Tax, accounting, auditing news - Journal of Accountancy

July 29, 2019

IRS permits certain partnerships to file superseding partnership returns

The IRS is permitting certain partnerships that timely filed their tax returns for the 2018 tax year an extension of time to file superseding returns and Schedules K-1 for their partners.

July 29, 2019

IRS alerts virtual currency owners of nonfiling consequences

The IRS has begun sending what it calls “educational letters” to taxpayers it has identified as not reporting virtual currency transactions or reporting them incorrectly.

July 25, 2019

Stock market surge boosts financial satisfaction

Stock market growth, among other factors, has kept Americans’ personal financial satisfaction positive in Q2 of 2019, according to the AICPA’s Personal Financial Satisfaction Index (PFSi).

July 24, 2019

Comply with the newly effective ‘Hosting Services’ interpretation

An AICPA ethics interpretation on hosting services addresses how CPAs can maintain their independence. The interpretation took effect July 1.

July 17, 2019

Guidance adds preventive care items to high-deductible health plans

The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.

July 17, 2019

FASB to propose delaying effective dates for 4 major standards

Effective dates for certain entities for key standards on accounting for leases, credit losses, hedging, and long-duration insurance contracts would change under a proposal FASB voted to direct its staff to draft.

July 10, 2019

ASB addresses ERISA plan auditor reporting, other information in annual reports

The AICPA Auditing Standards Board issued new standards addressing auditor reporting on ERISA plan financial statements and an auditor’s “other information” responsibilities.

July 10, 2019

AICPA issues forensic accounting standards

The AICPA issued new professional standards for members who perform forensic accounting services engagements.

July 9, 2019

GASB seeks comment on several issues

GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.

July 9, 2019

FASB considering goodwill accounting changes

FASB issued an Invitation to Comment on whether the board should make changes to the accounting for certain identifiable intangible assets acquired in a business combination and subsequent accounting for goodwill.

July 2, 2019

Final rules permit truncated TINs on W-2s

As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.

July 2, 2019

Advocacy update: Testifying on the ERISA audit process

The audit process can help employee benefit plan administrators fulfill their fiduciary duties, according to testimony by James Haubrock, CPA, chair of the executive committee of the AICPA Employee Benefit Plan Audit Quality Center.

July 2, 2019

Congress approves IRS reform bill, drops Free File language

The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.

June 28, 2019

GASB proposes changes to Sec. 457 plan reporting

GASB proposed new guidance that would clarify the accounting and financial reporting of Internal Revenue Code Sec. 457 deferred compensation plans.

June 27, 2019

FASB proposes narrow-scope changes to credit loss standard

FASB proposed changes that are designed to address issues that have arisen for stakeholders implementing the board’s new standard for accounting for credit losses.

June 27, 2019

Get private companies ready for the new revenue standard

Private companies are entering the final stretch of their preparations to comply with FASB’s new revenue recognition standard. Here’s how auditors can help their clients with the implementation process.

June 21, 2019

Supreme Court holds North Carolina cannot tax trust

The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.

June 20, 2019

SEC addresses auditor independence and the Loan Provision

The SEC adopted amendments designed to help identify when an auditor’s lending relationship with an audit client is a threat to the auditor’s objectivity and impartiality.

June 20, 2019

Audit evidence standard would be updated under proposal

The ASB issued a proposal that would update its audit evidence standard to address issues such as emerging technologies and the application of professional skepticism.

June 19, 2019

Virtual currency not FBAR reportable (at least for now)

The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

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