Tax, accounting, auditing news - Journal of Accountancy

September 9, 2022

AICPA asks IRS to expand penalty relief

The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.

September 8, 2022

SEC chair seeks increased regulation of cryptoassets

SEC Chair Gary Gensler calls for cryptoasset entities to register under current securities laws and suggests that more legislation to support regulation could be on the way.

September 8, 2022

Student loan forgiveness: Advice from a CPA financial planner

Brianne C. Smith, a member of the AICPA Personal Finance Planning Executive Committee, discusses how she’s going beyond the headlines to help her clients maximize their savings.

September 7, 2022

SEC to auditors: Use care with Chinese engagements

Public audit firms must make sure issuers in China and Hong Kong will grant new lead auditors appropriate access to previous engagements, an SEC official warns.

September 6, 2022

FASAB issues updates to technical releases

Implementation guidance for leases is among the topics included in the Federal Accounting Standards Advisory Board’s updated technical releases.

September 2, 2022

4 ways to ‘break the bias’ and support women in your organization

Asking questions is a first step towards addressing the problem of gender inequity, says Tracey Walker of RSM US, who will share her experiences at this year’s AICPA & CIMA Women’s Global Leadership Summit.

September 1, 2022

Economic pessimism leads to drop in revenue and profit projections

Finance executives in business and industry are more pessimistic about their own businesses and the domestic and global economy, according to a quarterly US survey.

August 31, 2022

PCAOB releases review of 2021 inspections, looks forward to 2022 review

The board’s target team provides insights in four areas of focus to provide guidance for public company auditors and shape the PCAOB’s approach to future inspections.

August 30, 2022

Advice from an expert on cyber insurance coverage

Cybersecurity specialist Mike Foster shares common questions that insurance companies might ask when your company is applying for cyber insurance coverage and advice on how to address them.

August 29, 2022

AICPA recommends changing cryptoasset question

In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”

August 29, 2022

Proposed revisions to the AICPA tax standards

The AICPA released proposed revisions to the SSTSs for public comment on Monday. The proposal includes new standards on data protection, reliance on tools, and representation of clients before taxing authorities.

August 29, 2022

A deeper dive into the Inflation Reduction Act’s tax provisions

Here’s an item-by-item review of the many tax provisions in the recently enacted Inflation Reduction Act, which creates a new corporate AMT and a host of energy tax credits.

August 26, 2022

PCAOB, China sign agreement opening door for inspections

The Statement of Protocol allows the PCAOB access to inspect Chinese companies the same way it does in other countries. The PCAOB said it plans to put the agreement “to the test” by mid-September.

August 25, 2022

AICPA disputes ‘misleading’ claims on new IRS funding, calls for service improvements

Despite “confusion and misinformation” about the Inflation Reduction Act’s allocations, concerns continue about the funding levels for taxpayer service, the AICPA’s president and CEO said.

August 25, 2022

SEC adopts ‘pay versus performance’ disclosure rules

Amendments will require public companies to disclose details about the relationship between executive compensation and financial performance.

August 25, 2022

SEC releases draft of 5-year strategic plan

The SEC aims to update its disclosure framework and upgrade its protection measures and its workforce in order to uphold its oversight of capital markets.

August 24, 2022

IRS relieves penalties for 2019 and 2020

As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.

August 23, 2022

Investing and inflation: Not mutually exclusive

Although investing in times of high inflation can be tricky, tried-and-true principles of having a well-diversified portfolio and not panicking still hold.

August 23, 2022

Diversity among CEOs, CFOs continues to rise

Executive recruiting firm Crist Kolder’s annual report shows record levels of female and racially or ethnically diverse leadership at large companies.

August 22, 2022

FASB issues proposal to improve accounting for investments in tax credit structures

The FASB issued a proposed Accounting Standards Update intended to improve the accounting and disclosures for investments in tax credit structures.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.