Tax, accounting, auditing news - Journal of Accountancy

April 13, 2023

CFO optimism is up, but cost concerns remain

Despite a potential recession on the horizon, 54% of CFOs are optimistic or very optimistic regarding the economy, according to Grant Thornton’s first-quarter CFO survey.

April 13, 2023

AICPA encouraged by IRS $80 billion strategic operating plan

In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.

April 11, 2023

Proposed regs. identify microcaptive reportable transactions

The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.

April 10, 2023

Safe-harbor language issued for amending conservation easement deeds

In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.

April 10, 2023

Public can share ideas on IRS customer service this week

Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.

April 7, 2023

FASAB issues statement to clarify lease terms

The Federal Accounting Standards Advisory Board issued a statement intended to provide targeted technical clarifications to further facilitate implementation of SFFAS 54, Leases.

April 7, 2023

Build ChatGPT into Excel

Many online resources demonstrate multiple codes or other ways to build ChatGPT into Excel and other applications.

April 7, 2023

IRS unveils $80 billion spending plan

The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.

April 5, 2023

Trust and consequences: Leaders who don’t listen pay a price

Business executives aren’t aware of many trust-damaging events that result in the loss of employees and consumers, according to a PwC survey. A proper response to these blind spots could pay dividends.

April 4, 2023

Dirty Dozen: IRS scam list includes spear-phishing warning to tax pros

On its annual list, the IRS included a warning to tax pros and businesses to be cautious about opening emails and clicking on links that could result in identity theft.

April 3, 2023

How universities are working to boost the CPA pipeline

Two universities found approaches to attract more students to accounting programs and encourage them to pursue CPA licensure.

March 31, 2023

No basis step-up for grantor trust assets if not in grantor’s estate

In a revenue ruling issued Wednesday, the IRS confirms that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust when the grantor dies if the grantor’s gross estate does not include the assets of the irrevocable trust.

March 30, 2023

COSO releases internal control guidance for sustainability reporting

COSO has published supplemental guidance that can be used to apply its internal control framework to reporting on sustainability.

March 28, 2023

Proposal aims to ‘modernize’ public-company audit standards

The PCAOB is seeking feedback on a proposal focused on modernizing core auditing principles and responsibilities for public companies.

March 27, 2023

Dirty (Half) Dozen: Watch for these red flags when choosing a tax preparer

The IRS reached the halfway point of its annual “Dirty Dozen” list of tax scams, advising that taxpayers be careful when choosing a preparer to handle their returns.

March 27, 2023

FASB issues update to leases guidance

The amended Accounting Standards Update addresses concerns related to terms and conditions to be considered and accounting for leasehold improvements.

March 23, 2023

FASB issues proposed changes to cryptoasset accounting, disclosure

FASB is seeking comments on a proposed Accounting Standards Update that is intended to improve the accounting for and disclosure of certain cryptoassets.

March 22, 2023

SEC moves toward requiring electronic filings

The commission proposed amendments that would require registrants to file a number of submissions electronically as it works to modernize the agency’s information collection and analysis methods.

March 21, 2023

NFTs as collectibles: IRS issues guidance and seeks comments

Pending further guidance that it intends to issue on the treatment of nonfungible tokens as collectibles, the IRS said that it will use a lookthrough analysis for determining if an NFT is a collectible.

March 21, 2023

How to reverse course on collecting Social Security

Individuals receiving Social Security retirement benefits who wish they had postponed them for a larger benefit amount later may have certain options.

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.