Tax, accounting, auditing news - Journal of Accountancy

August 25, 2022

SEC adopts ‘pay versus performance’ disclosure rules

Amendments will require public companies to disclose details about the relationship between executive compensation and financial performance.

August 25, 2022

SEC releases draft of 5-year strategic plan

The SEC aims to update its disclosure framework and upgrade its protection measures and its workforce in order to uphold its oversight of capital markets.

August 24, 2022

IRS relieves penalties for 2019 and 2020

As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.

August 23, 2022

Investing and inflation: Not mutually exclusive

Although investing in times of high inflation can be tricky, tried-and-true principles of having a well-diversified portfolio and not panicking still hold.

August 23, 2022

Diversity among CEOs, CFOs continues to rise

Executive recruiting firm Crist Kolder’s annual report shows record levels of female and racially or ethnically diverse leadership at large companies.

August 22, 2022

FASB issues proposal to improve accounting for investments in tax credit structures

The FASB issued a proposed Accounting Standards Update intended to improve the accounting and disclosures for investments in tax credit structures.

August 22, 2022

PCAOB report: Quality of audits improves in 2021 but still lacking

Deficiency rates decreased in 2021 broker-dealer audits reviewed by the PCAOB, but the board’s report calls for more progress.

August 18, 2022

Master the one-on-one meeting

Follow this advice for successful meetings with your direct reports.

August 18, 2022

Hiring managers in finance have their work cut out

Nearly four in five hiring managers in finance “expect to have to work hard” to attract and retain talent over the next year after three-fourths dealt with retention issues over the past year.

August 17, 2022

Guidance on clean vehicle tax credit

The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.

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.

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.