2024 - Page 2 of 15 - Journal of Accountancy

December 6, 2024

Court halts BOI reporting; AICPA urges preparedness

Finding the Corporate Transparency Act “likely unconstitutional,” a federal district court prohibited its enforcement and the enforcement of its accompanying regulations.

December 5, 2024

CPA executives upbeat about domestic economy in 2025, survey says

Optimism about the U.S. economy rebounded significantly among finance decision-makers, according to a new AICPA & CIMA survey. Revenue and profit forecasts are up, along with expansion and hiring plans.

December 4, 2024

More return-to-office mandates? Report looks beyond the headlines

While some large companies have recently made news by making their employees return to the office, another trend is making bigger gains across the employment landscape.

December 3, 2024

BOI: Businesses cite procrastination, lack of clarity for not filing

Nearly three in eight businesses in a poll said they were waiting until the end of the year to file beneficial ownership information reports.

December 3, 2024

FASB proposes guidance on measurement of credit losses

An Accounting Standards Update focuses on the measurement of credit losses for accounts receivable and contract assets for private companies and certain not-for-profit entities.

December 2, 2024

Regs. address partnership recourse liabilities, related-party rules

The IRS issued regulations that finalize proposed regulations issued in 2013. The guidance is focused on when and to what extent a partner is treated as bearing the economic risk of loss and the special rules applying to a partner related to another partner.

November 26, 2024

IRS again delays effective date of $600 threshold for Form 1099-K reporting

The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.

November 26, 2024

New FASB standard addresses induced conversions

The standard aims to provide guidance missing in GAAP for the reporting of induced conversions related to settlement of convertible debt instruments.

November 25, 2024

GASB issues two exposure drafts for comment

The Governmental Accounting Standards Board aims to bring clarity to the financial reporting of subsequent events and to a variety of topics in its implementation guide.

November 25, 2024

Managing change: 3 strategies to avoid a tech transformation tailspin

With about two in three transformations failing, a leader navigating three transformations at one time explains how she plans to avoid becoming a statistic.

November 25, 2024

Answering common questions about HSAs and Medicare enrollment

Clients often get confused about how enrollment in Medicare affects their eligibility to contribute to a health savings account and what to do if they erroneously made HSA contributions after their eligibility ceased.

November 22, 2024

ERC claims withdrawal process extended for third-party payers

The IRS said the new deadline to file under the consolidated employee retention credit claims process is Dec. 31. The previous deadline was Friday.

November 22, 2024

PCAOB will require firms to share a new set of metrics

The board approves eight firm and engagement metrics for disclosure and adds to the disclosures it requires during annual reporting and special reporting periods. It also approves its 2025 budget and puts any action related to NOCLAR on hold until 2025.

November 21, 2024

IRS will accept duplicate dependent returns submitted with an IP PIN

Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return if the primary taxpayer on the second return includes a valid identity protection personal identification number.

November 20, 2024