Tax, accounting, auditing news - Journal of Accountancy

January 10, 2023

PEEC updates code for compliance audits

The AICPA Professional Ethics Executive Committee (PEEC) approved updates to the AICPA Code of Professional Conduct, including two new definitions and one revised definition.

January 9, 2023

Unemployment compensation exclusion corrections led to 12 million refunds

Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.

January 6, 2023

Addressing ESG: Experts advise action but also patience

Regulation is an important step to establishing a baseline for ESG reporting, but it’s only a first step, according to panelists at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.

January 5, 2023

TIGTA: 14,000 taxpayers improperly subject to private collection agencies

A TIGTA audit report says the IRS wrongly included over 14,000 low-income taxpayers among those subject to private collection agencies. The IRS disputed the report, saying those taxpayers aren’t protected by the Taxpayer First Act.

January 4, 2023

Audit tips from PCAOB inspections leader

The director of the PCAOB inspections team recently issued a call to action for auditors at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.

January 4, 2023

Key tax and retirement provisions in the Secure 2.0 Act

The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.

January 4, 2023

2024 CPA Exam Blueprints released

Updates to the CPA Exam Blueprints introduce flexibility and reflect the changing role and demands of today’s CPAs. Three sections of the Exam will cover Core competency skills, and the candidate can select a Discipline for the fourth section.

January 3, 2023

Business standard mileage rate increases for 2023

The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.

December 23, 2022

IRS delays Form 1099-K $600 reporting threshold

The IRS announced late in December that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations so that it will not apply to transactions in 2022.

December 21, 2022

Prop. regs. to provide withholding relief on sales of foreign PTPs

The IRS announced that it will issue proposed regulations providing some relief to brokers that are required to withhold on the transfer of an interest in a publicly traded partnership (PTP) if the PTP is a foreign-traded entity.

December 21, 2022

FASB defers sunset date of reference rate reform guidance

FASB extended the period of time preparers can use the reference rate reform relief guidance by two years, to 2024.

December 21, 2022

2023 brings lots of new to the IRS while keeping one problem: backlogs

The IRS and a possible new commissioner have until Feb. 17, 2023, to advise Treasury Secretary Janet Yellen how they plan to spend $80 billion that Congress budgeted for the agency over the next 10 years.

December 20, 2022

PCAOB proposes new auditing standard

The PCAOB issued a proposed new standard that is designed to strengthen and modernize the requirements for the auditor’s use of confirmation.

December 20, 2022

5 ways firms can use technology to transform audits

Technology has been transforming audits for years, and that trend will only accelerate with the Statement on Auditing Standards (SAS) No. 142, Audit Evidence, which took effect on Dec. 15, 2022.

December 19, 2022

Quiet your inner critic

Here are ways to control that judgmental voice in your head that makes you question your abilities and achievements.

December 16, 2022

FASB releases GAAP Taxonomy reports

FASB has released its annual GAAP Taxonomy, which includes the 2023 GAAP Financial Reporting Taxonomy and the 2023 SEC Reporting Taxonomy.

December 16, 2022

FASB set to draft cryptoasset disclosure standard

The board made several tentative decisions related to the project, which will affect public and private entities, including investment companies and not-for-profits.

December 16, 2022

SEC adopts insider trading rule, proposes 4 rules to protect stock traders

While the adopted rule adds more checks and balances related to insider trading, the proposed rules aim to remedy SEC Chair Gary Gensler’s concerns that capital markets “are not as fair and competitive as possible for individual investors.”

December 16, 2022

One size does not fit all clients: SAS No. 145 on scalability

Understand the opportunities to maximize efficiency in your audits of less-complex entities. SAS No. 145 will tell you that risk assessment is not a one-size-fits-all proposition and provides opportunities to scale work throughout the process.

December 15, 2022

PCAOB gains ‘complete access’ to audit firms in China

The PCAOB confirms that China is honoring an agreement signed in August that allows the board free rein to inspect public companies that trade on the U.S. capital markets.

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.