Tax, accounting, auditing news - Journal of Accountancy

April 21, 2023

Sustaining the workforce: How sustainability can help the cause

Company leaders leaning into the opportunity presented by the evolving ESG landscape share their success stories during the 2023 Future of Finance Virtual Summit.

April 21, 2023

Werfel: IRS will audit individuals under $400K at 2018 rates

The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.

April 20, 2023

New PCAOB report reviews SPAC-related audits

The report analyzes more than 100 audits of special-purpose acquisition companies and recommends several takeaways for auditors.

April 17, 2023

PCAOB reveals priorities for 2023 inspections

The board will continue to pay particular attention to financial services and broker-dealer audits while reminding all auditors to be vigilant when it comes to fraud-related risks.

April 14, 2023

Nothing left to chance: The life of a lottery auditor

Auditors are accustomed to working with numbers and moving targets, but a select few work with numbers on bouncing balls.

April 13, 2023

IRS obsoletes 1958 revenue ruling on research and experimental costs

The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.

April 13, 2023

CFO optimism is up, but cost concerns remain

Despite a potential recession on the horizon, 54% of CFOs are optimistic or very optimistic regarding the economy, according to Grant Thornton’s first-quarter CFO survey.

April 13, 2023

AICPA encouraged by IRS $80 billion strategic operating plan

In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.

April 11, 2023

Proposed regs. identify microcaptive reportable transactions

The IRS has issued proposed regulations that identify certain microcaptive transactions as listed transactions and certain others as transactions of interest.

April 10, 2023

Safe-harbor language issued for amending conservation easement deeds

In response to a requirement in the SECURE 2.0 Act of 2022, the IRS issued a notice Monday that allows donors to amend conservation easement deeds to substitute the safe-harbor language for the corresponding language in the original deed.

April 10, 2023

Public can share ideas on IRS customer service this week

Six committees of the Taxpayer Advocacy Panel — including the one focused on toll-free phone lines such as the Practitioner Priority Service line — meet to hear public suggestions for customer service days after the IRS released its plan for an $80 billion influx of money.

April 7, 2023

FASAB issues statement to clarify lease terms

The Federal Accounting Standards Advisory Board issued a statement intended to provide targeted technical clarifications to further facilitate implementation of SFFAS 54, Leases.

April 7, 2023

Build ChatGPT into Excel

Many online resources demonstrate multiple codes or other ways to build ChatGPT into Excel and other applications.

April 7, 2023

IRS unveils $80 billion spending plan

The IRS released its long-awaited strategic plan for spending the $80 billion it was allocated by last year’s Inflation Reduction Act. Over the first three years, the plan focuses on operations support, enforcement, business systems modernization, and taxpayer services.

April 5, 2023

Trust and consequences: Leaders who don’t listen pay a price

Business executives aren’t aware of many trust-damaging events that result in the loss of employees and consumers, according to a PwC survey. A proper response to these blind spots could pay dividends.

April 4, 2023

Dirty Dozen: IRS scam list includes spear-phishing warning to tax pros

On its annual list, the IRS included a warning to tax pros and businesses to be cautious about opening emails and clicking on links that could result in identity theft.

April 3, 2023

How universities are working to boost the CPA pipeline

Two universities found approaches to attract more students to accounting programs and encourage them to pursue CPA licensure.

March 31, 2023

No basis step-up for grantor trust assets if not in grantor’s estate

In a revenue ruling issued Wednesday, the IRS confirms that the step-up in basis under Sec. 1014(a) does not apply to the assets held by an irrevocable grantor trust when the grantor dies if the grantor’s gross estate does not include the assets of the irrevocable trust.

March 30, 2023