Tax, accounting, auditing news - Journal of Accountancy

May 15, 2023

FASAB seeks feedback on its existing standards

The FASAB is seeking comments on its Reexamination of Existing Standards project to ensure that its standards meet users’ needs and provide financial information that supports public accountability and transparency.

May 12, 2023

AICPA supports extending mailbox rule to electronic filing and payments

The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.

May 12, 2023

FASB issues proposed changes to profit-sharing arrangements

FASB is seeking comments on a proposed Accounting Standards Update related to guidance for entities on determining whether profits interest and similar awards should be accounted for as share-based payment arrangements.

May 11, 2023

IRS backlog lessens; agency plans to resume collection notices

The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.

May 10, 2023

Create a magnetic culture at your firm

To ensure a future of abundance, leaders must do better at attracting and nurturing talent.

May 9, 2023

How the mega-backdoor Roth works

A strategy for effectively super-funding a Roth is available to some individuals who have a 401(k) or 403(b) account through work. This article explains the basics.

May 8, 2023

Black CPAs: IRS must end higher audit rates for Black taxpayers

Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.

May 4, 2023

PCAOB enhances transparency of inspection reports

The PCAOB has enhanced its inspection reports with a new section on auditor independence and other improvements that are designed to “increase transparency by making publicly available more information that is relevant, reliable, and useful for investors and other stakeholders.”

May 3, 2023

SEC increases transparency requirements for private, public securities

One set of amendments affects advisers for large hedge funds and private-equity funds; a second set of amendments increase public company disclosures related to buybacks.

May 2, 2023

Proposed regs. provide rules for repatriation of intangible property

The regulations would terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation

May 1, 2023

IRS returns to in-person public hearings; telephone still an option

With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.

April 27, 2023

How the Financial Accounting Foundation plans to strengthen oversight

The organization’s latest effort provide a more convenient way for stakeholders with questions about due process in standard-setting to voice their concerns.

April 26, 2023

Grow your firm with intention

It’s time to question whether growth is always a good thing. Growth for growth’s sake shouldn’t be the goal.

April 25, 2023

NASBA approves one-year extension to CPA Exam window

CPA candidates would have 30 months to complete the CPA Exam once they pass the first section, pending adoption of the amendment by state boards of accountancy.

April 21, 2023

Sustaining the workforce: How sustainability can help the cause

Company leaders leaning into the opportunity presented by the evolving ESG landscape share their success stories during the 2023 Future of Finance Virtual Summit.

April 21, 2023

Werfel: IRS will audit individuals under $400K at 2018 rates

The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.

April 20, 2023

New PCAOB report reviews SPAC-related audits

The report analyzes more than 100 audits of special-purpose acquisition companies and recommends several takeaways for auditors.

April 17, 2023

PCAOB reveals priorities for 2023 inspections

The board will continue to pay particular attention to financial services and broker-dealer audits while reminding all auditors to be vigilant when it comes to fraud-related risks.

April 14, 2023

Nothing left to chance: The life of a lottery auditor

Auditors are accustomed to working with numbers and moving targets, but a select few work with numbers on bouncing balls.

April 13, 2023

IRS obsoletes 1958 revenue ruling on research and experimental costs

The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.

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.