2023 - Page 4 of 15 - Journal of Accountancy

October 9, 2023

Clean-vehicle buyers can transfer tax credits to reduce purchase price

Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024.

October 9, 2023

FASB amends codification to align with SEC disclosures

The Accounting Standards Update incorporates 14 disclosures from a 2018 SEC final rule into GAAP.

October 9, 2023

Long-term-care planning using trusts

Even some clients who have substantial assets plan for the possibility of relying on Medicaid for long-term care by creating irrevocable trusts to preserve assets.

October 5, 2023

Harnessing collaboration for workplace transformation

Advances in technology are turning the business world upside down — and accounting is no exception. The paradigm shift taking place calls for radical innovation and transformation. Collaboration is the key.

October 4, 2023

FinCEN continues outreach on BOI reporting, may release YouTube videos

The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements.

October 3, 2023

Some common uses for trusts

Common types of trusts that CPAs should be familiar with include grantor trusts, special-needs trusts, domestic asset protection trusts, and trusts for solo 401(k)s.

October 3, 2023

AICPA backs legislation to add accounting to STEM education

The recently introduced bills would increase awareness of accounting at an earlier age through the use of federal funding “to promote the development, implementation, and strengthening of programs to teach accounting.”

October 3, 2023

New from the IRS: Reduced fee for PTINs, updates to Tax Pro Accounts

The IRS issued rules to reduce the PTIN fee to an $11 user fee plus an $8.75 third-party contractor fee for the next three fiscal years and announced new features for Tax Pro Accounts.

October 2, 2023

New PCAOB standard addresses confirmation in the audit

The standard aims to modernize the process that auditors use to verify information via a third party about one or more financial statement assertions.

September 29, 2023

GASB addresses disclosure and classification of capital assets

GASB issued a proposal that would establish requirements for certain types of capital assets to be disclosed separately for purposes of note disclosures, allowing users to make informed decisions about these and to evaluate accountability.

September 29, 2023

AICPA releases quality management practice aid

The practice aid and supporting materials will help small- and medium-size firms and sole practitioners develop a QM system that aligns with a new set of QM standards.

September 29, 2023

OPR publishes letter to request tax information in case files

CPAs and other individuals who practice before the IRS can use the letter as a standard form for requesting tax information that was obtained as part of an inquiry into Circular 230 violations.

September 28, 2023

Unanswered calls, backlog of mail: IRS plan for government shutdown

The contingency plan calls for furloughs of two-thirds of IRS staff, which Treasury said will result in “significant harmful impacts” on taxpayers.

September 28, 2023

FinCEN proposes BOI reports deadline extension for certain companies

Companies registered or created in 2024 would get an extended deadline to file beneficial ownership information reports, while other companies would not, under proposed rules.

September 28, 2023

QM standards: Overview of the monitoring and remediation process

An expert discusses the requirements for monitoring and remediation when implementing the new quality management standards.

September 25, 2023

Special per diem rate for business travel rises

Starting Oct 1, 2023, the special per diem rates taxpayers may use to substantiate ordinary and necessary business expenses for travel away from home will go up, the IRS announced.

September 22, 2023

IRS developing contingency plan as government shutdown looms

Congress plans to return to Washington on Tuesday, giving members five days to reach consensus on a full budget or a continuing resolution.

September 22, 2023

PCAOB offers forum for auditors; SEC releases several updates

The PCAOB forum follows proposed changes aimed at increasing the board’s ability to hold individual auditors responsible for firm violations.

September 21, 2023

ERC abuse brings renewed push for regulation of paid tax preparers

AICPA and Treasury advocate for congressional action to help thwart the unscrupulous promoters that use the employee retention credit to make money by taking advantage of small businesses.

September 20, 2023

IRS to set up new work unit to focus on complex passthrough entities

IRS Commissioner Danny Werfel says new unit is “another part of [the IRS’s] effort to ensure the IRS holds the nation’s wealthiest filers accountable to pay the full amount of what they owe.”