Tax, accounting, auditing news - Journal of Accountancy

December 7, 2018

Initial guidance issued on Sec. 83(i) deferral election for private company equity grants

The IRS issued initial guidance on the application of Sec. 83(i), which allows certain employees to defer recognition of income attributable to the receipt or vesting of qualified stock.

December 7, 2018

What PCAOB inspectors will look for in 2019

Inspections of registered audit firms will focus on systems of quality control, independence issues, and recurring deficiencies.

December 6, 2018

Agreement gives US CPAs path to Australia, New Zealand audit rights

The renewal of a mutual recognition agreement gives qualified U.S. CPAs eligibility to obtain the CA ANZ credential, which is a pathway to obtaining audit rights in Australia and New Zealand.

December 6, 2018

Executives’ optimism recedes from historic highs

Optimism in the domestic and global economies slipped this quarter, with concerns about trade disputes, tariffs, and worker shortages voiced in a quarterly survey of U.S. finance executives.

December 5, 2018

Simplifying implementation of FASB’s not-for-profit financial reporting standard

Smaller organizations with limited staff may have difficulty implementing FASB’s new standard on presentation of not-for-profit financial statements. These best practices can make the work easier.

December 3, 2018

Employee benefit plan auditing rules to change

The AICPA Auditing Standards Board has voted to issue a new standard for employee benefit plan audits.

November 30, 2018

Accounting method change procedures for book-tax conformity rule

The IRS announced procedures for taxpayers to change their accounting method to comply with the amendment of Sec. 451(b) enacted by the tax law known as the Tax Cuts and Jobs Act.

November 29, 2018

Proposed foreign tax credit regulations issued

The IRS issued proposed regulations on the determination of the foreign tax credit after the changes in the law made by the Tax Cuts and Jobs Act.

November 29, 2018

8 things to know about lease accounting implementation

Here are some things that company finance departments may wish to keep in mind as the lease accounting standard takes effect at the beginning of next year for public companies.

November 29, 2018

Working group considers changes to CPA licensing requirements

Possible changes to the CPA licensure requirements are being explored by a working group formed by the National Association of State Boards of Accountancy and the AICPA.

November 28, 2018

Which benefits do employees find most financially beneficial?

Eighty percent of Americans would choose a job with benefits over one with no benefits that paid 30% more, according to a Harris Poll survey on behalf of the AICPA.

November 27, 2018

IRS issues guidance on withholding for 2019

The IRS issued a notice providing interim guidance for the 2019 calendar year on income tax
withholding from wages and from retirement and annuity distributions.

November 27, 2018

Proposed regs. outline new business interest expense limitation

The IRS issued proposed regulations on the business interest expense limitation in Sec. 163(j), which was amended by the law known as the Tax Cuts and Jobs Act.

November 27, 2018

How to incorporate analytics into workforce planning

Conducting scenario planning through analytics can prepare companies and employees to invest their resources wisely and succeed in the jobs of the future.

November 27, 2018

GASB proposes implementation guidance

GASB issued a proposal that would provide implementation guidance for certain state and local government accounting standards.

November 21, 2018

Estate and gift exclusion clawback addressed in proposed regs.

The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.

November 19, 2018

FASB proposes narrow-scope financial instruments accounting changes

FASB proposed clarifications and changes to its recently issued accounting standards on credit losses, hedging, and recognition and measurement.

November 19, 2018

UNICAP rules on negative adjustments finalized

The IRS issued final regulations on the use of negative adjustments under Sec. 263A’s simplified methods for determining costs that must be capitalized.

November 19, 2018