Tax, accounting, auditing news - Journal of Accountancy

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.

October 17, 2022

Understand the tax consequences of remote work

CPAs can play crucial roles in helping navigate the evolving landscape as state tax authorities ramp up efforts to source additional revenue from out-of-state workers and the companies they work for.

October 14, 2022

How to negotiate a job offer

Follow these five tips to secure the best deal.

October 13, 2022

Social Security wage base, COLA set for 2023

The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2023 and a cost-of-living adjustment (COLA) for Social Security benefits. The COLA is 8.7%.

October 13, 2022

Inherent risk and SAS No. 145: New concepts and requirements

New inherent risk factors introduced by SAS No. 145 aim to assist in risk identification. Understand how the changes will affect your 2023 audits.

October 12, 2022

SEC modernizes recordkeeping rules

Amendments adopted Wednesday provide broker-dealers more flexibility when it comes to how they store electronic records.

October 11, 2022

Final regulations adopt ‘family-friendly’ health care affordability test

Previous regulations had based the affordability of employer-offered coverage for family members on the cost of an employee’s self-only coverage.

October 11, 2022

The ins and outs of Roth IRAs for children

It’s possible to fund Roth IRAs for children, and this could be a terrific financial planning move for their futures, although the strategy has limitations.

October 11, 2022

SEC reopens public comment periods due to technological error

Anyone who commented on the SEC’s last 12 rulemaking releases is encouraged to make sure their comments were received.

October 6, 2022

FASB proposes improvements to segment reporting

FASB issued a proposed Accounting Standards Update that would improve the disclosures about a public entity’s reportable segments and address requests from investors and other allocators of capital for additional, more detailed information about a reportable segment’s expenses.

October 3, 2022