Tax, accounting, auditing news - Journal of Accountancy

March 20, 2023

Is it time for firms to transform their business model?

After helping their clients survive three tough years, accounting firms should look toward a post-pandemic future. Here are five areas you should explore to determine whether your firm’s business model needs transformation.

March 17, 2023

FASAB issues bulletin on reimbursable work agreements

FASAB issued a technical bulletin to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54 and other relevant statements.

March 17, 2023

Taxpayer services should get more of that $80 billion, advocate says

National Taxpayer Advocate Erin Collins wrote in her blog post Thursday that Congress should allocate more money from the Inflation Reduction Act’s $80 billion budget infusion over 10 years for the IRS to taxpayer services and business systems modernization and less to enforcement and operations.

March 15, 2023

SEC proposals target cybersecurity

Proposals would expand who must report on cybersecurity and data breaches, as well as what they must report.

March 15, 2023

FASB proposes enhancements to income tax disclosures

FASB is seeking comments on a proposed Accounting Standards Update that addresses requests for improved income tax disclosures.

March 15, 2023

3 trends that will reshape accounting and finance in 2023

The chief accounting officer of Workday shares on technology and talent strategy, zero-day close, and accounting’s role in driving value creation.

March 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 AICPA Code of Professional Conduct. The proposals relate to convergence with international standards and to clarifying members’ ethical responsibilities related to allowable collaboration for CPE.

March 13, 2023

ERC claims on returns prepared by others raise questions for tax pros

The IRS Office of Professional Responsibility issued a bulletin that reviews the Circular 230 professional responsibilities that apply to claims for the employee retention credit.

March 13, 2023

Questions about software tracking and reporting for basis of digital assets

Tax practitioners have many questions about how to track and report the basis of digital assets, and no clear guidance exists. Here are tips from the AICPA Virtual Currency and Digital Assets Tax Task Force.

March 9, 2023

How to effectively onboard remote hires

Human resource experts and accounting firms offer ways to help remote hires connect with their team and their new employer’s culture.

March 9, 2023

Senate approves Danny Werfel as IRS commissioner

The Senate voted 54–42 on Thursday to approve Werfel, a former acting IRS commissioner who has served under both Democratic and Republican administrations.

March 9, 2023

Digital scanning of tax documents to expand, will add Form 1040 soon

The IRS announced that it will soon be able to scan paper Forms 1040 and 941 instead of inputting them by hand. The acting commissioner describes the expansion as “another milestone” in the agency’s transformation.

March 9, 2023

Economic optimism still low but improving; concerns about inflation remain

After hitting a historic low at the end of 2022, the outlook for the U.S. economy rebounded somewhat in February 2023, but inflation remains a concern, according to the first-quarter Business and Industry Economic Outlook Survey released by AICPA & CIMA.

March 8, 2023

IRS clarifies required minimum distribution reporting

New guidance on required minimum distributions reporting provides relief for financial institutions that due to a change to the RMD start date rules made by the SECURE 2.0 Act, may have incorrectly provided RMD statements to IRA owners who turn 72 in 2023.

March 7, 2023

New standard provides risk-based approach to group audits

The AICPA Auditing Standards Board issues SAS No. 149 and SQMS No. 3. SAS No. 149 introduces the term “referred-to auditor” and revises the definition of component auditor.

March 6, 2023

Saving for college: The new 529-to-Roth IRA transfer rule

A provision in the SECURE 2.0 Act enables greater flexibility in saving for children’s education while also helping 529 plan beneficiaries to get a jump-start on retirement savings.

March 3, 2023

In-person IRS tax forums scheduled for first time since pandemic start

The three-day forums, last held in person in 2019, are designed specifically for CPAs and other tax professionals.

March 2, 2023

How to handle state unclaimed property notices

Find out the types of unclaimed property notices companies receive and best practices on handling them.

March 1, 2023

Lookback period extended for refunds related to pandemic postponements

In determining the beginning of the lookback period for refund claims for returns with due dates postponed by Notice 2021-21 or Notice 2020-23, the IRS will disregard the periods from April 15, 2020, to July 15, 2020, and from April 15, 2021, to May 17, 2021. This change will align the lookback periods with the postponed return filing due dates.

February 28, 2023

Supreme Court holds FBAR penalty is imposed per report, not per account

The Supreme Court held that the $10,000 maximum penalty for the nonwillful failure to file a compliant report applies on a per-report, not a per-account, basis.

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.