Tax, accounting, auditing news - Journal of Accountancy

May 12, 2022

What every CPA should know about disrupted supply chains

Build your supply chain knowledge by networking and tracking the news.

May 12, 2022

Building a tax-efficient retirement income plan for clients

For retirees, effective tax planning requires taking a long view and spending down assets from a variety of sources each year.

May 10, 2022

FASAB seeks input on proposed amendments related to leases

The FASAB proposed changes intended to clarify the application of lessee and lessor discounting requirements.

May 10, 2022

GASB addresses range of practice issues in statement

In an omnibus statement, the GASB issued guidance and clarifications on numerous accounting and financial reporting issues.

May 10, 2022

How to be a trailblazer for women in the profession

Anna Mok, CPA, shares advice for women in accounting, in preparation for the panel session “AmplifiHER: Inspirational Women Breaking Ceilings and Stereotypes in the Profession” at the upcoming AICPA & CIMA ENGAGE conference.

May 10, 2022

TQAs provide guidance on auditor reporting of other information included in annual reports

The Technical Questions and Answers address auditor reporting when the entity issues its annual report subsequent to its financial statements.

May 10, 2022

TIGTA: IRS should work to expand e-filing

The Treasury Inspector General for Tax Administration finds a lack of coordinated effort across the IRS to fulfill opportunities for wider electronic return filing.

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.

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.