Tax, accounting, auditing news - Journal of Accountancy

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.

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.