2023 - Page 5 of 15 - Journal of Accountancy

September 20, 2023

Sidney Kess, a personal remembrance

For accountants, especially those in the tax and personal financial planning worlds, the passing of Sidney Kess at age 97 is “like losing a parent to the profession,” writes Andrea Millar, CPA/PFS, who shares her memories of a legend who educated countless CPAs and helped her grow the AICPA Personal Financial Planning section.

September 19, 2023

FinCEN posts guide to help small businesses with BOI reporting

A new guide posted by the Financial Crimes Enforcement Network describes BOI rules, answers questions, and provides tools to assist with compliance with the BOI reporting rules.

September 19, 2023

‘Tsunami’ of ERC claims required IRS action to halt fraud, experts say

‘Tsunami’ of claims filed for employee retention credit almost 2 years after it ended caught the attention of the IRS. Experts say that required the IRS to take action to halt fraud.

September 19, 2023

Remembering the mentorship and impact of Sidney Kess

Kess, who died at age 97, was “a friend to everybody” – and a strong proponent of sharing knowledge with others.

September 18, 2023

ESG Symposium synopsis: How to put firms in the driver’s seat

A new California law is the latest “market driver” pushing ESG reporting forward. With regulations rapidly developing on a global scale, the time has arrived for CPA firms to grab the wheel.

September 15, 2023

PEEC addresses attest client fees and ethics in professional education

The AICPA Professional Ethics Executive Committee has approved changes to the Code of Professional Conduct related to attest client fees and ethical responsibilities for testing for professional qualifications and competencies.

September 15, 2023

Moratorium imposed on new ERC claim processing to curb abuse

The IRS issues a moratorium on new ERC claims processing through at least the end of the year and allows taxpayers to withdraw claims that have been filed but not processed.

September 14, 2023

A refresher on fraud and the responsibility for its detection

The opportunities, incentives, and rationalizations to commit fraud abound. Recall what the practitioner’s responsibilities are in an assurance engagement and be sure you are playing your part to ensure the work you do continues to help protect businesses and stakeholders.

September 13, 2023

Guidance issued on applicability and calculation of new corporate AMT

In advance of proposed regulations, the IRS provided interim guidance to help corporations determine whether they are subject to the new corporate alternative minimum tax and how to calculate the tax, including how to determine financial statement income and applicable financial statement income.

September 12, 2023

Optimism on the rise among large-company CFOs, according to survey

Fifty-seven percent of North American CFOs rate current economic conditions as good or very good — up from 34% last quarter — according to a third-quarter survey by Deloitte.

September 11, 2023

Long-awaited guidance provided for amortization of R&E expenditures

The IRS says taxpayers and tax professionals can rely on interim guidance under Sec. 174 for the amortization of research and experimental expenditures released on Friday in Notice 2023-63 until it issues proposed regulations based on the guidance, effective for tax years beginning in 2022.

September 11, 2023

How to close the talent gap without hiring

An expert in workplace dynamics shares simple strategies that can significantly increase the productivity of current employees while changing company culture for the better.

September 8, 2023

IRS vows new enforcement efforts aided by AI

Commissioner Danny Werfel describes an IRS that focuses on the wealthy and uses artificial intelligence to find discrepancies in large partnership filings.

September 7, 2023

FASB approves cryptoassets standard

The board voted to issue a standard that defines the financial reporting requirements for certain crypto holdings and how the value of those assets should be measured.

September 7, 2023

FASAB seeks comment on guidance for management discussion and analysis

The Federal Accounting Standards Advisory Board is seeking feedback on an exposure draft aimed at updating the guidance for management discussion and analysis (MD&A).

September 5, 2023

ESOP exploration: Can the ‘new’ ownership model age well?

As one of the nation’s largest CPA firms announces the formation of an employee stock ownership plan, the managing partner at a midsize firm entering its third decade as an ESOP shares some perspective.

September 1, 2023

FASB issues new chapter of its Conceptual Framework

FASB issued a new chapter of its Conceptual Framework related to the recognition and derecognition of criteria and guidance on when an item should be incorporated into and removed from financial statements.

September 1, 2023

AICPA seeks comments on proposed changes to QM standards

The exposure draft of the Statement on Standards for Attestation Engagements aims to align quality management standards with standards for audits, reviews, and compilations.

August 31, 2023

Guidance issued on consequences of certain state payments after 2022

The IRS issued guidance on the treatment of refunds of state or local taxes and certain other payments made by states made to individuals in 2023 and future years, including spillover payments made in 2023 under 2022 programs covered by IRS News Release IR-2023-23.

August 31, 2023

Businesses must e-file Form 8300 for $10,000+ cash payments in 2024

The new e-filing requirement, beginning in 2024, applies to businesses mandated to e-file certain other information returns, such as Forms 1099 series and Forms W-2.