Tax, accounting, auditing news - Journal of Accountancy

November 13, 2018

New IRS commissioner brings practitioner’s perspective to role

Veteran tax attorney Charles Rettig gives his first public address as new IRS commissioner, speaking to CPAs Tuesday at the AICPA National Tax Conference in Washington.

November 8, 2018

FASB staff paper assists with franchise fee recognition

A new FASB staff paper provides information to private company franchisors as they decide how to recognize certain franchise fees under the new revenue recognition standard.

November 8, 2018

Revenue recognition tilts toward modified transition approach

A majority of S&P 500 companies chose the simplicity of the modified retrospective transition for their revenue recognition standard implementation, a new white paper shows.

November 7, 2018

SASB publishes industry-specific sustainability accounting standards

New industry-specific sustainability accounting standards published by the Sustainability Accounting Standards Board are designed to help investors and companies make informed decisions about long-term value.

November 7, 2018

FASB proposal addresses accounting for TV series

FASB issued a proposal that would align the accounting for production costs of an episodic TV series with the accounting for films.

November 6, 2018

Social Security wage base set for 2019

The Social Security Administration said that the amount of wages subject to the old age, survivors, and disability insurance (OASDI) tax for 2019 will be $132,900, increased from 2018’s maximum of $128,400.

November 6, 2018

Tax preparer due diligence rules are finalized

The IRS issued final regulations on the penalty that applies to tax return preparers who fail to exercise due diligence in preparing returns for taxpayers who are claiming head-of-household filing status, the earned income tax credit, the child tax credit, the additional child tax credit, or the American opportunity tax credit.

November 5, 2018