Tax, accounting, auditing news - Journal of Accountancy

July 12, 2018

AICPA: 2019 Form W-4 needs to be simplified

The AICPA’s Tax Executive Committee sent a letter to the IRS, urging the Service to simplify the proposed draft 2019 Form W-4, Employee’s Withholding Allowance Certificate.

July 11, 2018

Proposed SSAE would increase flexibility for practitioners in performing attestation engagements

The AICPA Auditing Standards Board issued a proposal that would make numerous changes to the attestation standards, including changing the terminology for what have been known as “review engagements.”

July 10, 2018

Avoid these common not-for-profit financial statement mistakes

Here are five tips that can help not-for-profits prevent some financial statement errors mistakes.

July 10, 2018

Tax practitioners are warned to safeguard client data

The IRS warned that it is increasingly difficult for it to recognize fraudulent tax returns as cybercriminals succeed in getting more and more accurate information.

June 29, 2018

With SEC vote, more companies qualify for scaled disclosure

The SEC voted to change the definition of “smaller reporting company” in an effort to expand the number of companies that qualify for scaled disclosure accommodations.

June 28, 2018

SEC adopts, proposes several new rules

The U.S. Securities and Exchange Commission voted to adopt and propose several new rules, including changes to the SEC’s whistleblower program and a requirement to use Inline XBRL in certain filings.

June 28, 2018

IASB seeks clarity between liabilities and equity

The proposal attempts to reduce diversity in practice on the accounting for complex instruments that have features of debt and equity.

June 27, 2018

Form 1040 to be shorter but with more schedules

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines.

June 26, 2018

FASB proposes update to definition of ‘collections’

The proposal would realign the definitions of “collections” used in GAAP and the American Alliance of Museums’ Code of Ethics for Museums.

June 25, 2018

Strategies for quality work in single audits

Careful testing and thorough documentation are among the keys for quality single audit performance described by Laurie De Armond, CPA, in her summary of observations from the AICPA Not-for-Profit Industry Conference.

June 22, 2018

Proposal would clarify exception to client confidentiality rule

Under a proposal issued by the AICPA Professional Ethics Executive Committee, certain reviews of a tax practice would be explicitly included in exceptions to AICPA Professional Standards client information disclosure rules.

June 22, 2018

A new playing field for business

The Supreme Court’s decision on sales tax collection could give smaller companies that rely on in-store sales a better chance to compete with virtual retailers.

June 22, 2018

GASB addresses interest cost incurred before a construction period ends

State and local governments will provide new information to financial statement users under a standard GASB issued that establishes accounting rules for accounting for interest cost incurred before the end of a construction period.

June 21, 2018

FASB clarifies accounting for grants and contributions

The ASU seeks to simplify accounting for grants and similar contracts awarded by governments to not-for-profits.

June 21, 2018

Supreme Court overturns Quill’s physical presence requirement

The U.S. Supreme Court on Thursday held that states can assert nexus for sales and use tax purposes without requiring a seller’s physical presence in the state.

June 20, 2018

FASB simplifies accounting for share-based payments to nonemployees

FASB released an Accounting Standards Update (ASU) designed to improve the financial reporting for share-based payments issued to nonemployees for goods or services.

June 19, 2018

SEC unveils goals for next 4 years

The three goals’ aim is to help the commission improve its ability to react to and employ new technologies.

June 19, 2018

How to improve workflow to achieve operational excellence

Process improvements in three key areas can improve workflow and provide finance with more time for analysis and advisory duties.

June 19, 2018

AICPA report: Seniors increasingly targeted for investment fraud

Scams aiming to reach retirement accounts are becoming progressively more sophisticated.

June 18, 2018

Tony Hawk: Accountants help make dreams become reality

Skateboarding legend Tony Hawk credited his accountants with making his ventures successful and shared lessons he learned from being an entrepreneur.

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.