Tax, accounting, auditing news - Journal of Accountancy

June 6, 2023

PCAOB amends auditor requirements for reporting noncompliance

The PCAOB issued an amendment designed to “strengthen auditor vigilance against fraud and other forms of noncompliance,” according to a news release.

June 5, 2023

ENGAGE 2023: How to make a workplace great for all

The CEO of Great Place to Work shares what goes into the organization’s annual top 100 list and how leaders can create a culture that’s good for everyone, including shareholders.

June 5, 2023

Future of Finance: Upskilling is crucial, but mindset is the crux

Finance leaders understand the importance of skill set, mindset, and tool set, but the order of operations matters more than you might think. An ENGAGE 2023 session illuminates insights from the Future of Finance project.

June 1, 2023

A pandemic-era tax break that remains rife with abuse — the ERC

The IRS issues at least its seventh warning about the employee retention credit since October 2022.

June 1, 2023

Can ChatGPT answer your clients’ questions?

We put ChatGPT to the test with hypothetical tax questions. See if you think it’s ready to compete with a CPA.

June 1, 2023

Pessimism, contraction plans rise for CPA decision-makers, survey shows

Driven by ongoing concerns about inflation, finance executives in business and industry project declines in profits for the coming year, according to a new AICPA & CIMA survey.

May 31, 2023

FASAB committee proposes changes to guidance on leases

With a new standard for reporting on leases soon to be effective, the Accounting and Auditing Policy Committee is seeking comments on updates to its leases guidance in a 2021 technical release.

May 30, 2023

Longevity annuities: Why clients should consider them

While many clients are reluctant to buy an annuity that won’t start making payments for 15 or 20 years, retirement researchers tout this as an effective strategy to prevent outliving one’s retirement savings.

May 25, 2023

AICPA Council supports development of national pipeline strategy

At its spring meeting, the AICPA Council voiced support for the Pipeline Acceleration Plan and decided to move forward with development of a national strategy focused on boosting the accounting profession’s talent outlook.

May 24, 2023

AICPA backs bill to make it easier to file for tax extensions

The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.

May 24, 2023

Public companies reining in costs, according to audit partners

A lower percentage of companies are seeking new employees and increasing the benefits for their current workers, according to a survey of audit partners.

May 23, 2023

Supreme Court upholds exception to notice requirement for third-party summonses

In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.

May 18, 2023

SEC proposals address risk management for clearinghouses

The proposals would require the establishment of a risk-based margin system that monitors intraday exposure on an ongoing basis, in addition to requiring a more robust recovery and wind-down plan.

May 18, 2023

AICPA releases expanded plan for addressing CPA pipeline challenges

The plan seeks to address root causes of talent pipeline issues in a concerted effort to increase the number of students pursuing accounting degrees and CPA licensure.

May 17, 2023

HSA amounts continue trend, increase again in 2024

The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.

May 17, 2023

Make performance reviews more effective

Reviews focused on career goals and needs can better enable employees to succeed.

May 17, 2023

Why private companies need a plan for ESG reporting, assurance

Even if regulations don’t legally apply to private companies, they often apply from a practical standpoint. A new resource offers guidance on the importance of assuring sustainability data for public and private companies alike.

May 16, 2023

IRS chief: Racial disparities in audits will be addressed within a year

In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.

May 16, 2023

PCAOB prioritizes two standard-setting projects

The board plans to take action in the next 12 months related to firm and engagement performance metrics and substantive analytical procedures.

May 16, 2023

AICPA joins coalition to increase awareness of new BOI requirement

Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.

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.