Tax, accounting, auditing news - Journal of Accountancy

March 23, 2017

Amazon wins multimillion dollar transfer-pricing dispute with IRS

The Tax Court held that Amazon.com had properly valued transfers of intangibles under a cost-sharing arrangement with its Luxembourg subsidiary.

March 23, 2017

Disbarred tax preparer not subject to IRS jurisdiction

The IRS Office of Professional Responsibility has no authority or jurisdiction over a disbarred attorney/tax preparer or his tax preparation practice and cannot regulate his provision of tax advice a federal district court in Nevada has held.

March 21, 2017

Most CPA executives favor repeal of Affordable Care Act, survey shows

CPA business executives predict rising costs related to employee health care, and nearly two-thirds have tried to contain costs through higher deductibles.

March 20, 2017

GASB addresses wide range of accounting issues

GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.

March 16, 2017

Credit loss standard implementation tips

FASB’s new credit loss standard will challenge banks to find the right data for forecasting expected losses in their portfolios.

March 16, 2017

How to improve fraud controls in complex accounting areas

It stands to reason that accounting areas that are highly subjective and complex also are prone to fraud, errors, and breakdowns in internal controls.

March 15, 2017

Taxpayers affected by winter storm get more time to file business return extensions

The IRS announced that it would grant “eligible taxpayers” who are affected by this week’s winter storm on the East Coast extra time to file their requests for filing extensions.

March 14, 2017

Why ‘complete ERM’ is a myth

Risk management initiatives must evolve as an organisation’s risk exposures change. These days, all entities are taking a harder look at how they manage risk, according to an annual survey.

March 13, 2017

IRS takes down student financial aid data retrieval tool

The IRS announced that has taken down its tool for retrieving tax return data used to complete the Free Application for Federal Student Aid.

March 10, 2017

FASB changes presentation of defined benefit costs

Current presentation requirements for defined benefit costs lacked transparency and limited the usefulness of financial information, according to stakeholders.

March 10, 2017

Bragging rights: Ranking athletic conferences by CFOs

Big Ten alumni have held the most US public company finance leadership posts for the past 15 years, and an Ivy League school leads the individual rankings.

March 9, 2017

U.S. economic optimism surges

Concerns about regulation eased, and projections for revenue, profits, and expansion are on the rise amongst U.S. CPA decision-makers in a quarterly survey.

March 7, 2017

FASB proposes simplifying accounting for share-based payments to nonemployees

Accounting for share-based payments to nonemployees in exchange for goods and services would become similar to the accounting for share-based payments to employees under a proposal FASB issued.

March 7, 2017

Proposed PPACA replacement bills contain many tax changes

The draft proposals to repeal the Affordable Care Act released by House Republicans would make many tax changes if enacted. Here’s a look at their impact on the tax code.

March 6, 2017

Proposals would update UAA, model rules for accountancy

Among the proposed changes are including a definition of “Preparation of Financial Statements” and creating new methods for earning CPE credit.

March 1, 2017

FinREC exposes 5 revenue recognition issues

Working drafts exposed by the AICPA Financial Reporting Executive Committee address five new revenue recognition issues.

February 27, 2017

FASB updates EBP master trust presentation, disclosure requirements

The FASB issued a new standard that is designed to make employee benefit plan master trust disclosures more useful to users of financial statements.

February 23, 2017

What you need to know about robo-advisers

Publications issued by the SEC provide guidance to investment advisers who operate robo-advisers and investors who use their services.

February 22, 2017

FASB clarifies scope of asset derecognition guidance

FASB issued a standard clarifying the scope of its asset derecognition guidance and adding accounting guidance for partial sales of nonfinancial assets.

February 22, 2017

ASB issues new going concern auditing standard

The AICPA Auditing Standards Board issued a new standard that considers FASB’s new accounting considerations for going concern as well as GASB’s accounting guidance for state and local governments.

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.