Tax, accounting, auditing news - Journal of Accountancy

February 14, 2018

FASB addresses stranded income tax effects of new tax law

FASB issued new rules that provide financial statement preparers with an option to reclassify stranded tax effects within accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act.

February 13, 2018

IRS proposes to remove 298 regulations

The IRS is proposing to remove 298 regulations that have no current or future application to the Internal Revenue Code.

February 13, 2018

Draft guidance applies ERM principles to ESG risk

Recently issued supplemental draft guidance is designed to help organizations apply enterprise risk management (ERM) principles to environmental, social, and governance (ESG)-related risks.

February 9, 2018

Bipartisan Budget Act contains several tax provisions

The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.

February 9, 2018

What tax reform means for audit committees

The Tax Cuts and Jobs Act provides many issues for audit committee members to consider in their oversight of financial statements, external auditors and risk management.

February 8, 2018

Charles Rettig to be nominated new IRS commissioner

President Donald Trump announced that he will nominate Charles Rettig, a tax attorney from California, to be the new Commissioner of the Internal Revenue Service.

February 7, 2018

The AICPA and the ongoing tax reform process

In this Q&A, AICPA policy experts discuss wide-ranging implementation challenges and members’ role in advocating for guidance and technical corrections.

February 7, 2018

FASB moving forward on reclassification of stranded tax effects

FASB is moving quickly to give financial statement preparers a targeted improvement in their accounting for effects of the new tax reform law.

February 7, 2018

When a tax cut is a profit hit

Companies with deferred tax assets may report surprisingly lower net income in 2017 even though they will benefit from lower income tax rates under the new tax law in 2018.

February 6, 2018

IRS announces 2018 pension contribution limits under tax reform act

The IRS revealed that the recalculated 2018 pension contribution limits are unchanged from the numbers issued before the tax reform bill was enacted.

February 6, 2018

OPR implements greater transparency in disciplinary investigations

The IRS’s Office of Professional Responsibility has implemented a new process for informing practitioners that they are under investigation for violations of Circular 230.

February 6, 2018

AICPA committee seeks private company relief from some elements of revenue standard

An AICPA committee has asked FASB to provide relief for private companies and certain conduit debt obligors from some elements of the new revenue recognition standard.

February 5, 2018

FinCEN announces filing deadline for 2017 FBARs

The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued its annual reminder of the due date for filing FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).

February 2, 2018

GASB developing revenue and expense recognition model

GASB is seeking public feedback as it develops a revenue and expense recognition model for state and local government accounting.

February 1, 2018

7 revenue recognition issues exposed by FinREC

The AICPA Financial Reporting Executive Committee sought public comment on seven new revenue recognition implementation issues to be added to the AICPA’s revenue recognition guide.

February 1, 2018

Georgia-Pacific’s Sobel named COSO chairman

Paul Sobel, the chief audit executive of Georgia-Pacific, replaces Bob Hirth as the chairman of the Committee of Sponsoring Organizations of the Treadway Commission.

January 30, 2018

Tips for lease accounting implementation

The effective date for implementing FASB’s new lease accounting standard is still about one year away, but it will require additional resources and a team effort.

January 29, 2018

IRS issues more guidance on withholding rules for new tax law

The IRS issued Notice 2018-14 to provide more guidance on the withholding rules that were changed by P.L. 115-97, known as the Tax Cuts and Jobs Act.

January 29, 2018

Practitioners need immediate guidance on tax reform act, AICPA says

Thirty-nine areas in the recent tax overhaul act require immediate guidance, the AICPA told the IRS and Treasury.

January 29, 2018

Skills that help accounting professionals succeed alongside AI

Professionals will have to retain their traditional accounting skills and learn some new ones to succeed alongside AI.

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.