Tax, accounting, auditing news - Journal of Accountancy

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.

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