Tax, accounting, auditing news - Journal of Accountancy

April 25, 2024

Final regs. issued for clean energy credit transfers

The IRS issued final regulations regarding the election to transfer certain clean energy tax credits. The regulations include specific rules for partnerships and S corporations as eligible taxpayers and transferee taxpayers.

April 24, 2024

DOL finalizes broad ‘retirement security rule’

CPA financial planners need to be aware of the U.S. Department of Labor’s new rule, which is intended to protect retirement investors from receiving investment advice tainted by conflicts of interest.

April 23, 2024

Draft of Form 1099-DA for reporting digital asset transactions released

The draft form, which when finalized will be used by brokers to report digital asset transactions, reflects the language of the proposed regulations, including a broad definition of “broker.”

April 22, 2024

IRS has mixed results from ‘ghost employer’ enforcement efforts

The IRS had mixed success in its first efforts to find employers who evade taxes, doing better in its criminal pursuit than on the civil side, the Treasury Inspector General for Tax Administration said in a recent report.

April 19, 2024

Updated FAQs provide details on phase-in timing of BOI access

The FAQs from Treasury’s Financial Crimes Enforcement Network said access to beneficial ownership information will be phased in, beginning this spring with a pilot program for some federal agency users and concluding in spring 2025, when financial institutions with customer due-diligence requirements will be able to review BOI.

April 19, 2024

CFO optimism reaches 3-year high, new survey shows

More than one-third of CFOs are very optimistic about the economy, according to a quarterly survey by Grant Thornton, and most finance leaders project growth in net profits over the next 12 months.

April 18, 2024

AICPA letter to FinCEN supports small registered investment advisers

Proposed regulations could challenge small RIAs in particular to maintain compliance, according to an AICPA comment letter. The letter recommends that FinCEN reconsider how it determines who must report.

April 18, 2024

Despite moratorium, IRS gets 20,000 ERC claims weekly, Werfel says

IRS commissioner Danny Werfel told the Senate Finance Committee that a tax bill passed by the House in January would help the IRS combat fraud in employee retention credit claims.

April 17, 2024

More than 4 in 5 large companies still offer flexible work model

Research reveals that four years removed from the beginning of the pandemic, the majority of the largest companies in America feature a structured hybrid model. The most popular model? Three days per week in the office.

April 15, 2024

IRS grants limited waiver for underpayment of estimated corporate AMT

In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration.”

April 15, 2024

Cautious optimism: CEOs confident in their businesses, the economy

Large-company CEOs in a KPMG survey are confident in the U.S. economy despite multiple risks. Also, the CEOs seem to be changing their thinking about a permanent return to in-office work, with more envisioning a hybrid model.

April 12, 2024

The win-win of effective well-being initiatives: 5 steps for leaders

Happy employees are productive employees, but simply offering well-being programs won’t get the job done. The key to success? A companywide commitment that delivers real results in the eyes of current and potential employees.

April 12, 2024

Dirty Dozen list ends with easements, digital assets, and more

The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.

April 10, 2024

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

Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax.

April 10, 2024

PCAOB proposals call for firms to disclose more about themselves

The proposals, open for public comment through June 7, cover 11 firm and engagement metrics as well as new annual and special reporting requirements in five key areas.

April 8, 2024

Two home energy rebates not includible in gross income, IRS says

The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.

April 8, 2024

AICPA: BOI ruling confuses businesses; enforcement should be delayed

In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.

April 3, 2024

Supreme Court to decide estate tax impact of life insurance in closely held businesses

This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week.

April 2, 2024

CPA licensure program off to ‘promising’ start

The Experience, Learn & Earn program, designed to help accounting graduates earn required academic credits for CPA licensure, began earlier this year with online classes at Tulane University.

April 1, 2024