Tax, accounting, auditing news - Journal of Accountancy

July 26, 2023

SEC adopts final rules regarding cybersecurity disclosures

The SEC adopted final rules requiring companies that file documents with the commission to disclose material cybersecurity incidents and provide periodic disclosure of the registrant’s cybersecurity risk management, strategy, and governance in annual reports.

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

Financial planning aspects of 401(k) rollovers

A variety of planning considerations affect the decision whether to leave funds in an old employer retirement plan, roll them to a new employer plan, or roll them to an IRA.

July 11, 2023

4 AICPA & CIMA leaders discuss global sustainability standards

Leaders with their finger on the pulse of sustainability reporting see an opportunity for accountants to create value. They also see that challenges such as interoperability and capacity building will need to be addressed.

July 10, 2023

GASB provides guidance on application of standards

GASB has issued implementation guidance in the form of questions and answers, that is intended to clarify a series of the board’s pronouncements.

July 7, 2023

Writing advanced Excel macros with GPT-4

For a fee, the AI tool offers more computing power to help automate repetitive tasks such as cleaning data.

July 5, 2023

Study: Deterrence a major factor in bringing in more money from IRS audits

The paper by researchers at Harvard University, the University of Sydney, and Treasury finds that an additional $1 spent on marginal audits of top earners can get a return of $12 in revenue.

June 30, 2023

Stock repurchase excise tax reporting and payment delayed by IRS

The IRS says covered corporations will not have to report or pay the new 1% stock repurchase excise tax until it issues forthcoming regulations.

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.