition of public interest entity. The changes will have two-tiered effective dates.

December 7, 2023

More CPA decision-makers hesitate to hire amid economic concerns

Pessimism about the U.S. economy rises in the latest quarterly Business and Industry Economic Survey, fueling a slowdown in hiring even as decision-makers remain cautiously optimistic about their own companies.

December 6, 2023

ERC disallowance letters sent to 20K+ taxpayers

The letters are part of the wide-ranging IRS campaign to curb abuse in the pandemic-era employee retention credit.

December 6, 2023

Supreme Court hears arguments in challenge to Sec. 965 transition tax

At stake is up to $340 billion in tax revenue in case where couple is challenging tax that they say increased their liability by about $15,000 in 2017.

December 5, 2023

Apprenticeship program tops 100 participants in inaugural year

Seventeen employers in 15 industries are taking advantage of the talent acquisition opportunities offered by the Registered Apprenticeship for Finance Business Partners.

December 4, 2023

AICPA seeks comments on criteria for stablecoins

The AICPA’s Assurance Services Executive Committee issued an exposure draft to provide a framework to present information about stablecoins and the assets that back them in order to provide transparency for holders of these digital assets.

December 4, 2023

Happy days: Americans recognize the value of financial planning

More adults would derive happiness from having a solid financial plan in place than they would from pocketing more money, a survey finds, but many of those surveyed also find it difficult to access sound financial advice.

December 1, 2023

End-of-year financial and tax considerations

With 2023 coming to a close, the time is now for clients to take stock of opportunities to reduce their taxable income and plan for their financial future.

December 1, 2023

FASAB releases transitional accommodations for new leases standard

The Federal Accounting Standards Advisory Board issued an amendment providing “an appropriate degree of flexibility” for an interim period.

November 29, 2023

FinCEN extends BOI reports deadline for certain companies

Treasury’s Financial Crimes Enforcement Network extended the deadline to file beneficial ownership information reports from 30 days to 90 days for companies created or registered in 2024.

November 27, 2023

IRS surveys tax professionals to help it improve services

The IRS said the voluntary phone survey will take about 20 minutes and will cover topics including e-filing, due diligence requirements, data security, and electronic document submission.

November 27, 2023

FASB issues new segment reporting guidance

The final Accounting Standards Update, required for annual periods beginning after Dec. 15, 2023, is designed to “improve financial reporting by providing additional information about a public company’s significant segment expenses” in a timely manner.

November 22, 2023

FASAB releases 3-year strategic plan, annual report

Intangible assets and climate-related reporting are among action items that the board, which is responsible for setting standards for federal government entities, will address in the coming years.

November 21, 2023

Lower Form 1099-K threshold delayed again

The IRS said Tuesday that it will once again delay of the application of the Form 1099-K $600 reporting threshold. And, for 2024, it is setting the threshold at $5,000.

November 17, 2023

Prop. regs. issued on conservation easement deduction disallowance

The IRS on Friday issued proposed regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.

November 16, 2023

AICPA adopts revised tax standards

AICPA members should be aware that the AICPA has adopted revised Statements on Standards for Tax Services (SSTSs). The new standards are effective Jan. 1, 2024.

November 15, 2023

Proposed crypto regs. define ‘broker’ too broadly, industry says

The proposed regulations on digital asset reporting stretch the meaning of broker ‘beyond the breaking point,’ IRS and Treasury officials are told at public hearing.

November 15, 2023

How artificial intelligence can help save accounting

A CPA argues that accountants can use AI technologies such as ChatGPT to tackle the profession’s most pressing challenges.

November 14, 2023

Werfel: IRS must move quickly to show what a well-funded agency can do

While the Inflation Reduction Act provides a 10-year window for spending billions of dollars, the IRS is under pressure to prove that it can change and improve, commissioner Danny Werfel says at AICPA tax conference.

November 13, 2023

Helping close the gender gap in retirement

Women currently in the workforce are well behind male counterparts when it comes to saving for retirement, a survey finds.

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.