Tax, accounting, auditing news - Journal of Accountancy

August 24, 2016

IRS allows self-certification for late rollovers of retirement plan funds

The IRS issued a procedure permitting taxpayers, in certain circumstances, to give an IRA trustee or retirement plan administrator a certification statement to treat a rollover as timely even if the taxpayer failed to complete the rollover within 60 days after a distribution.

August 24, 2016

PCAOB, German regulator to cooperate in oversight of audit firms

The Public Company Accounting Oversight Board will cooperate with the German Auditor Oversight Body in overseeing audit firms that operate under both regulators.

August 24, 2016

Don’t let social media envy drain your bank account

Nearly 4 in 10 social media users browse for vacations or other goods after seeing friends’ purchases online, an AICPA survey found.

August 23, 2016

GASB’s pollution remediation reporting standard meets objective, review finds

GASB’s rules for reporting on pollution mediation obligations provide for consistent, timely and complete reporting, according to a review.

August 23, 2016

Tips for implementing FASB’s not-for-profit standard

FASB recently issued its first major change to not-for-profit accounting standards since 1993. Here are tips for implementing the new standard.

August 19, 2016

New user fees proposed for IRS installment agreements

The IRS is proposing to charge a variety of fees, based on whether the taxpayer uses the online application process and/or pays by direct debit.

August 18, 2016

Broker-dealer audit concerns remain high for PCAOB

PCAOB inspectors found deficiencies in 77% of the audits of broker-dealers they reviewed in 2015.

August 18, 2016

FASB modifies not-for-profit accounting rules

FASB’s new accounting standard is designed to help not-for-profits tell their story through their financial statements.

August 17, 2016

AICPA proposes modifying peer review reports, firm representation letters

Peer review reports would be modified to clearly indicate if a single audit was selected under a proposal issued by the AICPA Peer Review Board.

August 16, 2016

CPE standards update accommodates new forms of learning

CPAs will be able to receive credit for continuing professional education material delivered through nano-learning and blended learning instruction.

August 11, 2016

FASB proposes concepts for financial statement presentation

FASB issued a proposal that would establish a set of concepts for how recognized items should be presented in a financial statement.

August 11, 2016

More companies funding credentials for employees

Rising demand for accounting and finance professionals with new skills is making it more likely that companies pay their employees to gain and maintain professional certifications.

August 10, 2016

U.S. accounting salaries continue to escalate

Accounting and finance salaries in the United States are projected to rise 2.8% in 2017, according to a salary guide published by recruiting firm Accounting Principals.

August 8, 2016

How not-for-profits can stay strong amid uncertainty

Finance leaders offer suggestions for staying strong in these challenging times.

August 4, 2016

IRS issues guidance on PATH Act ITIN renewals

Individuals whose individual taxpayer identification numbers (ITINs) will expire this year under new Code provisions may renew them starting in October.

August 4, 2016

IRS issues temporary regulations on early elections of new partnership audit procedures

The IRS issued rules regarding the time, manner, and form for partnerships to make the election to apply the recently enacted unified partnership audit rules for certain years before Jan. 1, 2018.

August 4, 2016

What should FASB work on next?

FASB is seeking feedback on which financial reporting and accounting issues it should add to its agenda for potential standard setting.

August 3, 2016

FASB proposes clarifying consolidation guidance for not-for-profits

FASB issued a proposal that is designed to clarify when a not-for-profit entity that is a general partner should consolidate a for-profit limited partnership or similar entity.

August 3, 2016

Travel rewards can lead to credit woes for many Americans

Though 58% of Americans say using credit cards to earn travel rewards makes sense, just 15% actually use these rewards to pay for all or part of a trip, an AICPA survey found.

August 2, 2016

Second Circuit holds taxpayer not subject to IRS summons

The court held that the taxpayer was protected by the Fifth Amendment privilege against self-incrimination.

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.