Tax, accounting, auditing news - Journal of Accountancy

June 12, 2024

9 months into ERC claim processing moratorium, still a waiting game

New employee retention credit (ERC) claims continue to be filed, and the IRS still has a backlog of claims from before a processing moratorium was announced in September. National Taxpayer Advocate Erin Collins says “soon” is the answer to when the moratorium will end. Meanwhile, some business owners sit and wait.

June 10, 2024

CPA Exam’s top scorers earn Elijah Watt Sells Award

Forty CPA candidates received the 2023 Elijah Watt Sells Award, which was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam.

June 10, 2024

Sustainability course now offers 26.5 CPE credits

The fourth cohort of the ESG and Sustainable Financial Strategy Course begins June 19, presented by the University of Oxford’s Saïd Business School and AICPA & CIMA.

June 10, 2024

AICPA applauds the Private Company Council’s work with FASB

A comment letter related to a Financial Accounting Foundation review of the PCC’s effectiveness praises the impact the council makes for private company stakeholders.

June 10, 2024

PEEC releases exposure drafts on recruiting and tax services

The proposed changes to several interpretations were identified to keep the AICPA Code of Professional Conduct “fit for purpose.”

June 7, 2024

National taxpayer advocate: TikTok a difficult adversary for IRS

Speaking at ENGAGE, Erin Collins asks: How does the IRS fight bad tax advice on TikTok when employees are not supposed to access it?

June 7, 2024

Supreme Court: Insurance proceeds increase corporation’s estate tax value

In a unanimous decision, the Supreme Court holds that life insurance proceeds a corporation receives to fund a share redemption agreement increases the corporation’s estate tax value.

June 6, 2024

Finding qualified staff tops ranking of CPA firm top issues

Accounting firms named finding qualified staff as their top issue, according to biennial survey results released by the AICPA’s firm practice management section.

June 6, 2024

Expert warns: IRS has what it needs to pursue more audits

A speaker at AICPA & CIMA ENGAGE tells attendees that the IRS is paying higher salaries to attract midcareer workers as the agency increases audits.

June 6, 2024

AICPA updates practice aid for digital assets

The practice aid for accounting for and auditing of digital assets has new guidance on auditing the valuation of digital assets along with auditing procedures regarding their existence, rights, and obligations.

June 6, 2024

Finance execs waver on economy, remain neutral on their own businesses

The percentage of respondents optimistic about the U.S. economy dropped since the first quarter. Own-organization optimism remains for about 50% of CPA decision-makers in a new AICPA & CIMA survey.

June 5, 2024

Pipeline Pledge: How small commitments can make a big difference

The National Pipeline Advisory Group has big ideas for growing talent, and a small request related to its efforts could prove invaluable for the profession.

June 5, 2024

Great Resignation workers less satisfied than before

Workers who quit their job during the Great Resignation are significantly less satisfied than their colleagues who stayed, according to a new survey by The Conference Board. Their overall job satisfaction is down 5.6 percentage points.

June 4, 2024

Insights from ENGAGE: You don’t have to like people to lead people

A learning development adviser shares perspective on the qualities that truly matter for great leadership. Here’s a hint: You don’t have to be a “people person” to thrive.

June 3, 2024

Blind adventurer challenges ENGAGE attendees to reach new heights

The first blind person to reach the summit of Mount Everest welcomes thousands to AICPA & CIMA ENGAGE 2024 with an inspiring story.

May 31, 2024

Bias possible in IRS program for auditing refundable credit returns

The IRS said it agrees with the six recommendations from the Government Accountability Office to eliminate the bias.

May 30, 2024

IRS free filing program to become permanent with expanded scope

Commissioner Danny Werfel said the successful pilot program of Direct File encouraged the IRS to make the program available in all states and the District of Columbia.

May 29, 2024

GASB updates its financial reporting blueprint

New guidance features targeted improvements to the financial reporting model established for state and local governments 25 years ago.

May 28, 2024

Flexible work rankings: How does your region stack up?

A pair of reports break down the states where employees enjoy the most freedom when it comes to where they work and the areas where the flexible work model isn’t as common.

May 28, 2024