Tax, accounting, auditing news - Journal of Accountancy

August 1, 2017

AICPA issues working drafts for 3 revenue recognition issues

The AICPA is seeking comment on issues to be included in its guide for implementation of FASB’s new revenue recognition standard.

July 31, 2017

Tactics for driving quality in a single audit

Engagement partner expertise and firm specialization are among the factors that correlate with quality performance in a single audit.

July 28, 2017

Tips from a not-for-profit standard early adopter

Not-for-profits face their most significant financial reporting changes in more than 20 years as they implement FASB’s new standard.

July 27, 2017

Americans’ financial well-being reaches its highest level in 10 years

The financial standing of the average American reached its highest levels in more than 10 years in the second quarter of 2017, according to the AICPA’s Personal Financial Satisfaction Index (PFSi).

July 26, 2017

AICPA issues TQAs on use of inappropriate accounting standards

The AICPA issued technical questions and answers that address reporting on financial statements developed using an inappropriate set of standards.

July 26, 2017

ASB issues standard for auditors involved with exempt offering documents

Auditors involved with exempt offering documents will be subject to new requirements under Statement on Auditing Standards No. 133, which the Auditing Standards Board issued.

July 25, 2017

IRS moves for stay of PTIN fee injunction

If granted, the stay would allow the IRS to charge the fees while it decides whether to appeal the district court decision that struck down the fees and, if it does appeal, during the appeal itself.

July 24, 2017

IRS pilots Appeals videoconference service

The IRS Office of Appeals announced that on Aug. 1 it will begin offering taxpayers and their representatives a new web-based virtual conference option for taxpayer conferences.

July 20, 2017

Quiz: English expressions that trip up writers

This quiz will give you practice in understanding and using some words or phrases that cause speakers and writers to stumble.

July 19, 2017

Regulations address new statutory due dates for many tax returns

Changes to the due dates and extensions of time to file various tax returns and information returns were implemented in a package of regulations the IRS issued on Wednesday.

July 13, 2017

Revised Senate health bill would retain taxes on higher-income individuals

The health care bill released by Senate Republicans on Thursday would retain the Affordable Care Act’s 3.8% net investment tax and the 0.9% Medicare surtax.

July 13, 2017

FASB simplifies accounting for certain financial instruments

FASB issued a new accounting standard simplifying the accounting for certain financial instruments with down round features.

July 13, 2017

GASB proposes changes to debt disclosures

The information about debt disclosed by state and local governments would change if a new GASB proposal is approved.

July 7, 2017

Treasury identifies 8 regulations as burdensome

After reviewing all 105 Treasury regulations issued in 2016 and early 2017, the Treasury Department has identified eight that cost too much, are too complex or exceed the IRS’s statutory authority.

July 6, 2017

AICPA seeks input for new framework on valuation of financial instruments

New guidance aims for clarity, consistency and transparency and will also lay the foundation for a new AICPA credential, Certified in Valuation of Financial Instruments (CVFI).

July 6, 2017

News quiz: Senate health care bill in the spotlight

See how much you know about the news with this short quiz.

July 3, 2017

FinREC unveils 4 more revenue recognition working drafts

FinREC is requesting feedback on four working drafts that provide industry-specific guidance for entities implementing FASB Accounting Standards Update No. 2014-09, Revenue From Contracts With Customers (Topic 606).

June 28, 2017

GASB establishes new approach for reporting leases

GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.

June 28, 2017

Strategies for helping volunteers boost a not-for-profit

Understanding what motivates volunteers is the first step toward helping them have a great experience assisting a not-for-profit.

June 27, 2017

Boston Bruins can deduct full cost of meals for team’s away games

The Tax Court held that the owners of the Boston Bruins could deduct the full cost of their team’s pregame meals for away games as a de minimis fringe benefit.

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.