2024 - Page 14 of 15 - Journal of Accountancy

January 30, 2024

Flexibility at work: More companies move away from in-office model

The percentage of U.S. companies requiring employees to work fully in offices has dropped by nearly 25% since the beginning of 2023, with a hybrid model continuing to take hold.

January 30, 2024

The importance of a pre-marriage ‘money date’

A conversation before marriage about the state of each partner’s finances and their thoughts about money can have long-term benefits for the couple’s financial goals and relationship.

January 29, 2024

Don’t wait on action on tax bill to file returns, IRS tells taxpayers

With tax season opened as of Monday, Commissioner Danny Werfel said the IRS will handle any necessary changes if a bill passes after returns are filed.

January 29, 2024

IRS to hold ERC education sessions for tax pros in February

The sessions, which will be hosted by IRS Criminal investigation special agents at locations nationwide, are aimed at tax professionals who claimed ERCs for clients on previous years’ tax returns.

January 26, 2024

Digital asset question added to more forms for 2023 tax returns

IRS adds a question about digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts.

January 25, 2024

BOI reporting and unauthorized disclosure penalties increased

The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.

January 25, 2024

What top accounting academics suggest to attract talent

With enrollment in accounting programs on the decline, three academic leaders offer suggestions for improvement.

January 24, 2024

From CFO to CEO: An increasingly popular path

The percentage of open CEO seats filled by CFOs at large companies rose to a record level in 2023, as did the percentage of women and racially and ethnically diverse leaders.

January 23, 2024

Simpler IRS notices are coming

The IRS’s new Simple Notice Initiative follows a pilot that demonstrated how redesigned notices can improve taxpayer experience while reducing call volume.

January 23, 2024

FASAB releases annual handbook

The Federal Accounting Standards Advisory Board published the latest version of accounting standards for the U.S. government.

January 22, 2024

As excitement about Gen AI grows, can companies keep up?

The majority of Americans are excited about the role Gen AI can play in their everyday lives, but a global survey finds that the majority of executives aren’t thrilled with their companies’ level of commitment to the rapidly growing technology.

January 17, 2024

Reporting of digital assets as cash delayed until IRS issues regs.

In an announcement posted Tuesday, until regulations are issued, the IRS said businesses do not have to include digital assets in determining whether cash received in a single transaction is over the $10,000 reporting threshold.

January 12, 2024

Scope 3 reporting: Where things stand with standard-setters

While the SEC weighs greenhouse gas emissions reporting standards, key players home and abroad weighed in on expectations for disclosures during a recent AICPA webcast.

January 12, 2024

IRS enforcement efforts collect $520 million from wealthy taxpayers

IRS Commissioner Danny Werfel detailed new IRS efforts to collect taxes from high-income individuals, complex partnerships, and large corporations. He also gave an update on IRS modernization progress.

January 10, 2024

Employee or independent contractor? DOL issues new guidance

A final U.S. Department of Labor rule provides an economic reality test and targets “misclassifying employees as independent contractors,” which could have tax and other implications for workers and employers alike.

January 10, 2024

Taxpayer advocate: IRS again fails tax pros with PPS call answer rate

In an annual report to Congress, the national taxpayer advocate says the IRS should prioritize improving service on the practitioner priority service line, which had a 29% call answer rate.

January 10, 2024

SEC accepting Professional Accounting Fellow applications

The SEC’s Office of the Chief Accountant is accepting applications for Professional Accounting Fellow positions that will begin in the summer of 2024.

January 10, 2024

Auditor options when finding ineligible ERC claims

With the IRS challenging the validity of many employee retention credit (ERC) claims, what should practitioners do if they come across questionable ERC claims during audit engagements? Experts Robert Durak and Michael Westervelt provide answers.

January 9, 2024

Accountants after dark: Evening work is common, research finds

More than one-third of month-end closing tasks were completed after 7 p.m., according to a software company’s review of its users’ habits.

January 9, 2024

GASB guidance expands risk-related reporting requirements

A new statement requires governments to disclose concentrations and constraints that could make them vulnerable to a substantial impact.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.