Tax, accounting, auditing news - Journal of Accountancy

July 26, 2023

The new 529 rollover to Roth IRA

A new rule will allow rollovers from a 529 educational savings plan to a beneficiary’s Roth IRA up to a certain dollar limit. This article explains what advisers need to know.

July 26, 2023

Final regs. allow assessment of COVID-19 related tax credit refunds

The IRS issues final regulations that allow for the assessment of erroneous refunds of COVID-19 related paid sick leave, family leave, and employee retention credits.

July 25, 2023

IRS ends most unannounced revenue officer visits

IRS Commissioner Danny Werfel on Monday announced an end to unannounced home visits by IRS revenue officers, except in a few cases. The change is effective immediately.

July 25, 2023

PCAOB report: Audit deficiencies rise again in 2022

The number of audits found to have deficiencies during PCAOB inspections showed another year-over-year increase in 2022, according to a board staff report released Tuesday.

July 24, 2023

Scams are surging in the summer, the IRS says

The IRS issued a warning for taxpayers to be wary of offers promising tax refunds or to “fix” tax problems, saying these emails or texts are part of a summer surge in tax scams.

July 20, 2023

At the ripe old age of 21, he’s advising the IRS on change

Aidan Hunt was appointed at age 20 to the IRS Advisory Council, a panel that advises the IRS commissioner and recommends administrative and policy changes.

July 18, 2023

IRS provides transition relief for change in beginning date for RMDs

A notice provides transition relief for the change in the required beginning date for required minimum distributions (RMDs) under the SECURE 2.0 Act and guidance related to certain specified RMDs.

July 18, 2023

Quality management standards: How to identify risks and design responses

An expert suggests ways to get started implementing the new and very different risk-based standards.

July 17, 2023

Commissioner: We are progressing toward a user-friendly IRS

IRS Commissioner Danny Werfel said the Service’s transformation is in full swing, thanks to new infusion of cash that he says needs to keep coming.

July 17, 2023

5 years before and 5 years after retirement: 5 steps to take

Three accomplished personal financial planners explain how to enrich clients’ lives in the final years of employment and the first years of retirement and beyond.

July 14, 2023

How the IRS can avoid tax deadline confusion in disaster areas

The national taxpayer advocate recommended changes that range from one simple one the IRS can handle on its own to congressional action.

July 12, 2023

SEC approves new rules for money-market funds

The SEC adopted amendments to certain rules that govern money market funds under the Investment Company Act of 1940, which are designed to improve the resilience and transparency of money market funds.

July 12, 2023

Prop. regs. clarify tax treatment of certain health insurance payments

New proposed regulations clarify that accident or health insurance payments are not excludable from an employee’s income where the payments are made without regard to amount of medical expenses incurred by the employee under Sec. 213(d) and the premiums or contributions for coverage are paid on a pre-tax basis.

July 12, 2023