Tax, accounting, auditing news - Journal of Accountancy

October 20, 2023

IRS emphasizes strides as it presses to keep funding

Commissioner Danny Werfel focused on IRS efforts to get wealthy corporations and high-income individuals to pay taxes they owe as he made his case for the Service to keep both its annual appropriations and funding from the Inflation Reduction Act.

October 20, 2023

Budgets for salary increases rise at historic rates

The average salary increase budget among U.S. companies polled in a long-running annual survey rose 4.4%, the greatest increase observed by The Conference Board since 2001.

October 19, 2023

‘As if they were never filed’: IRS outlines steps to withdraw ERC claims

The withdrawal program is one step that the IRS is taking to help small businesses that may have filed an ineligible claim while also cracking down on unscrupulous promoters.

October 18, 2023

13 states will participate in IRS Direct File pilot

The pilot program for the 2024 filing season will let individuals file returns directly with the IRS, with strict limits on eligibility, covering only taxpayers with relatively simple returns.

October 18, 2023

Projected tax gap jumps to $688 billion for tax year 2021

The IRS said the increase in the projected tax gap is due to growth projected increases in nonfiling and underreporting of individual income tax, along with underreporting of self-employment tax.

October 16, 2023

SEC addresses securities transparency; PCAOB addresses audit concerns

The SEC adopts several rules and amendments expanding and expediting the sharing of information; the PCAOB shares advice with auditors related to issues with engagement quality reviews.

October 16, 2023

IRS announces relief for taxpayers affected by attacks in Israel

Qualifying individuals and businesses have until Oct. 7, 2024, to file certain federal returns, make tax payments, and perform other time-sensitive, tax-related actions, according to an IRS notice.

October 13, 2023

IRS to modernize regs. for tax sales of seized property

Proposed regulations would update existing procedures to reflect online and other electronic forms of bidding and payment.

October 13, 2023

FASAB committee issues updates to guidance on leases

The board’s Accounting and Auditing Policy Committee issued Federal Financial Accounting Technical Release (TR) 22: Leases Implementation Guidance Updates.

October 12, 2023

Social Security wage base, COLA set for 2024

The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2024 to $168,600 and a 3.2% cost-of-living adjustment for Social Security benefits for 2024.

October 12, 2023

Pool of accounting graduates shrinks, AICPA report finds

The AICPA 2023 Trends report shows a significant decrease in accounting graduates, but university accounting departments foresee an increase in enrollment. That, combined with a projected increase in the general student population, presents an opportunity for the profession.

October 9, 2023

Clean-vehicle buyers can transfer tax credits to reduce purchase price

Proposed regulations provide guidance for how transfers of the up to $7,500 Sec. 30D new clean vehicle, and up to $4,000 Sec. 25E used clean vehicle credit will work for buyers and dealers, starting Jan. 1, 2024.

October 9, 2023

FASB amends codification to align with SEC disclosures

The Accounting Standards Update incorporates 14 disclosures from a 2018 SEC final rule into GAAP.

October 9, 2023

Long-term-care planning using trusts

Even some clients who have substantial assets plan for the possibility of relying on Medicaid for long-term care by creating irrevocable trusts to preserve assets.

October 5, 2023

Harnessing collaboration for workplace transformation

Advances in technology are turning the business world upside down — and accounting is no exception. The paradigm shift taking place calls for radical innovation and transformation. Collaboration is the key.

October 4, 2023

FinCEN continues outreach on BOI reporting, may release YouTube videos

The new head of the Financial Crimes Enforcement Network said the online videos, which she used in her previous government position, are among the communication options being considered to inform companies about beneficial ownership information reporting requirements.

October 3, 2023

Some common uses for trusts

Common types of trusts that CPAs should be familiar with include grantor trusts, special-needs trusts, domestic asset protection trusts, and trusts for solo 401(k)s.

October 3, 2023

AICPA backs legislation to add accounting to STEM education

The recently introduced bills would increase awareness of accounting at an earlier age through the use of federal funding “to promote the development, implementation, and strengthening of programs to teach accounting.”

October 3, 2023

New from the IRS: Reduced fee for PTINs, updates to Tax Pro Accounts

The IRS issued rules to reduce the PTIN fee to an $11 user fee plus an $8.75 third-party contractor fee for the next three fiscal years and announced new features for Tax Pro Accounts.

October 2, 2023

New PCAOB standard addresses confirmation in the audit

The standard aims to modernize the process that auditors use to verify information via a third party about one or more financial statement assertions.

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.