Tax, accounting, auditing news - Journal of Accountancy

August 17, 2022

Congress enacts tax and climate bill

With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.

August 16, 2022

PCAOB seeks public comments on 5-year strategic plan

The PCAOB’s Strategic Plan 2022–2026 aims to modernize standards, enhance inspections, strengthen enforcement, and improve organizational effectiveness.

August 15, 2022

SEC approves PCAOB standards for multi-firm audits

New standards target the growing number of public company audits that feature multiple firms, aiming to strengthen the requirements for lead auditors.

August 10, 2022

Guide released for tax pros’ information security plan

A downloadable booklet describes the Gramm-Leach-Bliley Act’s safeguards rule and includes a template for a firm’s required written information security plan.

August 10, 2022

Bills extend statute of limitation for prosecuting PPP, EIDL fraud

President Joe Biden signed bills that give the government more time to catch and prosecute fraud related to two of the most popular COVID-19 small business relief programs.

August 9, 2022

How to follow up after a job interview

Here’s what today’s hiring personnel expect.

August 8, 2022

The functions CFOs are targeting for budget cuts, increased spending

Real estate and facilities management is the category most likely to face budget cuts, a Gartner survey shows. IT is the most common CFO choice for planned spending increases.

August 8, 2022

Key tax provisions in the Senate reconciliation bill

The Inflation Reduction Act passed by the Senate on Sunday includes many tax items, some designed to raise revenue and others to promote various clean energy initiatives.

August 4, 2022

National taxpayer advocate appeals IRS response on scanning tech

National Taxpayer Advocate Erin Collins escalated her push for the IRS to adopt barcode scanning of paper tax returns, but the IRS would commit only to a goal of scanning certain 2022 returns.

August 4, 2022

Regulations streamline partnership basis elections

Final regulations issued by the IRS and Treasury allow a Sec. 754 election statement to be submitted without a partner’s signature.

August 3, 2022

IAASB issues new FAQs for reporting going concern matters

The IAASB has issued a nonauthoritative publication to address some of the common questions related to reporting going concern matters in the auditor’s report.

August 2, 2022

3 strategic uses for Roth IRAs beyond retirement

A Roth IRA can serve as a backup vehicle for pursuing multiple savings goals.

August 1, 2022

More companies obtaining ESG assurance, according to global survey

The percentage of companies worldwide providing assurance on ESG reporting increased between 2019 and 2020, but are auditors getting their share of the work?

July 29, 2022

CHIPS and Science Act with semiconductor tax credit passes Congress

The bill now goes to President Joe Biden, who has said he will sign it into law.

July 29, 2022

PCAOB, SEC chairs look to strengthen oversight of auditing practices

The Sarbanes-Oxley Act created the PCAOB in 2002 to oversee public company audits. Twenty years later, the PCAOB — backed by the SEC — is emphasizing inspection and enforcement as ways to strengthen investor protections.

July 29, 2022

What’s new in SAS No. 145: Enhanced definitions mean stronger audits

Don’t delay. Understand SAS No. 145, from the AICPA Auditing Standards Board (ASB), and be ready.

July 28, 2022

Senate deal paves way to reconciliation bill with tax provisions

A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.

July 28, 2022

Some balance-due notices on joint returns issued in error, IRS says

Payments made by the second-listed spouse on a joint return for 2021 under certain conditions may not have been properly credited by the IRS.

July 27, 2022

Senate passes CHIPS Act with semiconductor tax credit

The bill’s semiconductor production incentives would include a new 25% investment credit.

July 27, 2022

AICPA & CIMA comment on ISSB drafts of sustainability disclosures

A comment letter applauds efforts to develop global standards for disclosing sustainability information and provide suggestions related to the two exposure drafts.