Tax, accounting, auditing news - Journal of Accountancy

January 16, 2018

Lenders express confidence in FRF for SMEs

Financial statements prepared in accordance with an AICPA financial reporting framework give lenders nearly as much confidence to loan capital as GAAP-based financial statements for small and medium-size businesses with low credit risk, a published study shows.

January 16, 2018

How to develop a global mindset

As more organizations operate globally and include more people from diverse backgrounds, it’s more important than ever to be culturally savvy and sensitive.

January 11, 2018

New tax withholding tables are issued

The IRS issued new tax withholding tables for 2018 to be used to implement the changes to the tax law enacted last month.

January 11, 2018

FASB Q&A supports use of SAB 118 by private companies, not-for-profits

Private companies and not-for-profits that elect to apply the guidance in a new SEC staff accounting bulletin should apply all relevant aspects of the bulletin in its entirety, FASB’s staff said.

January 10, 2018

FASB addresses financial reporting impacts of new tax law

FASB addressed numerous financial reporting implications of P.L. 115-97, known as the Tax Cuts and Jobs Act.

January 9, 2018

IRS asking for taxpayer representatives’ personal information

The IRS is now asking taxpayer representatives who call the agency to provide their Social Security number and date of birth to confirm their identity.

January 5, 2018

FASB proposes lease standard implementation improvements

A proposed FASB Accounting Standards Update seeks to ease the implementation of the new leases accounting standard.

January 4, 2018

IRS announces when filing season will start

The IRS announced that this year’s filing season will begin about a week later than last year’s filing season.

January 4, 2018

Form 1023-EZ will ask applicants for mission and activities

The streamlined application for tax-exempt status will ask organizations to describe their mission and activities for the first time.

January 4, 2018

New, user-friendly software coming to the CPA Exam

A new software platform developed by the AICPA and available to CPA candidates at Prometric test centers was designed to make the CPA Exam easier for candidates to navigate.

January 3, 2018

How to handle GASB implementation challenges

State and local government finance staffs have had to implement several new, significant GASB statements. Here are tips for handling the challenges.

January 2, 2018

Final rules govern election out of centralized partnership audits

The IRS finalized the rules for determining whether partnerships are eligible to elect out of the centralized audit procedures enacted in 2015, which apply to partnerships this year.

January 2, 2018

AICPA issues broker-dealer revenue recognition working draft

A new working draft issued by the AICPA Financial Reporting Executive Committee addresses a consideration for broker-dealers related to FASB’s new revenue recognition standard.

January 2, 2018

SEC permits reasonable estimates in corporate tax reporting

Companies may initially have difficulty determining the effects of the new federal tax law on their income tax reporting.

December 22, 2017

President signs tax overhaul into law

President Donald Trump signed H.R. 1, the Tax Cuts and Jobs Act legislation, thereby making it law.

December 20, 2017

How tax overhaul would change business taxes

The tax reform bill that Congress is expected to vote on this week contains numerous changes that will affect businesses large and small.

December 20, 2017

What the tax reform bill means for individuals

The tax reform legislation that Congress will consider this week contains many provisions affecting individuals—and many changes from both the House and Senate bills.

December 20, 2017

Congress passes tax reform

The House of Representatives reapproved tax reform legislation on Wednesday, sending the bill to President Donald Trump for his signature.

December 20, 2017

Senate passes tax reform bill; House must revote

The Senate voted early today in favor of the Tax Cuts and Jobs Act, H.R. 1, which the House of Representatives had approved Tuesday.

December 19, 2017

GASB issues OPEB implementation guide

GASB issued a guide that addresses questions and answers about the new state and local government standard for other postemployment benefits.

FROM THIS MONTH'S ISSUE

Right-sizing risk management

Sole practitioner or small firm? Risk management doesn’t have to be “one size fits all.” Learn how to help protect your practice without adding unnecessary admin time.