Tax, accounting, auditing news - Journal of Accountancy

February 16, 2017

PCAOB Form AP staff guidance updated for secondments

The PCAOB provided new information to firms on how to apply Form AP reporting requirements to professional staff in secondment arrangements.

February 16, 2017

Failure to report health coverage will not cause tax return rejection

The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A.

February 9, 2017

Supreme Court decision creates liability risk for CPA profession regulators

Following a 2015 Supreme Court decision, CPAs serving on state boards of accountancy may be held personally liable for potential antitrust actions taken on behalf of the boards.

February 9, 2017

Golden-years divorces show couples’ need for financial literacy

Three in four older divorced people need a better understanding of how to manage their personal finances, a new AICPA survey shows.

February 7, 2017

IRS alerts practitioners of e-Services account suspensions

The IRS announced that as of Sunday it has suspended the e-Services accounts of users who failed to verify their identities in accordance with letters sent out in December.

February 2, 2017

Tax practitioners’ information will soon be available at IRS website

The IRS announced that it will soon post online the registration information of practitioners who have preparer tax identification numbers, and the information will be available without charge to the public.

February 1, 2017

Driver’s license information now required on some state e-filed returns

Tax return preparers are discovering that some state income tax returns for 2016 require information from a taxpayer’s driver’s license or state-issued identification card information before the returns can be e-filed.

February 1, 2017

New revenue recognition working drafts issued for insurance, software

Working drafts on revenue recognition issues for the insurance and software industries were published by the AICPA, which is seeking comments from interested parties.

January 31, 2017

New Form 990-EZ has help icons to aid exempt organizations in filing

The IRS announces new Form 990-EZ with help icons to assist organizations with accurate filing.

January 27, 2017

What repatriation tax changes could mean for U.S. companies

U.S. companies holding earnings overseas in cash could be bringing it back in response to tax reform proposed by the new administration in Washington.

January 26, 2017

FASB drops Step 2 from goodwill impairment test

Step 2 was eliminated from the goodwill impairment test as the FASB sought to simplify accounting in a new standard issued Thursday.

January 26, 2017

Engagement partner’s name must stay consistent in Form AP reporting

Engagement partners’ names will be required to be reported consistently on all Forms AP filed with the Public Company Accounting Oversight Board under new PCAOB staff guidance.

January 26, 2017

Americans’ financial well-being holds steady, despite rising inflation

CPAs’ optimism about the economy, buoyed by the election and an uptick in the stock market, helped the quarter’s financial picture stay strong.

January 25, 2017

Seventh Circuit holds that taxpayer filed timely Tax Court petition

A taxpayer whose lawyer used print-at-home postage when mailing a Tax Court petition timely filed that petition, the Seventh Circuit Court of Appeals held, reversing and remanding the case to the Tax Court for consideration on the merits.

January 20, 2017

How a major beer importer is planning for tax reform

Constellation Brands, the third-largest beer seller in the United States, for instance, is modeling several scenarios related to a possible increase in taxes on imported goods.

January 19, 2017

Centralized partnership audit rules proposed

The IRS released a package of proposed provisions that will apply to the recently enacted centralized audit regime that generally assesses and collects tax at the partnership level.

January 19, 2017

IRS proposes changes to rules for dependents

The IRS proposed changes to various rules affecting dependents, including changing its position on when taxpayers count as “childless” for purposes of the earned income tax credit.

January 19, 2017

5 strategies to efficiently implement the new lease accounting standard

Deloitte offers five strategies to help find efficiencies and avoid unnecessary disturbances.

January 18, 2017

IRS permits same-sex couples to recalculate marital exclusion amounts

The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.,

January 18, 2017

FASAB issues new standard on insurance programs

A new federal government accounting standard is designed to provide concise and meaningful information about insurance costs and liabilities.

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.