Tax, accounting, auditing news - Journal of Accountancy

May 17, 2023

Make performance reviews more effective

Reviews focused on career goals and needs can better enable employees to succeed.

May 17, 2023

Why private companies need a plan for ESG reporting, assurance

Even if regulations don’t legally apply to private companies, they often apply from a practical standpoint. A new resource offers guidance on the importance of assuring sustainability data for public and private companies alike.

May 16, 2023

IRS chief: Racial disparities in audits will be addressed within a year

In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.

May 16, 2023

PCAOB prioritizes two standard-setting projects

The board plans to take action in the next 12 months related to firm and engagement performance metrics and substantive analytical procedures.

May 16, 2023

AICPA joins coalition to increase awareness of new BOI requirement

Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.

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