Tax, accounting, auditing news - Journal of Accountancy

April 2, 2019

The barriers to enhanced risk oversight

One theme that has emerged from 10 years of survey data on risk management: It’s not getting any easier.

March 29, 2019

Tax treatment of state and local tax refunds clarified

The IRS issued guidance on the tax treatment of state and local refunds now that taxpayers are limited to a $10,000 deduction on their individual tax returns.

March 29, 2019

Lease accounting: A private company perspective

Private companies implementing new lease accounting rules can expect a complex transition and a substantial financial statement impact.

March 27, 2019

Procedure for obtaining EINs to change May 13

Beginning May 13, the IRS will accept employer identification number (EIN) applications only from individual taxpayers who have either a Social Security number or an individual taxpayer identification number as the responsible party on the EIN application.

March 27, 2019

The benefits of a digitally fit risk function

Risk functions that are up to speed with organizations’ digital initiatives are better able to manage risks in a transformative time.

March 26, 2019

Final rules issued on penalty for nondisclosure of reportable transactions

The IRS issued final regulations under Sec. 6707A, which imposes a penalty on taxpayers who fail to disclose a reportable transaction on their tax returns.

March 22, 2019

IRS expands relief from underpayment penalty

The IRS announced that it is lowering from 85% to 80% the amount taxpayers are required to have paid in order to escape an underpayment of estimated income tax penalty for 2018.

March 22, 2019

Proposed rules issued for information reporting for life insurance contract transactions

The IRS proposed regulations under Sec. 6050Y, which governs reporting obligations for reportable policy sales of life insurance contracts and payments of reportable death benefits.

March 21, 2019

FASB modifies definition of ‘collections’

New rules issued by the FASB align its definition of “collections” with that used by the American Alliance of Museums’ Code of Ethics for Museums.

March 21, 2019

News quiz: Economic outlook gets an update

Reports in February and March took stock of finance executives’ economic outlook and their challenges in implementing an important new accounting standard. See how much you remember from the news with this short quiz.

March 19, 2019

IRS’s Dirty Dozen scams — 2019 edition

The IRS highlighted the 12 abusive tax schemes it wants taxpayers and tax practitioners to be on the alert for this year. Phishing and scam phone calls were the biggest repeat offenders.

March 18, 2019

PCAOB staff provides insight on critical audit matters

The auditor’s report is undergoing its biggest change in 70 years, and the Public Company Accounting Oversight Board staff is providing guidance to assist in implementation.

March 15, 2019

First-year challenges of TCJA implementation require broader penalty relief

Despite generally lower tax bills, many taxpayers are seeing smaller-than-expected refunds — or no refunds at all. And some taxpayers are now subject to underwithholding penalties, despite limited relief from the IRS.

March 7, 2019

Finance leaders feel good but ready for a downturn

Finance executives in the United States continue to feel good about growth in their respective industries, despite creeping concerns that the good times could be coming to an end in the near future.

March 6, 2019

FASB alters accounting for episodic TV series

FASB issued a standard that converges the accounting guidance for production costs for episodic TV series with the rules for production costs for films.

March 5, 2019

New FASB standard clarifies lease accounting issues

FASB addressed two lessor implementation issues and clarified an exemption for lessors and lessees from a certain interim disclosure requirement associated with adopting the board’s new lease accounting standard.

March 5, 2019

Guidance proposed on FDII and GILTI deductions

The IRS issued guidance on determining the amount of the deduction for foreign-derived intangible income (FDII) and global intangible low-taxed income (GILTI) under Sec. 250.

March 4, 2019

Court upholds IRS PTIN fees

The IRS has authority to charge a user fee for preparer tax identification numbers (PTINs) a federal appeals court held on, paving the way for the agency to reinstate the charges for obtaining and renewing a PTIN.

March 4, 2019

FASB proposes guidance for measuring share-based payments to customers

A proposal issued by the Financial Accounting Standards Board would spell out how to measure share-based payments to a customer.

March 1, 2019

FASAB proposes eliminating RSSI, updating lease references

FASAB has proposed eliminating the required supplementary stewardship information (RSSI) category and updating references to leases in multiple places in its accounting standards for federal government entities.

FROM THIS MONTH'S ISSUE

Making the right choice when no one is watching

The true test of one’s character is the decision made when no one is looking over your shoulder. Learn how CPAs can uphold ethical standards and take actions that help limit liability risk.