Tax, accounting, auditing news - Journal of Accountancy

March 23, 2022

TIGTA: IRS inefficiencies worsened backlog

An audit by the Treasury Inspector General for Tax Administration recommends improvements in staff deployment, equipment and procedures.

March 23, 2022

Proposal would supersede auditing standard for group audits

The AICPA Auditing Standards Board is seeking comments on a proposed Statement on Auditing Standards that seeks to strengthen the auditor’s approach to planning and performing group audits and to improve the quality of such audits.

March 23, 2022

Roth IRAs: Are they right for your client?

The choice between a Roth IRA and a traditional IRA in saving for retirement depends on the person’s age, tax bracket, expected future earnings and other factors.

March 22, 2022

Individual taxpayers must answer cryptoasset question, IRS notes

Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.

March 22, 2022

Accounting firm professionals name their favorite TED talks

Seven CPAs describe their favorite TED talks and why they find them inspiring.

March 22, 2022

Finding ‘untapped’ talent pools of CPAs

Now may be the time to rethink hiring strategies and cast a wider net for talent acquisition.

March 21, 2022

New SEC proposal would ramp up climate-change disclosures

Public companies would be required to disclose climate-related risks and financial statement metrics under a much-awaited proposal issued by the SEC.

March 21, 2022

PEEC issues wide range of ethics guidance for CPAs

Ethics guidance changed this week for CPAs as a result of new interpretations and revised interpretations issued by the AICPA Professional Ethics Executive Committee.

March 18, 2022

The state of US not-for-profits: More demands, fewer resources

A new survey by BKD CPAs & Advisors finds that most US not-for-profits are adding new services to meet increased demand despite facing shortfalls in funding and staffing.

March 17, 2022

Commissioner to Congress: IRS will clear backlog by year’s end

Testifying before a House subcommittee, Charles Rettig describes progress in meeting lingering pandemic challenges.

March 17, 2022

TIGTA: IRS beset by processing backlogs, hiring lags in 2021

A review by the Treasury Inspector General for Tax Administration assessed the IRS’s 2021 performance, customer service issues and administration of tax law changes.

March 17, 2022

A positive attitude starts with math

Attitude is the foundation of our behaviors, according to drummer and speaker Mark Schulman. It’s also the key to fostering a creative and supportive workplace culture, and to becoming a stronger leader.

March 16, 2022

Auto depreciation limits leap with inflation

The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022.

March 16, 2022

SBA again extends deferment period for EIDL payments

Small businesses and not-for-profits that received funding through the COVID-19 Economic Injury Disaster Loan program won’t have to begin payments on the loan until 30 months after the loan was made, the US SBA announced.

March 15, 2022

IRS waives estimated-tax penalties for farmers and fishermen

The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.

March 15, 2022

SEC set to discuss staff climate change proposal

The Securities and Exchange Commission will meet Monday to discuss a staff proposal designed to improve and standardize companies’ climate change disclosures for investors.

March 14, 2022

The role of accounting firms amid the crisis in Ukraine

The Russian invasion of Ukraine is taking place more than 4,000 miles from the United States, but the uncertainty and economic stress caused by the war means that business leaders need trusted advice and calm counsel. That’s where accountants can play a key role.

March 11, 2022

FROM THIS MONTH'S ISSUE

Want to thrive in an AI world? Power up your people skills

Learn how CPAs can strengthen their human relationships by developing their communication, curiosity, and self-awareness. Artificial intelligence can’t replicate these people skills.