Tax, accounting, auditing news - Journal of Accountancy

September 25, 2024

Chair outlines Private Company Council’s top 4 priorities

Credit losses, debt modifications, retainage and overbillings presentation, and leases are the main items on the PCC agenda.

September 24, 2024

CPA Exam update: Core sections to offer more testing windows in 2025

The Core sections of the newly designed CPA Exam were graded quarterly during the testing model’s first year, but 16 grading periods are scheduled for next year.

September 23, 2024

IRS increases special per diem rate for business travel

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

September 23, 2024

Using behavioral science in a financial-planning practice

By understanding psychological influences on decision-making, CPA financial planners can work with clients more effectively and improve how they operate their practice.

September 20, 2024

Clarification proposed for CPAs’ financial statement preparation engagements

An AICPA committee approved a proposed revision to Statement on Standards for Accounting and Review Services (SSARS) No. 21 addressing the applicability of the standard when preparing financial statements as a part of consulting services.

September 16, 2024

Final regs. issued on consistent-basis and basis-reporting rules

The IRS issued guidance for recipients of property from decedents on the basis-consistency requirement and for executors and others on basis-reporting requirements.

September 16, 2024

More organizations are turning to AI in the finance function

Research finds a significant increase in the percentage of companies leaning into finance AI, even as many struggle to develop sufficient talent to oversee execution.

September 13, 2024

Proposed regs. would exclude tribal general welfare benefits from income

The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.

September 12, 2024

Corporate AMT proposed regulations issued; some penalties waived

The IRS issued proposed regulations providing guidance on the corporate alternative minimum tax (AMT) and a notice that waives the penalty for failure to pay estimated tax with respect to the corporate AMT for 2024.

September 12, 2024

AICPA, NASBA propose a new pathway to CPA licensure

The CPA Competency-Based Experience Pathway offers an additional option for CPA candidates. Comments on the proposal are being accepted through Dec. 6.

September 10, 2024

SEC approves PCAOB system of quality control

QC 1000 establishes a risk-based system that aligns with AICPA quality management standards, both of which take effect in late 2025.

September 9, 2024

Increasing appetite for M&A, AI driving growth, survey finds

Leaders at private and newly public companies are optimistic about growth opportunities, although many view the pivotal role that artificial intelligence plays to be a double-edged sword.

September 6, 2024

IRS seeks comments on SECURE 2.0 saver’s match contributions

Treasury and the IRS issued a notice on saver’s match contributions to be paid by Treasury under provisions of SECURE 2.0.

September 6, 2024

A profitable path powered by AI: Benefits of becoming a ‘data master’

Research reveals how a comprehensive plan related to the relationship between data and artificial intelligence can pay dividends.

September 5, 2024

Decline in economic and organizational optimism among CPA leaders

Finance decision-makers in a quarterly survey say they have concerns on several fronts. As a result, business and industry executives have lower revenue and profit projections.

September 3, 2024

Sustainable services: CPAs positioned for burst in opportunities

As mandatory regulations related to reporting on and assurance of sustainability data begin to take hold, now is the time for CPAs in a variety of roles to position themselves to take advantage.

August 30, 2024

Fact sheet addresses taxability of crowdfunding distributions

The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.

August 30, 2024

PEEC releases ethics exposure draft for Sec. 529 plans

The proposed revisions relate to monitoring challenges and independence threats related to an account owner’s direct financial interest in Sec. 529 plans.

August 29, 2024

FinCEN final rule lessens impact on small registered investment advisers

Treasury’s Financial Crimes Enforcement Network estimates the rule will require about 200 previously unaffected small RIAs to participate in FinCEN’s anti-money-laundering and terrorism programs. The number of affected RIAs is lower than the proposed rule’s estimate.

August 29, 2024

How CPAs can bring order to a disorderly world

A tech-savvy vision will help accountants use their skills to generate data, analyze problems, and instill order that begets trust.

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.