Tax, accounting, auditing news - Journal of Accountancy

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.

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.