Tax, accounting, auditing news - Journal of Accountancy

June 2, 2022

Hiring family members in a small business

Employing children and other relatives in a family business can yield tax advantages, but there are potential drawbacks to consider.

June 2, 2022

Is a career coach for you?

Many professionals are contemplating changing their employment situation right now. Working with a career coach can help you achieve clarity about what next steps you want to take.

June 2, 2022

Most US finance leaders see recession risk in year ahead

The CPA Outlook Index, an equally weighted, nine-component measure of sentiment, remained in positive territory, falling from 73 points to 67 points out of 100, but it was the fourth consecutive quarterly decline in economic outlook.

June 1, 2022

Abusive CRATs and Maltese IRAs among ‘Dirty Dozen’ tax scams

The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.

May 27, 2022

Senators request details on IRS info return destruction

The inquiry posed seven specific questions to the IRS concerning the decision, how it was arrived at, its potential effects and whether the Service has destroyed such documents before processing them at any other time.

May 27, 2022

FASB to explore rules on accounting for ESG credits

The FASB said last week that it will explore new rules regarding the accounting for financial instruments with ESG-linked features and regulatory credits.

May 26, 2022

How the path to partner has widened for women, minorities

Diversity and inclusion is rising in CPA firm partner ranks and new accounting graduate hires, according to AICPA research.

May 26, 2022

A needed push into remote auditing

The pandemic brought about a surge in remote auditing, a practice which has both pros and cons. CPAs at small firms discuss their experiences with remote audits and what they plan to do in the future, and share tips for making remote audits run more smoothly.

May 26, 2022

Senators urge 2-D barcoding of paper-filed tax returns in 2023

Fourteen GOP members of the Senate Finance Committee added their voices to National Taxpayer Advocate Erin Collins’s recent directive to the Internal Revenue Service relating to processing of paper-filed returns.

May 26, 2022

SEC proposes enhanced disclosures related to ESG

The SEC proposed amendments to rules and reporting forms to promote consistent, comparable and reliable information for investors concerning funds’ and advisers’ incorporation of environmental, social and governance factors.

May 23, 2022

IRS mostly correct on recovery rebate credits, TIGTA says

The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.

May 20, 2022

CPA Exam’s top scorers earn Elijah Watt Sells Award

The award, established in 1923, recognizes outstanding performance across all four sections of the Uniform CPA Examination.

May 20, 2022

Ukraine aid eligible for leave-based donations programs

Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.

May 19, 2022

Tax equity research lacks demographic data, GAO reports

The US Government Accountability Office found disparities in the distribution of some tax items, but notes impediments to knowing taxpayers’ race, ethnicity, and sex.

May 19, 2022

Resources to get you ready for your next conference

Simple tasks like downloading the conference app, choosing the sessions you want to attend, reviewing the attendee list to locate colleagues, and becoming familiar with vendors in the expo hall will help you get the most out of the event.

May 18, 2022

House subcommittee queries audit rates, IRS resources

Officials from the IRS and the US Government Accountability Office address legislators’ questions on taxpayer service and enforcement across income levels.

May 18, 2022

IRS audit rates decreased most for wealthy, GAO finds

In a study, the US Government Accountability Office finds that the IRS’s individual tax audit rates decreased by 72% during 2010–2019, and by a greater percentage for higher-income taxpayers than for lower-income ones.

May 13, 2022

IRS blames old tech in destruction of information returns

The IRS responds to a report by the Treasury Inspector General for Tax Administration that pointed to the March 2021 incident as one example demonstrating a need for the Service to increase e-filing options.

May 13, 2022

5 steps to managing client expectations

Great relationships with clients can be achieved and maintained by proactive communication practices.

May 12, 2022

New quality management standards approved by AICPA Auditing Standards Board

The new standards represent a significant change in how CPA firms will approach audit and assurance quality in the future.

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.