Tax, accounting, auditing news - Journal of Accountancy

November 23, 2021

Automatic extension for furnishing health coverage statements proposed

Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”

November 23, 2021

FASB reconsiders accounting for troubled debt restructuring by creditors

FASB’s accounting guidance for troubled debt restructuring by creditors would be eliminated for organizations that have adopted its credit losses standard, under a proposal the board issued Tuesday.

November 23, 2021

6 lessons from audit experts who adopted AI early

Machine learning is within reach for many audit firms.

November 19, 2021

SBA clarifies COVID-19 EIDL application deadlines

The US SBA provided updated guidance Friday on various COVID-19 Economic Injury Disaster Loan program application deadlines.

November 19, 2021

AICPA, NASBA publish revised CPA Evolution Model Curriculum

In response to feedback, the AICPA and the National Association of State Boards of Accountancy on Friday updated the curriculum resource that was launched in June to help faculty align their programs with the new Core + Disciplines licensure model created by the CPA Evolution initiative.

November 19, 2021

Tax provisions in the Build Back Better act

The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.

November 19, 2021

House passes Build Back Better Act with universal paid leave

The US House of Representatives passed a nearly $2 trillion spending bill Friday that includes a number of provisions of note for CPAs.

November 19, 2021

Diving deeper into smaller frauds due to COVID-19

The coronavirus pandemic has created special challenges for practitioners to consider related to fraud. In the current environment, smaller instances of fraud, many times immaterial to an audit, are now becoming significant and need additional attention.

November 19, 2021

Apprenticeship: A new route to CGMA

A new program will create an on-the-job training path to a Chartered Global Management Accounting credential for aspiring accounting professionals.

November 18, 2021

Further guidance issued on tax treatment of PPP loan forgiveness

Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).

November 18, 2021

What it takes to become a top-performing CAS practice

Top-performing client advisory services practices are more likely to follow certain best practices, the CPA.com and AICPA PCPS CAS Benchmark Survey found.

November 17, 2021

New user verification for IRS online accounts to be required by mid-2022

Tax professionals and taxpayers will have to create an account with a third-party provider, ID.me, which requires uploading an image of a government-issued ID and a selfie, in order to access certain IRS online tools and portals.

November 17, 2021

New FASB standard requires businesses to disclose government aid

Businesses that receive certain forms of government assistance will be required to disclose that aid in the notes to their annual financial statements under a standard the Financial Accounting Standards Board issued Wednesday.

November 17, 2021

Credit losses: 4 things you need to know

Here’s what private company finance personnel need to know about CECL as the time for implementation approaches.

November 16, 2021

Meal portion of per diem allowance can be treated as attributed to a restaurant

An IRS notice provides a special rule for the temporary 100% deduction.

November 16, 2021

IRS commissioner: We’re hiring

Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.

November 15, 2021

New FAQs cover interplay of unemployment income exclusion and credits

The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.

November 12, 2021

Changing ways of working call for changing employment and tax policy

Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”

November 12, 2021

Rethinking real estate: The benefits of workforce segmentation

Balancing business goals with employee experience can provide the best path forward as hybrid working becomes commonplace.

November 11, 2021

FASB issues risk-free rate rule to cut costs for nonpublic lessees

Nonpublic lessees such as private companies, not-for-profits, and employee benefit plans will be permitted to elect risk-free rates for lease accounting by class of underlying asset rather than at the entitywide level under a new rule issued Thursday by FASB.