Tax, accounting, auditing news - Journal of Accountancy

January 15, 2015

Pathways implementation taking next steps

The next steps in implementation of the recommendations of the Pathways Commission on Accounting Higher Education were announced by the AICPA and American Accounting Association.

January 15, 2015

Americans’ finances rebounding in the economic recovery, AICPA PFS Index finds

The AICPA released a new economic barometer, the PFSi (Personal Financial Satisfaction Index), which weighs a variety of economic factors to calculate the financial standing of a typical American.

January 14, 2015

Viewing cybersecurity through a COSO lens

The principles outlined in a popular internal control framework can help organizations manage their cybersecurity.

January 13, 2015

Budget cuts may force IRS furlough days again

The IRS warned its employees that budget cuts may require it to furlough employees for two days sometime during this fiscal year.

January 13, 2015

No more extraordinary items: FASB simplifies GAAP

A new standard issued by FASB is designed to save time and reduce costs for preparers by eliminating the concept of extraordinary items from GAAP.

January 12, 2015

AICPA provides feedback on tax reform proposals

The AICPA urged Rep. Paul Ryan, the new chair of the House Ways and Means Committee, to follow the AICPA’s principles of good tax policy to guide tax reform.

January 9, 2015

PCAOB to seek comments on going concern

The project is responding to new FASB requirements for management’s evaluation of going concern.

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.

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