Tax, accounting, auditing news - Journal of Accountancy

March 7, 2023

New standard provides risk-based approach to group audits

The AICPA Auditing Standards Board issues SAS No. 149 and SQMS No. 3. SAS No. 149 introduces the term “referred-to auditor” and revises the definition of component auditor.

March 6, 2023

Saving for college: The new 529-to-Roth IRA transfer rule

A provision in the SECURE 2.0 Act enables greater flexibility in saving for children’s education while also helping 529 plan beneficiaries to get a jump-start on retirement savings.

March 3, 2023

In-person IRS tax forums scheduled for first time since pandemic start

The three-day forums, last held in person in 2019, are designed specifically for CPAs and other tax professionals.

March 2, 2023

How to handle state unclaimed property notices

Find out the types of unclaimed property notices companies receive and best practices on handling them.

March 1, 2023

Lookback period extended for refunds related to pandemic postponements

In determining the beginning of the lookback period for refund claims for returns with due dates postponed by Notice 2021-21 or Notice 2020-23, the IRS will disregard the periods from April 15, 2020, to July 15, 2020, and from April 15, 2021, to May 17, 2021. This change will align the lookback periods with the postponed return filing due dates.

February 28, 2023

Supreme Court holds FBAR penalty is imposed per report, not per account

The Supreme Court held that the $10,000 maximum penalty for the nonwillful failure to file a compliant report applies on a per-report, not a per-account, basis.

February 27, 2023

District Court holds IRS owes tax preparers partial refund of PTIN fees

A district court held that the PTIN fees charged by the IRS from 2011 to 2017 were excessive and ordered the IRS to determine an appropriate partial refund of the fees.

February 27, 2023

FAF debuts enhanced access to online accounting standards

The Financial Accounting Foundation released its free, enhanced online access to the FASB Accounting Standards Codification and the GASB Governmental Accounting Research System.

February 27, 2023

Opportunity knocks for firms as ESG reporting, assurance levels rise

More large companies than ever are reporting ESG data and obtaining assurance, according to a global survey, prompting many U.S. audit firms to explore how to best position themselves for an increased role.

February 24, 2023

Taxpayers in disaster areas of 3 states have until Oct. 16 to file returns

Taxpayers in most of California and parts of Alabama and Georgia have had their tax filing and payment deadlines further extended to Oct. 16. The postponement covers a wide variety of returns and taxes.

February 23, 2023

First global sustainability standards approach the finish line

The International Sustainability Standards Board announces that IFRS S1 and IFRS S2 will be released in June and effective for some companies in 2024.

February 22, 2023

Final regs. expand company e-filing requirements

Final regulations require certain companies to e-file returns for tax years ending on or after Dec. 31, 2023, and lower the e-filing requirement threshold to 10 returns.

February 21, 2023

AICPA recommends 12 digital asset FAQs for IRS to post online

The AICPA has suggested questions and answers the IRS could post to assist taxpayers and practitioners in answering the question about digital assets that appears on Form 1040.

February 17, 2023

Taxpayers can now submit information online in response to 9 IRS notices

The change could help over 500,000 filers annually who receive these notices, including those who receive credits such as the child tax credit, the IRS said.

February 17, 2023

IRS misses Friday deadline to turn over $80 billion spending plan

Treasury Secretary Janet Yellen ordered the IRS to have the plan to her by Feb. 17. An IRS spokesman said the agency “expects to deliver the plan to the Secretary in coming weeks.”

February 15, 2023

AICPA makes 61 proposals to Congress for changes to the Internal Revenue Code

The 2023 AICPA Compendium of Tax Legislative Proposals — Simplification and Technical Proposals, which includes 61 proposals covering a wide variety of subjects, opens with a proposal to standardize definitions in the Internal Revenue Code so that terms have the same meaning throughout the Code.

February 15, 2023