Tax, accounting, auditing news - Journal of Accountancy

December 15, 2022

FASB issues updated insurance standard

The amended standard provides transition guidance for improving the accounting for long-term duration contracts.

December 15, 2022

The AICPA’s tax policy and advocacy work: 2022 highlights

It’s worth pausing to reflect on the AICPA’s successes in advocating for the profession with Congress and the IRS this year.

December 15, 2022

Automatic extension provided for furnishing health coverage statements

Final regulations provide an automatic extension of time for providers of minimum essential coverage to furnish statements to individuals regarding their coverage.

December 14, 2022

Highlights: AICPA & CIMA Conference on Current SEC and PCAOB Developments

Regulators encourage accounting professionals to continue to tell their clients’ story while providing updates on the standards they’re required to uphold in the process.

December 12, 2022

Final regs. issued on centralized partnership audit regime

Final regulations, issued last week, except certain partnership-related items from the regime and provide alternative rules for their examination by the IRS, as well as provide rules for the calculation of imputed underpayments.

December 9, 2022

Prop. regs. identify syndicated conservation easements as listed transactions

In the wake of adverse decisions in the Sixth Circuit and the Tax Court, the IRS announced it is issuing proposed regulations, which it intends to finalize in 2023, that identify certain syndicated conservation easement transactions as listed transactions.

December 9, 2022

PCAOB report analyzes impact of estimates and specialists requirements

The PCAOB released a report addressing the impact of 2018 standards related to auditing accounting estimates and the auditor’s use of the work of specialists.

December 9, 2022

Domestic filing exception requirements modified in draft Scheds. K-2, K-3

Revised draft instructions for partnership and S corporation Schedules K-2 and K-3 contain significant changes to the requirements to qualify for the domestic filing exception for filing and furnishing the 2022 schedules.

December 8, 2022

PCAOB report: Audit deficiencies increase in 2021

Deficiencies in a relatively new area of reporting — critical audit matters — contribute to the increase, but the board also sheds light on several good practices.

December 7, 2022

PCAOB report analyzes reporting of critical audit matters

The PCAOB finds that progress is being made related to the reporting of critical audit matters but reminds auditors of the board’s expectations.

December 7, 2022

CAS practices report growth, optimism for the future

Client advisory services (CAS) practices reported a median growth rate of 16% over the previous year and projected 15% growth in the current year, according to a survey conducted by CPA.com and AICPA & CIMA.

December 1, 2022

Inflation drives pessimism and fuels potential challenges

More CPA decision-makers are pessimistic about the state of the U.S. and global economies, according to the quarterly Business and Industry Economic Outlook Survey.

November 30, 2022

Clean energy project prevailing wage rate and apprenticeship requirements issued

The IRS releases guidance on wage and apprenticeship requirements for enhanced tax benefits under clean energy provisions of the Inflation Reduction Act.

November 30, 2022

FASB proposes update to leases guidance

FASB is seeking comments on a proposed Accounting Standards Update intended to improve accounting guidance on related-party arrangements between entities under common control.

November 30, 2022

SEC accepting Professional Accounting Fellow applications

The SEC’s Office of the Chief Accountant is accepting applications for Professional Accounting Fellow positions that will begin in the summer of 2023.

November 30, 2022

Audit committee disclosures increase, right along with workload

A Center for Audit Quality report reveals an increase in public company audit committee disclosures, particularly related to cybersecurity, while an accompanying report aims to help audit committees manage their growing list of responsibilities.

November 29, 2022

AICPA recommends changes to IRS draft revisions for Schedule UTP

The AICPA said the current draft of Schedule UTP places a “significant burden” on both taxpayers and practitioners.

November 29, 2022

The ins and outs of IRA-to-HSA rollovers

Savers often are surprised to learn they can roll funds from an IRA into their HSA. While this lesser-known rollover rule has limitations, it can produce tax savings.

November 29, 2022

How to develop and implement a powerful employer brand

These four steps can help CPA firms distinguish themselves and boost recruitment and retention.

November 28, 2022

4 steps to building a successful CAS practice in a traditional CPA firm

Integrating client advisory services can be challenging for a traditional CPA firm. Here are four steps to do it successfully.

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.