Tax, accounting, auditing news - Journal of Accountancy

June 13, 2022

FASB invites stakeholders to share views on accounting for government grants

FASB is seeking feedback on whether IAS 20 represents a workable solution for improving generally accepted accounting principles for business entities as it relates to the accounting for government grants.

June 13, 2022

GASB guidance focuses on improving, clarifying standards for accounting changes

GASB issued guidance designed to improve the accounting and financial reporting requirements for accounting changes and error corrections.

June 10, 2022

Midyear IRS mileage rate increase follows precedent, recent pleas

Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.

June 10, 2022

Tax-avoidance schemes round out ‘Dirty Dozen’

The IRS highlights additional abusive taxpayer arrangements and tactics as its annual “Dirty Dozen” series ends.

June 9, 2022

Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions

A document issued Thursday by Treasury offers clarity related to, for example, tax and management consulting services that would not be prohibited by the U.S. sanctions announced last month.

June 9, 2022

Standard mileage rate to increase for last half of 2022

Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.

June 9, 2022

‘Dirty Dozen’: Spear phishing targets tax pros

Emails appearing to come from the IRS or a tax software provider may aim to steal tax return preparers’ account and client information.

June 8, 2022

IRS warns of impostors in ‘Dirty Dozen’

The IRS’s annual series continues with caveats about fake communications intended to bilk taxpayers out of their tax and financial information.

June 8, 2022

IRS challenges emerge as top concern for firms

Challenges when working with the IRS emerged as the top issue for firms with 10 or fewer professionals, according to the 2022 AICPA Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey.

June 7, 2022

‘OIC mills’ and ‘ghost’ preparers in ‘Dirty Dozen’

Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.

June 6, 2022

More ‘Dirty Dozen’: Tax refund theft and fake charity appeals

The IRS continued its annual series, highlighting threats to ordinary taxpayers from would-be thieves.

June 6, 2022

Duke’s Coach K shares stories of leadership and change at ENGAGE 2022

The coach who led teams to five collegiate championships and three Olympic gold medals explains an early interest in accounting and what he learned from Michael Jordan.

June 6, 2022

6 overused phrases — and smart ways to replace them

Consider how you can freshen up threadbare language to make your point.

June 6, 2022

4 tactics for effective money-laundering compliance

Guarding against money laundering is becoming increasingly challenging. These tips can help.

June 3, 2022

SEC announces updates to electronic filing requirements

The SEC said it has adopted amendments to require the electronic filing or submission of certain documents that currently are permitted to be filed or submitted in paper format.

June 3, 2022

PEEC proposals update compliance audit definitions and interpretations

The proposed ethics updates include new or revised definitions and interpretations related to independence during compliance audit engagements.

June 2, 2022

Hiring family members in a small business

Employing children and other relatives in a family business can yield tax advantages, but there are potential drawbacks to consider.

June 2, 2022

Is a career coach for you?

Many professionals are contemplating changing their employment situation right now. Working with a career coach can help you achieve clarity about what next steps you want to take.

June 2, 2022

Most US finance leaders see recession risk in year ahead

The CPA Outlook Index, an equally weighted, nine-component measure of sentiment, remained in positive territory, falling from 73 points to 67 points out of 100, but it was the fourth consecutive quarterly decline in economic outlook.

June 1, 2022

Abusive CRATs and Maltese IRAs among ‘Dirty Dozen’ tax scams

The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.