Tax, accounting, auditing news - Journal of Accountancy

February 6, 2023

Change allows more vehicles to qualify for the new clean vehicle tax credit

Treasury and the IRS said Friday the IRS will use the EPA Fuel Economy Labeling Standard in proposed regulations to define which vehicles are eligible for the Sec. 30D clean vehicle tax credits, enacted as part of the Inflation Reduction Act.

February 3, 2023

PCAOB offers new guidance for quality control remediation

Newly published insights can help audit firms avoid public disclosure of quality control criticisms issued by the PCAOB.

February 3, 2023

Wait times for practitioner phone line reduced, IRS official says

Kenneth Corbin, commissioner of the IRS Wage and Investment Division, said calls are being answered in under 10 minutes as a result of more staff and stifling the “voice bots.”

February 3, 2023

How to communicate with purpose

Effective communication is an essential skill for accountants and finance professionals. Here are five basic tactics that impactful communicators use.

February 2, 2023

The number of CFOs who are women hits an all-time high

The percentage of CFOs who are women hit an all-time high last year, and racial and ethnic minorities also continue to make gains in obtaining roles in the C-suite, according to an annual report from Crist Kolder.

January 30, 2023

Using ChatGPT with Excel

This month’s column explains how the new AI tool known as ChatGPT can help with challenging Excel tasks such as creating PivotTables and writing macros.

January 27, 2023

How corporate boards can forge healthy relationships with managers

Boardrooms that foster strong working relationships are good for business. The National Association of Corporate Directors offers some advice.

January 25, 2023

New online portal available for businesses to file Forms 1099

Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.

January 24, 2023

Taxpayers reminded about digital asset question and income reporting

The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.

January 24, 2023

9 facts about HSAs that might surprise your clients

Understanding health savings accounts’ useful, lesser-known features is key to helping clients make the most of this important retirement planning tool.

January 24, 2023

Switch hitter: How a baseball standout became a CPA

Felipe Crespo reached the pinnacle as a baseball player, and now he’s reaching new heights with his accounting firm in Puerto Rico.

January 23, 2023

FinCEN provides time estimates for compiling beneficial ownership details

FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.

January 20, 2023

Auditing best practices: What academic fraud research reveals

Complying with AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, when conducting financial statement audits challenges practitioners’ professional skills and knowledge regarding identification, assessment, and response to fraud risks. Academic research reveals best practices for enhancing fraud-related financial audit performance.

January 19, 2023

Auto depreciation limitations make a big leap for second year in a row

The IRS issued sharply higher new depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.

January 19, 2023

How firms use stay interviews to boost retention

Asking employees the right questions can give organizations what they need to know to hold onto staff. Learn how, when, and why to gather this valuable feedback.

January 13, 2023

FASB provides update on disaggregation project

Tentative board decisions call for entities to disaggregate costs incurred that are expensed as occurred and costs incurred that are capitalized as inventory.

January 12, 2023

IRS to accept 2022 tax returns starting Jan. 23

The IRS said that most electronic filers will receive their refund within 21 days if they choose direct deposit and there are no issues with their tax return. The deadline to file is Tuesday, April 18.

January 12, 2023

FinCEN proposes rules about access to beneficial ownership information

Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.

January 12, 2023

National taxpayer advocate: IRS in better shape now than a year ago

Erin Collins mentions improvement in her annual report to Congress, but she says the IRS still needs to deal with the unanswered phone calls, including the 16% answer rate at the Practitioner Priority Service line.

January 11, 2023

Advice for M&A professionals tasked with a finance transformation

Most mergers and acquisitions involve some form of a finance transformation, according to a new Deloitte survey that looks at related challenges and how to address them.

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.