Tax, accounting, auditing news - Journal of Accountancy

October 24, 2016

MAP survey: Firms continue to grow revenue

Accounting firms of all sizes posted year-over-year revenue gains during their most recent fiscal year, with the rate of growth increasing for most practices.

October 24, 2016

8 technical questions and answers for investment companies

Eight technical questions and answers for investment company accounting have been issued by the AICPA Investment Companies Expert Panel and are available in TIS Section 6910, Investment Companies.

October 19, 2016

Social Security Administration announces large increase in 2017 wage base

The SSA announced that the maximum amount of earnings subject to the Social Security tax will increase by more than 7% in 2017, after remaining flat in 2016.

October 18, 2016

GASB proposes OPEB implementation guidance

GASB would provide answers to more than 150 questions about other post-employment benefit (OPEB) plan accounting in a newly proposed implementation guide.

October 14, 2016

Earnings-stripping rules make many changes from proposed regs.

The new rules are part of the Treasury Department’s larger effort to curb corporate inversions.

October 13, 2016

PTIN class action lawsuit affects all tax return preparers

A class action lawsuit currently pending in a federal district court includes in its class of plaintiffs all tax return preparers who obtained or renewed a PTIN after Sept. 30, 2010.

October 10, 2016

Olympic tax break enacted

Legislation excluding prize money earned by Olympians and Paralympians from gross income was signed into law.

October 6, 2016

Americans’ biggest retirement fear: Running out of money

CPA financial planners report that their clients’ greatest fear about retirement is running out of money, an AICPA survey finds.

October 4, 2016

Top considerations for 2016 audit cycle

Areas of high attention for auditors during the 2016 audit cycle will include a new standard on naming the engagement partner as well as internal control over financial reporting.

October 4, 2016

AICPA issues more revenue recognition working drafts

New working drafts issued by the AICPA Financial Reporting Executive Committee address issues related to implementation of FASB’s new revenue recognition standard.

September 29, 2016

Millennials are the most confident investors, survey shows

Millennial investors have more faith than members of other generations in US and overseas markets, US public companies, and audited financial information, a new survey shows.

September 29, 2016

Fraud risk management guidance updated by COSO

Developing a transparent anti-fraud culture and conducting periodic risk assessments are important steps for organizations in deterring fraud.

September 29, 2016

FASB proposes changes to long-duration contract reporting for insurance companies

FASB issued a proposal that would change accounting rules for insurance companies that issue long-duration contracts such as life insurance, disability income, long-term care, and annuities.

September 28, 2016

Guidance allows QTIP election where executor elects portability

The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.

September 27, 2016

New lease accounting standard proposed for federal entities

A proposal issued by the FASAB would require federal lessees to recognize a lease liability and a leased asset at the beginning of a lease, unless it is an intragovernmental lease or a short-term lease.

September 27, 2016

IRS issues 2016–2017 special per-diem rates for travel

The IRS issued its annual updates of per-diem rates for use in substantiating certain business expenses taxpayers incur when traveling away from home on or after Oct. 1.

September 26, 2016

GASB proposal addresses various practice issues

A GASB proposal would provide guidance addressing a multitude of issues that have arisen in state and local government financial reporting.

September 26, 2016

Private collection agencies to start collecting tax debts in the spring

Under legislation enacted last year, the IRS is required to use private debt collection agencies to collect outstanding inactive tax liabilities.

September 23, 2016

New IRS e-Services authentication process requires re-registration

The IRS announced that beginning in late October all e-services users will be subject to a strengthened identity protection process, which, for existing users, requires re-registering.

September 23, 2016

ARSC completes clarity project with issuance of SSARS No. 22

New Statement on Standards for Accounting and Review Services No. 22 clarifies the standard on compilations of pro forma financial information.

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.