Tax, accounting, auditing news - Journal of Accountancy

February 6, 2015

2015’s dirty dozen tax scams

The IRS released its “dirty dozen” list of top tax scams for 2015, starting with phone scams and ending with frivolous tax arguments.

February 6, 2015

COSO: Internal control a challenge with outsourced providers

Here’s how companies with outsourced service providers can meet the requirements of the updated internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

February 4, 2015

PCAOB attempting to make standard setting more efficient

The PCAOB is exploring ways to make its standard-setting process more efficient, board Chairman James Doty said Wednesday during an open meeting of the SEC.

February 2, 2015

FASB proposes two changes to simplify accounting for income taxes

FASB proposed two standards changes that are designed to reduce complexity in accounting for income taxes.

January 30, 2015

Audit committee members need more time, expertise to deal with risky environment, survey says

Risk concerns have put a strain on audit committees, who say they need more time and expertise to exercise proper oversight.

January 30, 2015

Apple nearly catches Samsung as smartphone sales soar

Strong demand for the new iPhone 6 and 6+ almost boosted Apple past Samsung in worldwide smartphone shipments.

January 28, 2015

New standards for auditors of brokers and dealers are focus of PCAOB reminder

A PCAOB report reminds auditors of brokers and dealers that new audit standards for those engagements differ from previous standards.

January 28, 2015

Offshore Voluntary Disclosure Program to remain open indefinitely

The IRS stated that it intends to keep its Offshore Voluntary Disclosure Program open until it announces otherwise.

January 28, 2015

How to manage risks connected with the “internet of things”

Although web-connected products and the “internet of things” provide opportunities for transformative growth, they also may carry substantial risks.

January 27, 2015

Revenue recognition implementation: What are FASB’s plans?

FASB’s staff expects to report results of research on two key revenue recognition issues to the board in February—and plans to present feedback to the board early in the second quarter of 2015 on a possible delay in the standard’s effective date.

January 26, 2015

Taxpayers get penalty relief for incorrect premium tax credit advance payments

The IRS announced penalty relief for taxpayers who find they owe tax when they reconcile the advance payments of the premium tax credit they received with the amount they were entitled to when they file their 2014 tax returns.

January 26, 2015

ASB issues auditing interpretations to SAS No. 126 on going concern

New auditing interpretations issued by the AICPA Auditing Standards Board are the result of a short-term initiative to address some of the effects of accounting standards on going concern.

January 26, 2015

Application of PCC exception addressed in not-for-profit panel Q&A

Nonauthoritative guidance developed by the AICPA Not-for-Profit Entities Expert Panel addresses how a for-profit subsidiary of a not-for-profit entity can apply a private company accounting alternative related to amortization of goodwill in its stand-alone financial statements.

January 23, 2015

Charter schools can participate in government retirement plans

The IRS announced that it will develop regulations that would permit a state or local retirement system that qualifies as a governmental plan to cover employees of charter schools.

January 20, 2015

Details of the president’s State of the Union tax proposals

The president aims to increase capital gains taxes for higher-income taxpayers in order to pay for various education, child care, and retirement benefits for middle-income taxpayers.

January 20, 2015

Proposed rules would govern Sec. 41 credit for software

The IRS issued proposed rules to provide guidance on what types of internal-use software qualify for the Sec. 41 research credit, an area of considerable controversy over the years.

January 16, 2015

New IAASB standard changes auditor’s reporting model

A new standard released by the International Auditing and Assurance Standards Board changes rules about how auditors will communicate about their work in their reports.

January 16, 2015

IRS updates accounting method change procedures

The new rules apply to automatic and nonautomatic accounting method changes and include a list of automatic changes that do not require IRS consent.

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.

FROM THIS MONTH'S ISSUE

Clean data faster using Excel’s REGEX functions

Excel’s REGEX functions provide a simpler, flexible solution to text-cleaning tasks, reducing the need to combine multiple functions when cleaning imported data. This JofA Technology Q&A article shows the way with step-by-step instructions and a video walkthrough.