Tax, accounting, auditing news - Journal of Accountancy

September 22, 2016

FASB proposes shortening amortization period for certain debt securities

The FASB issued a proposal that would shorten the amortization period for callable debt securities purchased at a premium.

September 22, 2016

Tax scammers send fake CP2000s, IRS warns

The IRS issued an alert to taxpayers not to respond to the latest tax fraud scheme, an emailed CP2000 notice claiming to be related to an Affordable Care Act tax underpayment.

September 19, 2016

FASB proposes additional revenue recognition corrections

FASB’s efforts to clarify its new revenue recognition standard continued when the board proposed technical corrections and changes to the standard.

September 19, 2016

New path proposed for CPAs in cyber risk management

Two proposals issued Monday would create guidance for management in designing and describing its cybersecurity risk management program.

September 15, 2016

IRS restricts foreign tax credit splitter arrangements

The IRS issued guidance prohibiting corporations from taking foreign tax credits for taxes without repatriating the earnings to the United States.

September 9, 2016

Defined benefit plan participants can receive lump sum and annuity under new rules

The IRS issued new rules giving retirement plan participants greater flexibility in choosing how to receive their pension benefits.

September 8, 2016

FASB proposes targeted changes to hedge accounting rules

FASB issued proposed hedge accounting rules that are designed to enable a faithful representation of how an organization manages risk.

September 6, 2016

U.S. presidential election’s impact minimal on hiring, spending

U.S. finance executives are generally unfazed by the potential outcome of the presidential election.

September 2, 2016

New cyberattacks threaten tax professionals

A new wave of cyberattacks could allow criminals to take control of tax practitioners’ computers and file fraudulent returns.

September 1, 2016

Final regulations amend definitions of marriage

The IRS finalized proposed rules issued last October amending the definitions of marriage and husband and wife after the Supreme Court’s decision in Obergefell v. Hodges, which legalized same-sex marriages.

September 1, 2016

FASB releases proposed 2017 GAAP taxonomy

The taxonomy allows companies to apply computer-readable tags to thousands of pieces of financial data that are included in financial reports.

September 1, 2016

Companies plan to hire—if they can find workers

A growing number of US companies plan to hire more workers, but finding the right talent remains a concern, according to a quarterly survey of CPA executives by the American Institute of CPAs.

August 31, 2016

SEC plans to make exhibits in filings easier to access

The proposal is designed to make it easier for readers to locate exhibits referenced in those filings.

August 31, 2016

IRS fails to notify victims and Social Security Administration of identity theft cases

A report from the TIGTA found that the IRS had not notified victims or the Social Security Administration of many cases it detected of employment-related identity theft.

August 30, 2016

Continued rise projected for accountants’ starting salaries in 2017

Increases in starting salaries for US accounting and finance positions will range from 3.0% to 4.3% in 2017, according to a new salary guide.

August 29, 2016

GASB proposal seeks uniformity in accounting for early debt extinguishment

Accounting requirements for state and local governments for early extinguishment of debt would become more consistent under a proposal issued by the Governmental Accounting Standards Board.

August 26, 2016

New procedures for amending returns to claim PATH Act depreciation changes

To help taxpayers take advantage of retroactive changes enacted late last year affecting Sec. 179 property and bonus depreciation, the IRS issued rules for filing returns to take advantage of these deductions.

August 26, 2016

FASB seeks uniformity in cash flow presentation

FASB issued new rules for presenting and classifying certain cash payments and cash receipts on the statement of cash flows.

August 26, 2016

SEC asks for comments on disclosure simplification

The SEC invited input on certain disclosure requirements related to management, certain security holders, and corporate governance matters.

August 25, 2016

Due-diligence hazards for tax practitioners: The list keeps growing

From rental property expenses to worker classification to offers in compromise, the list of areas where tax practitioners must exercise due diligence keeps growing.

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.