Tax, accounting, auditing news - Journal of Accountancy

November 18, 2016

IRS extends due dates for PPACA forms and penalty relief

In response to concerns from employers, insurers, and other providers of minimum essential coverage, the IRS announced that it is extending the due dates for certain health care forms required under the Patient Protection and Affordable Care Act.

November 18, 2016

FASB aims for consistency in modification accounting

FASB has proposed guidance that would describe when changes to the terms of share-based payments require financial statement preparers to apply modification accounting.

November 17, 2016

FASB seeks uniformity in reporting on restricted cash

FASB issued Accounting Standards Update No. 2016-18, addressing the classification and presentation of restricted cash and restricted cash equivalents.

November 16, 2016

GASB fund balance reporting standard gets positive review

GASB’s standard for fund balance reporting and governmental fund type definitions for state and local governments achieves its purpose, a review panel has found.

November 15, 2016

No delays anticipated in 2017 tax filing season, IRS commissioner says

IRS Commissioner John Koskinen reassured tax practitioners attending the AICPA’s National Tax Conference that the 2017 tax filing season should start on time.

November 15, 2016

2 new members appointed to FASB as Golden remains chairman

Marsha Hunt and Harold Monk will join the Financial Accounting Standards Board for five-year terms.

November 15, 2016

White to leave SEC chair post in January

Mary Jo White plans to depart her position as Securities and Exchange Commission chair in January, when Barack Obama’s second term as president ends.

November 10, 2016

Final rules remove 3-year nonpayment testing period for COD reporting

The IRS finalized a proposed rule eliminating the three-year testing period for determining when debt was discharged for cancellation of debt information reporting purposes.

November 4, 2016

IRS warns tax professionals of another email phishing scam

The IRS issued an “urgent alert” to tax practitioners who use IRS e-services to beware of a fraudulent email asking them to update their accounts and directing them to a fake website.

November 4, 2016

FASB proposes new guidance for service concession arrangements

FASB proposed guidance designed to eliminate diversity in practice in how operating entities determine who is the customer in service concession arrangements.

November 3, 2016

Identity theft safeguards to expand for 2017

The IRS, state tax agencies, and industry partners announced expanded and improved tax return identity theft safeguards for the 2017 filing season.

November 1, 2016

AICPA issues another round of revenue recognition working drafts

The AICPA Financial Reporting Executive Committee (FinREC) issued new working drafts addressing issues that broker-dealers and depository and lending institutions face related to FASB’s new revenue recognition standard.

November 1, 2016

Audit committees voluntarily disclosing more about auditor oversight

More audit committees are voluntarily disclosing information in proxy statements about their oversight of external auditors, including auditor appointment and audit partner rotation, according to a new analysis.

October 27, 2016

FASB proposes technical correction to not-for-profit standard

Under the proposal, FASB would clarify the minimum requirements for the reconciliation that a not-for-profit entity is required to disclose if it has endowment funds.

October 27, 2016

2017 pension contribution limits announced

While many limits remained the same as 2016, some were raised to reflect cost-of-living increases.

October 27, 2016

Americans see highest level of personal financial satisfaction since 2007

According to the AICPA’s proprietary Personal Financial Satisfaction Index (PFSi), this quarter the financial standing of the average American reached its highest level since the recession.

October 26, 2016

FASB amends guidance for consolidating VIEs

FASB issued a financial reporting standard that changes financial reporting rules for consolidating variable-interest entities.

October 25, 2016

IRS issues 2017 inflation adjustments for many tax provisions

The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.

October 25, 2016

SSARS 23 expands application of preparation, compilation standards

SSARS No. 23 results in the SSARSs being applicable to engagements performed on certain subject matter other than financial statements.

October 24, 2016

3 major foreign policy challenges facing the next U.S. president

Former US diplomat Nicholas Burns, in a speech to the AICPA’s governing Council, highlighted some of the complexities that the winner of the presidential election will face abroad.

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.