Tax, accounting, auditing news - Journal of Accountancy

January 12, 2024

Scope 3 reporting: Where things stand with standard-setters

While the SEC weighs greenhouse gas emissions reporting standards, key players home and abroad weighed in on expectations for disclosures during a recent AICPA webcast.

January 12, 2024

IRS enforcement efforts collect $520 million from wealthy taxpayers

IRS Commissioner Danny Werfel detailed new IRS efforts to collect taxes from high-income individuals, complex partnerships, and large corporations. He also gave an update on IRS modernization progress.

January 10, 2024

Employee or independent contractor? DOL issues new guidance

A final U.S. Department of Labor rule provides an economic reality test and targets “misclassifying employees as independent contractors,” which could have tax and other implications for workers and employers alike.

January 10, 2024

Taxpayer advocate: IRS again fails tax pros with PPS call answer rate

In an annual report to Congress, the national taxpayer advocate says the IRS should prioritize improving service on the practitioner priority service line, which had a 29% call answer rate.

January 10, 2024

SEC accepting Professional Accounting Fellow applications

The SEC’s Office of the Chief Accountant is accepting applications for Professional Accounting Fellow positions that will begin in the summer of 2024.

January 10, 2024

Auditor options when finding ineligible ERC claims

With the IRS challenging the validity of many employee retention credit (ERC) claims, what should practitioners do if they come across questionable ERC claims during audit engagements? Experts Robert Durak and Michael Westervelt provide answers.

January 9, 2024

Accountants after dark: Evening work is common, research finds

More than one-third of month-end closing tasks were completed after 7 p.m., according to a software company’s review of its users’ habits.

January 9, 2024

GASB guidance expands risk-related reporting requirements

A new statement requires governments to disclose concentrations and constraints that could make them vulnerable to a substantial impact.

January 9, 2024

IRS to begin accepting and processing 2023 tax returns on Jan. 29

IRS commissioner Danny Werfel promised “marked improvement” for the upcoming tax season, when almost 129 million individual tax returns are expected to be filed.

January 9, 2024

CFOs’ optimism about the economy remains low

Less than half of finance leaders in North America rate current economic conditions as “good or very good,” according to Deloitte’s 4Q23 North American CFO Signals survey, and most have a negative outlook regarding this year.

January 8, 2024

CPAs at a crossroads: Real approaches to artificial intelligence

A former firm partner with expertise in ChatGPT and other AI tools shares why CPAs can’t afford to sit on the sideline and shares how to be responsive to your clients, your team at work, or both.

January 4, 2024

IRS collects record-setting $4.9 trillion in tax revenue in FY 2022

The Treasury Inspector General for Tax Administration said in its annual report that the total tax revenue collected from return filings was about $790 billion more than in FY 2021.

January 3, 2024

Draft form, instructions posted for corporate AMT

The IRS instructions say that all corporations must file Form 4626, unless they fall under one of four exclusions, to determine whether they are an applicable corporation, and, if so, to calculate the tax.

January 3, 2024

A new fiduciary rule: What CPA financial planners need to know

Many financial advisers who offer retirement investment advice would be subject to new ethical requirements under recently proposed regulations, a U.S. Department of Labor official explains in this Q&A.

December 21, 2023

ERC voluntary disclosure program requiring 80% claim payback launched

The IRS announced the launch of a program that will allow businesses to repay money from questionable employee retention credit claims and avoid penalties and interest.

December 21, 2023

Final rule issued on access to beneficial ownership information

The director of the Financial Crimes Enforcement Network said the key changes from the proposed rule involve the scope of financial institution access to beneficial ownership information; limitations on offshore access to BOI; and streamlining procedures for state, local, and tribal law enforcement to gain access to BOI.

December 21, 2023