Tax, accounting, auditing news - Journal of Accountancy

July 29, 2024

5 new warning signs of a bad claim for pandemic-era ERC

The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.

July 25, 2024

Funding spurs IRS improvements, but challenges remain, commissioner says

IRS provides fifth quarterly update on transformation efforts, with Commissioner Danny Werfel saying the agency is making “substantial progress.”

July 24, 2024

FASB proposes scope-related changes to two ASC topics

The Financial Accounting Standards Board is seeking feedback on a proposed Accounting Standards Update related to the application of derivative accounting to contracts and to the diversity in accounting for a share-based payment from a customer.

July 23, 2024

FASAB issues amendments, seeks new board members

The amendments conform implementation guidance to several existing reporting standards for federal government entities.

July 23, 2024

Improving enterprise risk management: 5 steps to success

The results of an annual survey found that organizations have made minimal gains in risk oversight over the past five years despite an increasingly threatening risk landscape.

July 22, 2024

FinCEN estimates millions of hours will be spent seeking BOI access

Almost 16,000 entities will spend over 8.7 million hours seeking access to beneficial ownership information in the first year, FinCEN estimated in a new notice.

July 18, 2024

Final and proposed regs. issued on retirement plan RMDs

The final regulations reflect changes to the required minimum distribution rules made by the SECURE Act and SECURE 2.0 and generally follow proposed regulations issued in 2022.

July 17, 2024

Warning for EBP audit firms: Service agreements can create headaches

A letter from the Employee Benefit Plan Audit Quality Center addresses nondisclosure agreements and recommends actions that auditors can take to avoid running afoul of legal, regulatory, or professional standards.

July 16, 2024

CPA Exam to be offered in the Philippines

The AICPA and the National Association of State Boards of Accountancy expanded international testing availability of the U.S. CPA Exam to the Philippines with three testing centers.

July 15, 2024

FASB issues new chapter of Conceptual Framework

The new section is related to the measurement of items recognized in financial statements. It completes the board’s framework.

July 11, 2024

CFO optimism reaches highest level in 3 years, new survey shows

Grant Thornton’s Q2 2024 CFO survey found that 58% of CFOs are optimistic about the U.S. economy — the highest level of optimism since the third quarter of 2021. Plus, a rising percentage of CFOs expect profits to grow in the next 12 months.

July 11, 2024

IRS collects $1 billion from high-income people who owed back taxes

The IRS is collecting on tax liabilities that were not “even in dispute,” Commissioner Danny Werfel said, but the IRS did not previously have the resources to pursue payment.

July 8, 2024

Taxed at work? 4 keys to staying healthy, happy, and productive

Practitioners who once contemplated changing professions share strategies that changed their lives for the better — at the office and away from it.

July 3, 2024

Financial restatements drop, a good sign for reporting quality

The number of financial restatements filed with the SEC dropped by more than 50% from 2013 to 2022, according to a Center for Audit Quality study.

July 3, 2024

Using case studies to boost student participation and performance

Incorporating the case-study method provides a way to improve accounting and finance student engagement.

July 3, 2024

Proposed regs. address interest recapture on excess COVID-19 credits

The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.

July 2, 2024

Tax pros: IRS improving, but getting the right answer takes too long

A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.

July 2, 2024

Final regs. issued for 1% excise tax on corporate stock repurchases

The final regulations provide guidance regarding the reporting and payment of the excise tax on repurchases of corporate stock made after Dec. 31, 2022.

July 1, 2024

IRS issues final regs. on reporting requirements for digital assets

The final regulations require custodial brokers to report transactions on Form 1099-DA, which the IRS will release soon. A different set of final regulations with rules for decentralized, or noncustodial, brokers will be issued later.

June 28, 2024

Supreme Court overrules 40-year-old Chevron doctrine

The Court held that the APA requires courts to exercise their independent judgment in deciding whether an agency has acted within its statutory authority and not to defer to an agency’s interpretation of the law simply because a statute is ambiguous.

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.