Tax, accounting, auditing news - Journal of Accountancy

November 10, 2021

FASB declines to extend nonpublic lease accounting effective date

Private companies and not-for-profits will not see further relief from the effective date of FASB’s new lease accounting standard after the board voted Wednesday to reject a request for a two-year extension.

November 10, 2021

IRS issues inflation adjustments for 2022 returns

The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.

November 10, 2021

A bright future ahead for young CPAs

AICPA leaders highlight the profession’s opportunities for CPAs from diverse backgrounds.

November 10, 2021

Audit committee cybersecurity disclosures on the rise

The number of public company audit committees that disclose their role in cybersecurity risk oversight has grown dramatically over the past five years, according to a Center for Audit Quality report.

November 10, 2021

Companies embrace unusual new strategies to survive a labor crunch

With millions of jobs vacant, company leaders are being tested. Here are some ways smaller businesses are coping with multiple openings and trying to recruit new talent.

November 9, 2021

FAQ guidance on income change reporting for advance child tax credit

The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.

November 9, 2021

Employee retention credit: Opportunities remain

The employee retention credit was created in March 2020, but changing requirements have caused some confusion over eligibility. It’s important for businesses and their tax preparers to know who can take the credit and how much relief they can receive.

November 9, 2021

Tax treatment of COVID-19 homeowner relief payments clarified

A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.

November 8, 2021

PCAOB gets new chairperson, board members

Erica Williams has been named chairperson of the Public Company Accounting Oversight Board. She will be joined on the board by Christina Ho, Kara Stein and Tony Thompson. Duane DesParte will continue his service on the board and will serve as acting chairperson until Williams is sworn in.

November 6, 2021

Infrastructure bill tax provisions include ERC termination

The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.

November 5, 2021

Serving cannabis clients: Understand the risks

Practicing due diligence and understanding state and local laws are keys to success for firms that choose to engage with this industry.

November 4, 2021

IRS makes retirement account inflation adjustments for 2022

The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.

November 4, 2021

FASAB amends lease accounting requirements

Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.

November 4, 2021

Lessons in career and business development during times of disruption

Forensic accounting and valuation professionals offer advice on how to leverage career and business development at a time of uncertainty.

November 4, 2021

House approves resolution to boost financial transparency

A concurrent resolution with an objective of providing more transparency to Congress about the fiscal state of the US government passed the House by a voice vote. The Senate has yet to vote on the resolution, which has the AICPA’s backing.

November 4, 2021

Carried interest reporting FAQs and guidance posted

The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.

November 3, 2021