Tax, accounting, auditing news - Journal of Accountancy

February 27, 2023

District Court holds IRS owes tax preparers partial refund of PTIN fees

A district court held that the PTIN fees charged by the IRS from 2011 to 2017 were excessive and ordered the IRS to determine an appropriate partial refund of the fees.

February 27, 2023

FAF debuts enhanced access to online accounting standards

The Financial Accounting Foundation released its free, enhanced online access to the FASB Accounting Standards Codification and the GASB Governmental Accounting Research System.

February 27, 2023

Opportunity knocks for firms as ESG reporting, assurance levels rise

More large companies than ever are reporting ESG data and obtaining assurance, according to a global survey, prompting many U.S. audit firms to explore how to best position themselves for an increased role.

February 24, 2023

Taxpayers in disaster areas of 3 states have until Oct. 16 to file returns

Taxpayers in most of California and parts of Alabama and Georgia have had their tax filing and payment deadlines further extended to Oct. 16. The postponement covers a wide variety of returns and taxes.

February 23, 2023

First global sustainability standards approach the finish line

The International Sustainability Standards Board announces that IFRS S1 and IFRS S2 will be released in June and effective for some companies in 2024.

February 22, 2023

Final regs. expand company e-filing requirements

Final regulations require certain companies to e-file returns for tax years ending on or after Dec. 31, 2023, and lower the e-filing requirement threshold to 10 returns.

February 21, 2023

AICPA recommends 12 digital asset FAQs for IRS to post online

The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.

February 17, 2023

Taxpayers can now submit information online in response to 9 IRS notices

The change could help over 500,000 filers annually who receive these notices, including those who receive credits such as the child tax credit, the IRS said.

February 17, 2023

IRS misses Friday deadline to turn over $80 billion spending plan

Treasury Secretary Janet Yellen ordered the IRS to have the plan to her by Feb. 17. An IRS spokesman said the agency “expects to deliver the plan to the Secretary in coming weeks.”

February 15, 2023

AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code

The 2023 AICPA Compendium of Tax Legislative Proposals — Simplification and Technical Proposals, which includes 61 proposals covering a wide variety of subjects, opens with a proposal to standardize definitions in the Internal Revenue Code so that terms have the same meaning throughout the Code.

February 15, 2023

SEC adopts rule changes to reduce risks, proposes two other rules

The SEC adopted rule changes to reduce risks in clearance and settlement, shortening the standard settlement cycle for most broker-dealer transactions in securities, and proposed two other rules.

February 13, 2023

Some corporate taxpayers eligible for IRS CAP pilot on prefiling feedback

The IRS announced on Monday a new pilot phase Compliance Assurance Process (CAP) program called Bridge Plus to provide prefiling return review to some large corporate taxpayers in the Bridge phase.

February 13, 2023

How firms can support employees with sick kids

Accounting firms can support employees with sick children who struggle to balance caregiving responsibilities with work duties. Find out how.

February 11, 2023

Taxpayers can exclude certain 2022 state payments from federal returns

Taxpayers who received certain general welfare or disaster relief payments or refunds in 2022 will not have to include them in income on their federal returns, the IRS announced on Friday.

February 10, 2023

NASBA upholds 150-hour education requirement for CPA licensure

Board president reaffirms commitment to protecting CPA mobility while continuing efforts to find solutions for talent acquisition issues affecting everyone in the profession.

February 9, 2023

IRS seeks information on 21 states regarding special payments, refunds

The national taxpayer advocate criticized the IRS for delaying the release of guidance on state special tax payments or refunds made in 2022 that she said could affect tens of millions of taxpayers.

February 9, 2023

5 ways to reconnect with old contacts

Reestablishing old relationships may feel intimidating but can be very rewarding. These five strategies can help to reconnect.

February 8, 2023

Proposed tip-tracking program aims to improve tip reporting compliance

The IRS proposes a new voluntary program for service industry employers to track tips in an attempt to improve tip reporting compliance.

February 6, 2023

GASB proposes implementation guidance on subscription-based IT arrangements

GASB issued a proposed implementation guidance that is intended to clarify, explain, or elaborate on existing guidance on subscription-based information technology arrangements.

February 6, 2023

Talent acquisition: AICPA chair hears student voices, shares strategies

Anoop Natwar Mehta is traveling the country, meeting with the next generation of accounting professionals. Along the way, he’s gained some valuable perspective that can fuel company leaders’ efforts to hire the best and brightest.

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.