Tax, accounting, auditing news - Journal of Accountancy

November 3, 2022

National taxpayer advocate has concerns about $400,000 audit promise

National Taxpayer Advocate Erin Collins expressed concern for voluntary compliance amid Treasury’s promise that increased IRS funding will not be used to audit people earning under $400,000. She spoke during a session at the annual AICPA & CIMA National Tax Conference.

November 2, 2022

NOCLAR: What CPAs in public practice need to know

Here is a summary of the key requirements that apply to members in public practice when offering services to clients, and how CPAs can understand, advise, communicate, withdraw, and document details when faced with NOCLAR.

November 1, 2022

Past commissioners set optimistic tone for next IRS commissioner in AICPA panel

Two former IRS commissioners addressed the agency’s issues at an AICPA panel and sounded a note of optimism for the future, based on new funding and pending technology improvements.

November 1, 2022

NOCLAR: What CPAs in business should know

New interpretations of AICPA’s Code of Professional Conduct contribute to the fight against financial fraud, money laundering, bribery, and other noncompliance issues. Learn more about your role and specific steps you can take when encountering NOCLAR.

October 31, 2022

Growing tax gap shows need for better service, compliance, IRS says

The difference between taxes owed and taxes paid was $496 billion annually for tax years 2014 through 2016, and that figure is likely to grow, the IRS said.

October 28, 2022

IRS hires 4,000 customer service reps, plans to hire 1,000 more

The IRS announced that it has hired new customer service representatives, who will be trained to provide help to taxpayers in time for the 2023 tax season.

October 27, 2022

New process provided for anonymous reporting of ERC mills

In a move the AICPA supports, the IRS is providing a new way to make anonymous reports about third-party vendors promoting improper claims for the employee retention credit.

October 27, 2022

FASB seeks input on proposed changes to accounting for joint ventures

The proposed Accounting Standards Update intends to provide investors and other allocators of capital (collectively, investors) with more decision-useful information in a joint venture’s separate financial statements and reduce diversity in practice in this area of financial reporting.

October 26, 2022

SEC adopts two rules, proposes a third

Adopted rules aim to ensure that company executives return erroneously awarded compensation and that mutual fund investors receive transparent information. A proposed rule adds to investment advisers’ responsibility to their clients.

October 26, 2022

Talent trends: Offering hybrid work model is only the start

Most CFOs expect to offer a hybrid work model for the foreseeable future, a decision that may help with talent acquisition but that could create new obstacles related to talent retention.

October 25, 2022

IRS initiates pilot program to thwart line-jumping on PPS calls

The IRS has begun a pilot program designed to thwart services that let callers jump ahead in the IRS Practitioner Priority Service phone queue.

October 25, 2022

When is a Roth conversion beneficial?

When deciding whether to convert a traditional IRA to a Roth, several factors should be considered, including some that might not be immediately obvious.

October 21, 2022

Retirement account inflation adjustments issued for 2023

The IRS issued the retirement account inflation adjustments for 2023, including the maximum contribution amounts for 401(k) plans and IRAs.

October 21, 2022

Resources for organizations requiring an audit related to COVID-19 relief

AICPA & CIMA tools can assist organizations new to single audits or similar compliance engagements.

October 20, 2022

Disaster area filing extensions apply to 2019, 2020 penalty relief

The IRS reminds taxpayers who live in certain areas covered by disaster declarations that the extra time they have to file also applies to filing returns to qualify for penalty relief for 2019 and 2020.

October 20, 2022

7 tips for communicating with staff during M&As

Experts say retaining talent is a major concern during consolidations.

October 19, 2022

FASB moves toward a standard for fair value accounting of cryptoassets

A tentative board decision sets the stage for a new standard allowing the reporting of some cryptoassets at fair market value.

October 19, 2022

IRS announces annual inflation adjustments for tax year 2023

Changes include increases in the standard deduction for many taxpayers, new tax brackets, and a higher maximum earned income tax credit amount.

October 18, 2022

AICPA seeks guidance on corporate alternative minimum tax

The organization’s letter to the IRS and Treasury makes recommendations in five areas to help companies deal with the new tax.

October 18, 2022

FASB seeks input on proposed new chapter of conceptual framework

FASB issued a proposed new chapter of its Conceptual Framework that describes a reporting entity. The proposed chapter would become Chapter 2 of FASB Concepts Statement No. 8, Conceptual Framework for Financial Reporting.

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.