Tax, accounting, auditing news - Journal of Accountancy

November 26, 2024

IRS again delays effective date of $600 threshold for Form 1099-K reporting

The delay, the third by the IRS for Form 1099-K reporting for third-party settlement organizations, will treat 2024 and 2025 as transition years.

November 26, 2024

New FASB standard addresses induced conversions

The standard aims to provide guidance missing in GAAP for the reporting of induced conversions related to settlement of convertible debt instruments.

November 25, 2024

GASB issues two exposure drafts for comment

The Governmental Accounting Standards Board aims to bring clarity to the financial reporting of subsequent events and to a variety of topics in its implementation guide.

November 25, 2024

Managing change: 3 strategies to avoid a tech transformation tailspin

With about two in three transformations failing, a leader navigating three transformations at one time explains how she plans to avoid becoming a statistic.

November 25, 2024

Answering common questions about HSAs and Medicare enrollment

Clients often get confused about how enrollment in Medicare affects their eligibility to contribute to a health savings account and what to do if they erroneously made HSA contributions after their eligibility ceased.

November 22, 2024

ERC claims withdrawal process extended for third-party payers

The IRS said the new deadline to file under the consolidated employee retention credit claims process is Dec. 31. The previous deadline was Friday.

November 22, 2024

PCAOB will require firms to share a new set of metrics

The board approves eight firm and engagement metrics for disclosure and adds to the disclosures it requires during annual reporting and special reporting periods. It also approves its 2025 budget and puts any action related to NOCLAR on hold until 2025.

November 21, 2024

IRS will accept duplicate dependent returns submitted with an IP PIN

Beginning with the 2025 filing season, the IRS will accept Forms 1040, 1040-NR and 1040-SS even if a dependent has already been claimed on a previously filed return if the primary taxpayer on the second return includes a valid identity protection personal identification number.

November 20, 2024

FASB proposes guidance on accounting for government grants

Public comments are sought on the board’s effort to provide authoritative guidance in an area not currently covered by GAAP. In addition, FASB seeks feedback on potential standard setting related to financial KPIs.

November 18, 2024

Education program expands to welcome more CPA licensure candidates

The Experience, Learn and Earn program now offers an affordable path to 150 credit hours to a larger group of accounting graduates.

November 18, 2024

PKF O’Connor Davies strikes a deal with private equity

The top 30 firm announces investment by two entities in the continuation of an industry trend.

November 15, 2024

PCAOB amendment addresses registration of inactive firms

The adopted rule empowers the PCAOB to withdraw the registration of firms that don’t file annual reports and don’t pay annual dues for two consecutive years.

November 13, 2024

FASB seeks comments on newly proposed interim reporting guidance

The guidance is intended to improve and clarify current guidance as opposed to fundamentally changing the nature of guidance in FASB ASC Topic 270, Interim Reporting.

November 13, 2024

AICPA to Congress: Delay needed in BOI reporting deadline

Without a delay, “millions of small business owners become accidentally and unknowingly delinquent in their compliance,” reads the letter, signed by CEO Barry Melancon, CPA, CGMA.

November 13, 2024

Employers focusing on starting salaries and workload to ease pipeline pain

Accounting graduates are seeing higher initial pay, and a majority of large firms plan to address workload issues in the next six months. These trends are welcomed, but more is needed, writes Sue Coffey, CPA, CGMA, CEO–Public Accounting for the Association of International Certified Professional Accountants.

November 12, 2024

Taxpayer advocate: Unprocessed ERC claims could total 1 million at year end

National Taxpayer Advocate Erin Collins told the AICPA & CIMA National Tax Conference that the number of unprocessed employee retention credit claims will grow before the final filing deadline in April.

November 12, 2024

Financial planners and caregiving: Helping clients manage the challenges

Planning for caregiving involves immediate and future financial implications along with tax considerations and documentation. Preparing for eventual life needs provides clients and their caregivers emotional support along with clear direction about the financial possibilities.

November 11, 2024