Tax, accounting, auditing news - Journal of Accountancy

April 4, 2022

How to fix a broken supply chain

Fueled by increased demand and exacerbated by worker and equipment shortages, the global supply chain has been in a chaotic state for over two years.

April 1, 2022

How the war in Ukraine affects auditors’ responsibilities

Economic conditions and the environment many companies face have changed substantially as a result of Russia’s invasion of Ukraine.

April 1, 2022

Climate change: What the SEC proposal means for companies, auditors

The SEC’s recently issued climate change disclosure proposal would require companies to embrace a comprehensive, sophisticated approach to climate reporting.

March 31, 2022

FASB addresses troubled debt, vintage disclosures in CECL standard

FASB changed its credit losses standard, eliminating accounting guidance for troubled debt restructuring by creditors and enhancing disclosure requirements for vintage disclosures.

March 31, 2022

National taxpayer advocate directs IRS to implement scanning technology

Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.

March 31, 2022

How to navigate new disclosures for government assistance

After a rush of government programs provided pandemic-related relief, the Financial Accounting Standards Board issued a standard requiring new disclosures for government assistance.

March 31, 2022

The pros and cons of delaying Social Security

Make sure your decision about when to claim Social Security benefits is an informed one that takes into consideration your expected longevity along with various financial and other factors.

March 30, 2022

‘SECURE 2.0’ would further expand retirement savings options

Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.

March 30, 2022

SPACs would face new disclosure requirements under SEC proposal

The SEC proposed rules that are intended to provide investors with more information and protection in initial public offerings by special purpose acquisition companies.

March 30, 2022

FASAB proposes conforming amendments to 4 technical releases

A proposal issued Wednesday by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board would amend four federal government accounting standards technical releases to conform with recently issued guidance.

March 30, 2022

Companies say they will pay more to recruit and retain staff

Struggling to hold on to employees or find new ones, more companies expect to raise pay and offer flexible work options, a survey of CPA decision-makers shows.

March 29, 2022

Billionaire minimum tax could pose difficulties

The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.

March 29, 2022

FASB issues expanded hedge accounting standard

The Financial Accounting Standards Board (FASB) has published an Accounting Standards Update designed to better align hedge accounting with an organization’s risk management strategies.

March 28, 2022

Biden proposes higher corporate tax rate, 20% billionaire minimum tax

Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.

March 28, 2022

BBA partnership audits show high no-change rate, TIGTA says

The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget Act.

March 28, 2022

SEC seeks to regulate principal trading firms

The SEC proposed new rules Monday that would require certain entities, most notably principal trading firms, to register with the Commission and to comply with federal securities laws and regulatory obligations.

March 25, 2022

Various exempt organization notices paused

Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.

March 25, 2022

IRS reproposes unified plan rule exception for multiple-employer plans

Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.

March 25, 2022

3 ways NFPs can adapt online to the new economic climate

Telling compelling narratives online by leveraging influencers, TikTok, and freelancer platforms can increase opportunities for not-for-profits.

March 24, 2022

Lease accounting urgency ramps up for not-for-profits

After numerous effective date delays, not-for-profits are running out of time to implement the Financial Accounting Standards Board’s new lease accounting standard.

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.