Tax, accounting, auditing news - Journal of Accountancy

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.

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