Tax, accounting, auditing news - Journal of Accountancy

January 8, 2015

Government to reach out, provide resources to ease health care tax filing burden

The government announced today that, in the next few weeks, it will introduce “consumer-friendly” resources for taxpayers to use to comply with the new rules.

January 8, 2015

IRS issues procedures for reinstated transit benefits parity

As part of the Tax Increase Prevention Act of 2014, Congress retroactively reinstated the parity between transportation benefits for parking and for transit passes and vanpools to the beginning of 2014.

January 5, 2015

IRS: Tax season to start on time

The IRS announced that it will begin accepting e-filed and paper tax returns on time this filing season. The late passage of tax extender legislation had threatened to delay the start of tax season.

December 24, 2014

How firms can use social media more effectively

Many CPA firms post sparingly and need better training and policies around social media, a new survey shows.

December 24, 2014

Regulations tightening Form 5472 filing requirements are finalized

The IRS finalized proposed regulations issued last June requiring corporations to file Form 5472 with their timely filed tax returns or pay a large penalty.

December 23, 2014

FASB issues private company alternative for certain intangible assets

A GAAP alternative issued by FASB gives private companies the option to elect not to recognize separately from goodwill certain intangible assets acquired in a business combination.

December 23, 2014

Transfers of installment obligations would trigger gain or loss under proposed rules

The IRS issued proposed regulations that govern the tax treatment of transfers of installment obligations in exchange for equity interests in corporations or partnerships.

December 22, 2014

Answers to 2014 JofA news quiz

Here are the answers to the 2014 JofA news quiz.

December 22, 2014

Take the 2014 JofA news quiz

Take this 12-question, 2014 Journal of Accountancy quiz to make sure you are up-to-date on news in the profession from the past year.

December 22, 2014

President signs tax extenders into law

President Barack Obama signed into law the Tax Increase Prevention Act of 2014, which retroactively extends more than 50 expired tax provisions through 2014.

December 18, 2014

U.S. GAAP taxonomy for 2015 available

The 2015 U.S. GAAP Financial Reporting Taxonomy is available, pending SEC approval, FASB announced.

December 18, 2014

IASB issues amendments, exposure draft related to more streamlined disclosures

The amendments are designed to give preparers the ability to use professional judgment when preparing financial statements.

December 17, 2014

New law creates tax-favored savings accounts for disabled taxpayers

The tax extenders legislation passed on Tuesday includes a provision allowing states to create tax-favored accounts to allow disabled taxpayers to save money to pay for their disability-related expenses.

December 16, 2014

Congress passes tax extender legislation

Included in the extended provisions are the research and development credit, bonus depreciation and higher limits under Sec. 179. The bill now goes to the president for his signature.

December 16, 2014

Survey: Financial planning services help firms retain clients, increase revenue

Adding personal financial planning (PFP) services can help a CPA firm attract and retain clients and increase its revenue, the AICPA’s recent Economic Benefit of PFP Services survey found.

December 15, 2014

Evolving practice monitoring to improve quality in A&A engagements

In a new concept of practice monitoring the AICPA envisions for the future, peer reviewers and firms will use a new technology platform to enable more thorough analysis and provide more timely feedback for accounting, auditing and attestation engagements.

December 12, 2014