Tax, accounting, auditing news - Journal of Accountancy

November 28, 2022

SEC publishes 5-year strategic plan

Plan calls for a focus on protecting the public against fraud, implementing robust regulations, and supporting a skilled and diverse workforce.

November 23, 2022

TIGTA: Taxpayers would benefit if IRS used digital communications tools appropriately

An audit report from TIGTA says taxpayers would benefit if the IRS used digital communications tools appropriately. The IRS challenged much of the audit report, including saying that TIGTA didn’t understand some of the agency’s objectives for its digital communications program.

November 22, 2022

FASB seeks input on proposed new chapter of its Conceptual Framework

FASB is seeking comments on a proposed new chapter of its Conceptual Framework related to recognition and derecognition criteria and guidance for items’ addition to and removal from financial statements.

November 22, 2022

New year, new challenges: Preparing for sustainability disclosures

Those on the front line of the sustainability reporting landscape share what’s to come in 2023 and what accounting professionals need to know to prepare.

November 22, 2022

Proposed regulations provide guidance on foreign tax credit rules

Proposed foreign tax credit regulations provide guidance on the reattribution asset rule for purposes of allocating and apportioning foreign taxes, the cost recovery requirement, and the application of the source-based attribution requirement to withholding tax on royalty payments.

November 21, 2022

FAF publishes new strategic plan

The Financial Accounting Foundation released its new strategic plan, which outlines the strategic goals that the organization will address over the next several years.

November 21, 2022

PCAOB proposes new quality control standards

Public comments sought on quality control standards that incorporate standards established by the AICPA and the IAASB.

November 18, 2022

Congressional report criticizes contractor used by IRS during pandemic

The statement says ID.me inflated the amount of work it could provide and the amount of federal dollars lost to pandemic fraud, the latter in an effort to increase demand for its services. In his response, the CEO says he would not use such a crisis to help his company.

November 17, 2022

For the IRS to-do list: Build trust with Congress, use clearer language with taxpayers

The IRS Advisory Council issued a report Wednesday that emphasized recurring themes such as the need for consistent and multiyear funding and the importance of effective communication with taxpayers.

November 16, 2022

The Great Rebalance? Employees aren’t the only ones seeking the perfect match

Employers and employees alike are looking for sustained success in the workforce — no easy task but one that is achievable, even in tough economic times.

November 15, 2022

FASAB seeks comments on annual report, 3-year plan

The Federal Accounting Standards Advisory Board (FASAB) is seeking comments on its Annual Report for Fiscal Year 2022 and Three-Year Plan.

November 15, 2022

GASB proposes new implementation guidance

GASB issues proposed implementation guidance in the form of questions and answers intended to clarify, explain, or elaborate on certain pronouncements.

November 14, 2022

One deadline approaches for over 9 million eligible for pandemic-era benefits

In October, the IRS said it would leave Free File open for an extra month, until Thursday, so eligible taxpayers can claim their share of several benefits including the 2021 recovery rebate credit, the child tax credit, and the earned income tax credit.

November 14, 2022

Employers embrace apprenticeship program for finance business partners

AICPA and the U.S. Department of Labor sign the first three companies to a program aimed at addressing talent shortage in accounting and finance.

November 10, 2022

National taxpayer advocate: 2022 could be ‘Groundhog Day’ for IRS backlog

National Taxpayer Advocate Erin Collins writes on her blog that there’s little time left for the IRS to clear its backlog by end of 2022 as the IRS commissioner promised Congress earlier this year.

November 9, 2022

Plan approval program expands to Sec. 403(b) retirement plans

The IRS and Treasury will allow churches, public schools, and charities with Sec. 403(b) retirement plans use the same individually designed retirement plan determination letter program that qualified retirement plans use.

November 8, 2022

Practitioner Perspectives series to continue within IRS Appeals

The Practitioner Perspectives series will continue at the IRS Independent Office of Appeals as part of the office’s focus guide for fiscal year 2023. During the series, tax practitioners share insights and feedback with Appeals employees.

November 4, 2022

IRS seeks comments on several green energy tax credits

The IRS asks for comments by Dec. 3 on tax credits included in the Inflation Reduction Act, including the commercial clean vehicles provision.

November 4, 2022

FASB seeks comment on proposed improvements to GAAP taxonomy

FASB is seeking comments on the Proposed Improvements for the 2023 GAAP Financial Reporting Taxonomy Reference Project.

November 4, 2022

CEOs cite consequences of not meeting expectations related to ESG

Global business leaders say the impact of ESG goes beyond simply satisfying investors and accounting standards.

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.