Tax, accounting, auditing news - Journal of Accountancy

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.

July 27, 2022

Business leaders may consider cuts to M&A, ESG budgets

If economic challenges continue, a survey finds that mergers and acquisitions could be the first area that CFOs and CEOs target for budget cuts, followed by environmental, social, and governance.

July 20, 2022

IRS seeks transformation in new 5-year plan

The IRS’s fiscal 2022–26 Strategic Plan sets out goals to modernize its operations and interactions with taxpayers while adapting to new challenges and threats.

July 15, 2022

FASB proposes changes to transition requirements in insurance guidance

FASB issued a proposed Accounting Standards Update (ASU) that would amend transition guidance in an update from 2018 for long-term insurance contracts that have been derecognized because of a sale or disposal of individual or a group of contracts or legal entities before the effective date.

July 15, 2022

What new managers wish they’d known

CPAs offer advice to help leaders as they begin their management roles.

July 15, 2022

Pandemic-paused IRS return preparer visits could resume by video

The U.S. GAO recommended that the IRS pilot videoconferencing for its program singling out “high-risk” return preparers for direct compliance checks and education with respect to refundable tax credits and other taxpayer tax benefits.

July 14, 2022

Congressional Democrats faced with ticking clock on reconciliation package

Negotiations on a reconciliation bill — a successor to the Build Back Better proposal — continue in Congress. But negotiators face a Sept. 30 deadline to get the bill passed.

July 13, 2022

AICPA recommends additional IRS backlog measures

Looking ahead to next filing season, the AICPA renews previous calls for taxpayer relief and administrative remedies to help the IRS clear overages in its return and correspondence inventories.

July 12, 2022

TIGTA: Delayed screening of IRS new hires risked taxpayer data

Temporary waiving of fingerprinting and identification procedures for new federal employees due to the pandemic could have allowed access to taxpayer data by individuals who were ineligible for federal employment.

July 12, 2022

How to advise clients buying vacation rental property

CPA financial planners can help vacation rental owners to maximize profit and peace of mind and minimize surprises.

July 11, 2022

Estates can now request late portability election relief for 5 years

The IRS extended to five years the period under which a taxpayer can use a simplified method (in lieu of a letter ruling request) to obtain an extension of time to make a portability election.

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.