Tax, accounting, auditing news - Journal of Accountancy

January 12, 2022

Profession intensifies diversity efforts with new CAQ initiative

The Center for Audit Quality announced a strategic initiative intended to increase diversity of talent coming into the accounting profession while raising awareness of the profession’s diversity, equity, and inclusion efforts.

January 12, 2022

Updated FAQs address 2021 child tax credit and advance payments

FAQs on the Service’s website are updated for preparing 2021 returns.

January 11, 2022

Practitioners wary of IRS service lapses as tax season begins

Continuing problems in timely processing of returns and correspondence may threaten more headaches.

January 10, 2022

IRS to accept 2021 tax returns starting Jan. 24

The IRS announced the start date for tax season and that the due date for most individuals is April 18.

January 7, 2022

New R&D credit documentation requirements clarified

Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.

January 6, 2022

What’s new for 2022 in federal taxes

A law change and some regulations take effect while an array of provisions expire.

January 6, 2022

Treasury rule provides flexibility for state and local government pandemic aid

State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds program.

January 6, 2022

GASB to consider governmental going concern standards

GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.

January 4, 2022

Single audit clarity provided related to pandemic relief programs

An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.

December 23, 2021

FASB issues 2 new financial accounting concept statements

Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.

December 22, 2021

Lenders should not report student loans discharged under ARPA

The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.

December 21, 2021

How companies are responding to rising pressure on wages and benefits

Leaders are employing a range of strategies to keep workers; some save costs elsewhere to invest in employee training and benefits. One-fourth of companies are offering signing bonuses.

December 20, 2021

FASB ASU addresses supplier finance programs

A proposed Accounting Standards Update would help investors and others better consider the effects on a buyer’s working capital, liquidity and cash flows. The comment deadline is March 21.

December 20, 2021

SALT payments before year end a priority for passthroughs

To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.

December 17, 2021

Standard mileage rates to go up in 2022

The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.

December 17, 2021

Protect staff’s mental health with true time off

PTO isn’t as fulfilling as it could be when staff feel the need to respond to work emails on days off or anticipate coming back to full inboxes.

December 16, 2021

IRS issues accounting-method change procedures for small businesses

New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.

December 16, 2021

ESG assurance opportunities likely to grow for CPA firms

Companies may need more rigorous assurance on environmental, social, and governance data as regulatory obligations emerge. CPA firms are poised to deliver.

December 15, 2021

Digital assets, intangibles among priorities on FASB’s new research agenda

FASB updated its research agenda Wednesday in response to comments received in a consultation earlier this year.

December 15, 2021

SEC addresses share buyback disclosures, insider trading rules

The Securities and Exchange Commission issued separate proposals Wednesday that are designed to enhance share buyback disclosures and provide protections against insider trading.