Tax, accounting, auditing news - Journal of Accountancy

May 15, 2018

FASAB proposes new standards for accounting and reporting of government land

A new FASAB proposal is designed to promote consistency in the accounting treatment and reporting for land holdings while considering the information needs of financial statement users.

May 15, 2018

Valuation of portfolio company investments addressed in AICPA working draft

The working draft of an Accounting and Valuation Guide issued by the AICPA provides guidance on the accounting for and valuation of portfolio company investments of venture capital and private-equity funds and other investment companies.

May 15, 2018

Fewer Americans delaying life events for financial reasons

Just 35% of Americans said they had delayed a major life event for financial reasons, compared with 51% in 2015, according to an AICPA survey.

May 10, 2018

IRS issues HSA contribution limits for 2019

The IRS issued the inflation-adjusted contribution limits for 2019 for health savings accounts.

May 10, 2018

IRS updates automatic accounting method change procedures

The IRS issued updated procedures for automatic accounting method changes. The new rules generally apply to changes on or after May 9, 2018.

May 8, 2018

5 things you need to know about the new international ethics code

A new international Code of Ethics for professional accountants contains new guidance on safeguards, cooling-off periods, and other important issues.

May 7, 2018

FASB supersedes outdated guidance related to Circular 202

FASB superseded outdated accounting guidance related to a Banking Circular that has been rescinded by the Officer of the Comptroller of the Currency.

May 3, 2018

Small businesses should guard against tax-return identity theft

The IRS urged small businesses to be wary of a growing amount of identity theft attempts aimed at employers and small businesses in general, and partnerships and trusts and estates.

May 1, 2018

FinREC issues 2 revenue recognition working drafts

The AICPA FinREC published working drafts addressing revenue recognition issues in the gaming and telecommunications industries.

April 26, 2018

IRS gives taxpayers relief from erroneous HSA contributions

The IRS announced it will allow taxpayers to treat $6,900 as the 2018 limit for deductible contributions to HSAs for individuals with family coverage.

April 26, 2018

FASB proposes targeted changes to collaborative arrangements standard

FASB wants to clarify the interaction between GAAP for collaborative arrangements and the board’s new revenue recognition standard.

April 26, 2018

Americans’ financial satisfaction hits high mark

Despite recent stock market volatility, the AICPA’s Personal Financial Satisfaction Index (PFSi) reached a record high in the first quarter of 2018.

April 24, 2018

How to maintain independence in audits of insured depository institutions

Auditors of insured depository institutions need to educate themselves and their staffs about independence rules that apply to these engagements.

April 20, 2018

Automation in finance: Get your team ready

Thanks to numerous technological advances, many routine accounting and finance tasks are likely to be automated in the near future.

April 19, 2018

The ideal time to review your finances

Having too large a tax refund, or having to pay too much in taxes, can be a sign that your financial plan needs revising.

April 18, 2018

Supreme Court hears oral arguments in sales tax nexus case

The Supreme Court heard oral arguments in a case with broad remote sales tax collection ramifications.

April 17, 2018

IRS computer crash prompts deadline extension

After the IRS’s Modernized e-File and Direct Pay systems were not in operation for most of the day on Tuesday, the IRS extended the filing and payment deadline for 2017 individual tax returns until midnight on Wednesday, April 18.

April 17, 2018

Report finds big fraud problems for small businesses

Occupational fraud continues to siphon staggering amounts of money from businesses worldwide, with smaller organizations being hit particularly hard.

April 12, 2018

Treasury regulations to be subject to OMB review

The Treasury Department and the White House’s Office of Management and Budget have agreed to change the procedures under which Treasury regulations are reviewed.

April 12, 2018