Tax, accounting, auditing news - Journal of Accountancy

April 10, 2015

Wife of anti-tax author sentenced to prison

Doreen Hendrickson, wife of tax protester author Peter Hendrickson, who wrote the antitax book Cracking the Code, has been sentenced to 18 months in prison for criminal contempt after failing to file amended tax returns as ordered by a court and for filing a false return.

April 10, 2015

Revised IAASB standard increases auditors’ involvement with “other information”

Revisions issued by the IAASB require auditors to increase their involvement with information that is included in entities’ annual reports but is outside audited financial statements.

April 9, 2015

How do Americans define personal financial prosperity?

Although homeownership often is depicted as the American Dream, a new AICPA survey shows that being able to afford a comfortable retirement is considered the best sign of financial success.

April 8, 2015

Americans fear running out of money in retirement

More than half of CPA financial planners say their clients’ biggest concern about retirement planning is running out of money, according to a new AICPA survey.

April 7, 2015

FASB issues changes regarding presentation of debt issuance

The standard requires that debt issuance costs not be classified as a deferred charge or deferred credit.

April 2, 2015

How revenue recognition divergence would affect preparers

Convergence between U.S. GAAP and IFRS may diminish as the FASB and the IASB pursue different proposed changes in response to implementation concerns.

April 1, 2015

FASB agrees to propose revenue recognition standard delay

FASB voted to propose a one-year delay in the effective date of the new, converged revenue recognition standard.

March 31, 2015

PCAOB reorganizes standards to follow flow of an audit

The PCAOB voted to reorganize its standards to make them easier to navigate and follow the flow of an audit.

March 31, 2015

Qualified performance-based compensation rules are finalized

The Internal Revenue Code provides an exception for certain performance-based compensation from the $1 million deduction limitation for compensation paid to covered employees by publicly held corporations.

March 30, 2015

Final regs. provide rules for assessment limitation period for undisclosed listed transactions

Generally, the IRS has three years from the later of the date the return was filed or the original due date of the return to assess tax.

March 27, 2015

How coordination enables compliance with the group audits standard

Learn how proper coordination between the group auditor and component auditors enables compliance with the standards.

March 27, 2015

Former partner liable for trust fund penalty

A taxpayer couldn’t prove his CPA had responded to an IRS letter assessing the 100% penalty for failure to pay payroll tax.

March 26, 2015

FASB set to discuss revenue recognition effective date deferral

Some financial statement preparers have said the current effective date doesn’t give them time to gather the data they need.

March 26, 2015

PCAOB considering a more logical organization of its standards

The PCAOB will meet Tuesday to consider adopting a reorganization of its standards that is intended to make them easier to navigate.

March 25, 2015

SEC adopts new rules to ease smaller companies’ access to capital

The Securities and Exchange Commission adopted new rules, known as “Regulation A+,” that are intended to give smaller companies more access to capital.

March 24, 2015

AICPA deletes nonauthoritative guidance on uncertain tax position disclosures

As part of an effort to clarify guidance regarding uncertain tax positions for nonpublic entities, the AICPA deleted a nonauthoritative Technical Question and Answer (Q&A).

March 24, 2015

FASB plans two new proposals to simplify accounting

FASB is expected to release proposals designed to simplify the equity method of accounting and to simplify the accounting for measurement period adjustments in a business combination.

March 20, 2015

AICPA asks IRS for portability relief for surviving spouses

The AICPA sent a letter to the IRS on recommending ways to make it easier for surviving spouses to elect portability of the deceased spouse’s unused estate tax exemption.

March 20, 2015

Accountants prefer problem-solving over number crunching, survey says

Accounting and finance professionals said solving problems gives them the most career satisfaction, ahead of working with numbers, according to a new survey.

March 18, 2015