Tax, accounting, auditing news - Journal of Accountancy

February 8, 2024

Form 1099-K frequently asked questions revised

Almost 50 new or updated frequently asked questions for the IRS’s Form 1099-K, Payment Card and Third Party Network Transactions, published Tuesday, include guidance on common situations, along with more clarity for the payment card industry about which organizations should send Forms 1099-K.

February 7, 2024

Privacy and profits: How responsible data protection can drive revenue

Many companies report a solid return on investment from their actions to protect and promote privacy, but a few simple steps could boost both profitability and security.

February 7, 2024

Study: IRS could collect billions more with full funding

A study shows that the Service can collect $561 billion in tax revenue over 10 years if it receives the funding from the Inflation Reduction Act of 2022 as written.

February 7, 2024

Auto depreciation limitations increase

The IRS issued the 2024 depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.

February 6, 2024

AICPA member insurer clarifies coverage for BOI work by accountants

CNA, which has policies with 25,000 AICPA member accounting firms, said in a statement last week that its professional liability policies generally will cover work services associated with the Corporate Transparency Act, which includes rules for BOI reporting.

February 1, 2024

House OKs $78B tax bill with changes to ERC and child tax credits

The bill, which now goes to the Senate, also delays amortization of research or experimental costs and restores tax breaks for companies from 2017’s Tax Cuts and Jobs Act.

February 1, 2024

7 reasons for deficiencies in audits of broker-dealer annual reports

A PCAOB spotlight report recommends actions that auditors and firms can take to produce compliant attestation engagements.

January 31, 2024

Finance leaders have trust issues with their data

Almost 40% of CFOs in a global survey do not completely trust the accuracy of their organization’s financial data, and trust is even lower for finance leaders who are closer to the numbers.

January 30, 2024

Flexibility at work: More companies move away from in-office model

The percentage of U.S. companies requiring employees to work fully in offices has dropped by nearly 25% since the beginning of 2023, with a hybrid model continuing to take hold.

January 30, 2024

The importance of a pre-marriage ‘money date’

A conversation before marriage about the state of each partner’s finances and their thoughts about money can have long-term benefits for the couple’s financial goals and relationship.

January 29, 2024

Don’t wait on action on tax bill to file returns, IRS tells taxpayers

With tax season opened as of Monday, Commissioner Danny Werfel said the IRS will handle any necessary changes if a bill passes after returns are filed.

January 29, 2024

IRS to hold ERC education sessions for tax pros in February

The sessions, which will be hosted by IRS Criminal investigation special agents at locations nationwide, are aimed at tax professionals who claimed ERCs for clients on previous years’ tax returns.

January 26, 2024

Digital asset question added to more forms for 2023 tax returns

IRS adds a question about digital assets to forms covering partnerships, corporations, S corporations, and estates and trusts.

January 25, 2024

BOI reporting and unauthorized disclosure penalties increased

The beneficial ownership information rules and the penalties for violating them just went into effect last month. Now the penalties have increased.

January 25, 2024

What top accounting academics suggest to attract talent

With enrollment in accounting programs on the decline, three academic leaders offer suggestions for improvement.

January 24, 2024

From CFO to CEO: An increasingly popular path

The percentage of open CEO seats filled by CFOs at large companies rose to a record level in 2023, as did the percentage of women and racially and ethnically diverse leaders.

January 23, 2024

Simpler IRS notices are coming

The IRS’s new Simple Notice Initiative follows a pilot that demonstrated how redesigned notices can improve taxpayer experience while reducing call volume.

January 23, 2024

FASAB releases annual handbook

The Federal Accounting Standards Advisory Board published the latest version of accounting standards for the U.S. government.

January 22, 2024

As excitement about Gen AI grows, can companies keep up?

The majority of Americans are excited about the role Gen AI can play in their everyday lives, but a global survey finds that the majority of executives aren’t thrilled with their companies’ level of commitment to the rapidly growing technology.

January 17, 2024

Reporting of digital assets as cash delayed until IRS issues regs.

In an announcement posted Tuesday, until regulations are issued, the IRS said businesses do not have to include digital assets in determining whether cash received in a single transaction is over the $10,000 reporting threshold.