Tax, accounting, auditing news - Journal of Accountancy

May 9, 2022

US sanctions ban provision of accounting, consulting services to Russia

Sanctions in response to the war in Ukraine include a ban on accounting and management consulting services, according to government statements issued Monday.

May 9, 2022

SEC extends comment period on climate-related disclosure proposal

The SEC announced an extension in the public comment period for its proposal on climate-related disclosure requirements.

May 9, 2022

Procedures for Puerto Rico residents to claim a 2021 child tax credit

The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.

May 6, 2022

Accounting for employee retention credits

Companies that received financial assistance during the pandemic have questions about which standards to apply related to accounting for the ERC.

May 5, 2022

Staffing shortages, backlog hampered IRS in 2022 filing season, TIGTA says

The Treasury Inspector General for Tax Administration issues a preliminary assessment of the IRS’s performance in the recently concluded period for income tax filings.

May 5, 2022

NABA, CAQ announce partnership to grow accounting talent pipeline

The National Association of Black Accountants and the Center for Audit Quality are aiming to increase the diversity of talent coming into the accounting profession by working together to match community college students with mentors and tutors to help them progress to four-year accounting programs.

April 29, 2022

Inflation boosts HSA amounts for 2023

Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.

April 28, 2022

Schedules K-2 and K-3 e-file capability postponed for S corporations

The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.

April 27, 2022

Become more inclusive of neurodivergent employees

CPAs who are neurodivergent, and other experts, share how firms can make their workplaces more equitable and welcoming to staff with disabilities.

April 26, 2022

Invitation issued for IRS Priority Guidance Plan recommendations

The IRS opened its annual to-do list for drafting regulations and other formal guidance to public suggestions of priority tax issues.

April 26, 2022

IRS proposes to amend estate and gift tax basic exclusion regs.

Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.

April 22, 2022

Supreme Court holds Tax Court not bound by petition filing deadline

The 30-day limit under Sec. 6330(d) for petitioning the Tax Court to review an IRS determination is nonjurisdictional and can be equitably tolled, the Court holds in the case of a taxpayer whose petition was one day late.

April 22, 2022

Help clients achieve flexible spending in retirement

Does the 4% rule still make sense? A CPA financial planner discusses how advisers can help ensure their clients can spend with flexibility throughout retirement.

April 21, 2022

IRS funding, technology assessed in House hearing

IRS Commissioner Charles Rettig and National Taxpayer Advocate Erin Collins testify to the House Oversight and Reform Committee.

April 21, 2022

Audit quality indicators show importance of tone at the top

A survey of audit quality indicators performed by the AICPA reveals the most important factors in helping CPA firms perform quality audits.

April 21, 2022

Avoid these 7 delegation mistakes

A career coach and speaker at AICPA & CIMA ENGAGE 22 offers advice to leaders on handing off tasks.

April 20, 2022

FASB proposal would extend time for reference rate reform relief

A proposal by the FASB would extend by two years the guidance related to reference rate reform relief and expand the definition of the Secured Overnight Financing Rate (SOFR).

April 20, 2022

As finance’s role grows, communication skills are more vital

A new survey found the finance function’s importance has grown in the past two years.

April 20, 2022

Why converting to a cloud firm can be a good exit strategy

Accounting firms that use cloud technology sell for a higher revenue multiple — and spend significantly less time on the market than non-cloud firms.

April 19, 2022

Treasury equity action plan reports progress

The tax implications of the Biden administration’s policy of advancing racial equity and support for underserved communities across the government are outlined.