Tax, accounting, auditing news - Journal of Accountancy

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.

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.