Tax, accounting, auditing news - Journal of Accountancy

June 29, 2023

Research finds algorithms, unscrupulous preparers behind audit bias

Subsequent research has replicated the racial gap in audit rates found in a study led by Stanford University and pointed to both unscrupulous tax preparers who submit EITC claims and algorithmic bias in the IRS’s audit selection process as causes.

June 28, 2023

Mississippi youth passes CPA Exam – at age 15

Jimmy Chilimigras, headed to law school in August, is believed to be the youngest person to ever pass the CPA Exam.

June 27, 2023

FASB proposes improvements to accounting for purchased financial assets

FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting for purchased financial assets.

June 26, 2023

In one minute, this simple tool could save practitioners hours

Practitioners now have at their fingertips an interactive PDF that can quickly help determine whether AR-C Section 70 of SSARS No. 21 is required to be applied when performing accounting services.

June 26, 2023

Historic global standards for sustainability reporting released

The IFRS Foundation’s International Sustainability Standards Board issued IFRS S1 and IFRS S2 on Monday, the first two global standards for sustainability reporting.

June 23, 2023

COVID-19 coverage without a deductible ends next year

A high-deductible health plan will no longer be permitted to provide coverage without a deductible for testing for and treatment of COVID-19 after Dec. 31, 2024.

June 23, 2023

PCAOB details priorities for audit inspections

The PCAOB has released expanded details regarding its list of priorities for 2023 audit inspections, most notably risk of fraud, risk assessment and internal controls, and auditing and accounting risks.

June 22, 2023

Taxpayer advocate: 2023 tax season better at IRS; IT upgrades imperative

In her annual midyear report to Congress, National Taxpayer Advocate Erin Collins says the difference between the 2022 and 2023 tax seasons was “like night and day.”

June 21, 2023

Pilot program set to help all stakeholders along the talent pipeline

The Experience, Learn & Earn program aims to turn accounting students into employees faster and in a more economical way, to the benefit of companies seeking talent.

June 20, 2023

Why accounting firms need a strong strategic plan

As accounting firms look to transform their business model to keep pace with marketplace and demographic changes, it is imperative that they have a written strategic plan. This article outlines the plan’s elements and explains their value.

June 16, 2023

IRS updates list of automatic accounting method changes

The IRS on Thursday provided a comprehensive, updated list of changes in tax accounting methods to which the automatic change procedures in Rev. Proc. 2015-13 apply. The list includes 29 changes that the Service describes as significant.

June 15, 2023

PEEC seeks feedback on proposed changes to the Code of Professional Conduct

The AICPA Professional Ethics Executive Committee is releasing proposed changes to the Code to align definitions of public interest entities and publicly traded entities with international ethics standards.

June 14, 2023

IRS addresses whether college NIL collectives further an exempt purpose

A memo from the IRS Office of Chief Counsel advises that an organization that develops paid NIL opportunities for student-athletes will, in many cases, be operating for a substantial nonexempt purpose—serving the private interests of student-athletes—which is more than incidental to any exempt purpose furthered by the activity.

June 13, 2023

5 things to stop doing in your firm

Stop putting clients first? Stop making revenue the primary objective? Presenters at ENGAGE explain how these counterintuitive moves could help move your firm in the right direction.

June 12, 2023

How accountants can make a smooth career transition

This article discusses steps to take to increase your chances of success when you seek to switch careers.

June 8, 2023

Penalty for underpayment of estimated corporate AMT waived for 2023

The IRS waived the penalty for corporations that did not make estimated payments of corporate AMT for their 2023 tax year, saying the move is “in the interest of sound tax administration.”

June 7, 2023

CPA.com announces launch of generative AI initiative

The AICPA’s business and technology subsidiary announced plans to deliver a series of initiatives to build awareness and understanding of generative AI for the accounting profession.

June 7, 2023

National taxpayer advocate: A paperless IRS is possible

NTA Erin Collins said at AICPA & CIMA ENGAGE 2023 that the IRS has a goal of being “paperless” by 2025, by which it means anything taxpayers file on paper would be scanned.

June 7, 2023

The impact of AICPA Town Hall — from episode No. 1 to No. 100

From its launch in the early days of the pandemic through Tuesday’s milestone episode, Town Hall has kept more than 800,000 viewers informed about the most important issues affecting the profession.

June 6, 2023

IRS revises actuarial tables to account for most recent mortality data

The IRS issued final regulations revising actuarial tables to reflect mortality data from the 2010 Census.

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.