Tax, accounting, auditing news - Journal of Accountancy

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.

April 18, 2022

Superfund taxpayers granted failure-to-deposit penalty relief

The IRS also assures payers of the reinstituted excise taxes that they will not lose a deposit safe harbor in early 2023.

April 18, 2022

Top challenges in a hot M&A market

As activity ramps up, experts offer advice on both ends of the dealmaking.

April 18, 2022

SALT cap challenge is denied Supreme Court review

The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.

April 15, 2022

PCAOB updates requirements on auditing accounting estimates, using specialists

The PCAOB has issued new requirements for auditing accounting estimates and using the work of specialists. The board is seeking comments on the new requirements.

April 14, 2022

Single audit relief provided to certain governments with Treasury COVID-19 funding

Unprecedented federal relief expenditures of the Coronavirus State and Local Fiscal Recovery Funds left many small governments in need of single audits for the first time.

April 13, 2022

IRS’s FATCA enforcement fell short, TIGTA says

Initial plans for the Foreign Account Tax Compliance Act’s regime of reporting US taxpayers’ foreign bank accounts and other financial assets largely have stalled, the Treasury Inspector General for Tax Administration reports.

April 13, 2022

Letters from IRS to warn taxpayers about possible QOF actions needed

The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds .

April 12, 2022

Acute IRS challenges had chronic origins, GAO reports

The US Government Accountability Office draws lessons for the IRS in handling taxpayer return errors, processing those returns more timely and serving taxpayers’ needs.

April 8, 2022

NTA calls for more time to contest denial of refund or credit claim

National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.

April 8, 2022

IRS commissioner to senators: ‘Our efforts are working’

Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.

April 6, 2022

CPA firms show progress in diversity amid pipeline challenges

The AICPA’s 2021 Trends report provides information on the status of education, hiring, leadership and diversity in the accounting profession.

April 5, 2022

IRS eases application process for US residency certification

New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.

April 5, 2022

Proposed regulations revise premium tax credit’s affordability test

The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.

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.