Tax, accounting, auditing news - Journal of Accountancy

June 5, 2020

4 key COVID-19 audit risks for 2020 year ends

The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, legal compliance, and accounting estimates. Here’s how auditors can address these risks.

June 5, 2020

Qualified opportunity zone rules are relaxed

In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.

June 4, 2020

Falling demand, safety concerns fuel finance leaders’ pessimism

Optimism reigned for years in a quarterly survey of finance decision-makers, but the COVID-19 pandemic changed everything.

June 3, 2020

IRS permits remote signatures for plan loan consents

In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.

June 3, 2020

FASB issues limited revenue recognition, lease accounting delays

FASB issued an option to delay implementation of the board’s revenue recognition and lease accounting standards for certain entities that have not yet applied the standards.

June 2, 2020

How the CARES Act has affected business valuation

Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.

May 29, 2020

Protecting seniors from COVID-19 fraud

CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.

May 28, 2020

House passes bill that would relax PPP forgiveness requirements

The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.

May 28, 2020

E-filing of Form 1040-X coming this summer

The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.

May 28, 2020

$10 billion from PPP pledged to lenders to underserved communities

Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.

May 28, 2020

Social Security fraud boosted by COVID-19 fears

CPAs can spread the word on the newest version of a longtime fraud ploy.

May 27, 2020

Final regs. address reporting by tax-exempt organizations

The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.

May 27, 2020

UAA Model Rule changes proposed in support of CPA Evolution

The Uniform Accountancy Act Model Rules would be changed to support CPA Evolution under an exposure draft issued by the National Association of State Boards of Accountancy.

May 27, 2020

When planning for a natural disaster, don’t forget about your finances

Margaret Poster, CPA, shares advice for making sure your finances are in shape in the event of a disaster.

May 26, 2020

COSO provides new guidance on risk appetite

The Committee of Sponsoring Organizations of the Treadway Commission has published new guidance on risk appetite and its critical links with strategy and decision-making.

May 26, 2020

Premium tax credit unaffected by personal exemption decrease to zero

The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.

May 25, 2020

PPP forgiveness guidance issued as Congress mulls changes

The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.

May 22, 2020

IAASB addresses pandemic issues in audit practice alert

The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.

May 22, 2020

What to do with your stimulus check

Many Americans will receive stimulus money to help them weather the pandemic, but what they do with that money will depend on whether they need it right away or can afford to set some aside. CPA financial planners offer advice on how to make the best use of stimulus funds.

May 21, 2020