Journal Of Accountancy News

Latest News from Journal Of Accountancy

The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
Posted: March 26, 2024, 8:54 pm
Four in five M&A professionals see deal volume increasing over the next six months, which should come as no surprise to accounting firms considering a recent flurry of activity.
Posted: March 26, 2024, 8:11 pm
On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.
Posted: March 22, 2024, 7:58 pm
The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.
Posted: March 21, 2024, 9:04 pm
If you’re a CFO struggling to retain talent, it may be time assess whether you’re keeping up with the competition in terms of offering a flexible work schedule and adequate compensation.
Posted: March 21, 2024, 12:51 pm
Allowing taxpayers to communicate with the IRS almost entirely online will free the agency’s workers to handle other tasks, Commissioner Danny Werfel said in a speech Monday.
Posted: March 19, 2024, 8:30 pm
The March installment of the monthly newscast series covered topics ranging from year 2 lease accounting issues and commercial real estate risks to SAS No. 145 updates for auditors and fraud risks during audits.
Posted: March 18, 2024, 7:35 pm
The top 10 firm is the largest to strike a deal with private equity but isn’t the first. Four other noteworthy deals have been struck in the past two years.
Posted: March 18, 2024, 6:26 pm
Three in five finance leaders say “now is not a good time” to take greater risks, according to Deloitte’s first-quarter North American CFO Signals survey, partly because of expected upcoming interest rate cuts.
Posted: March 18, 2024, 6:14 pm
Many approaching retirement age are concerned about whether they will be prepared for life after a regular paycheck, but many who are already retired are faring better than they expected.
Posted: March 15, 2024, 7:58 pm
Now is the time to begin preparing for new reporting and attestation requirements. A summary of the 886-page rule by the AICPA and the Center for Audit Quality is a good place to start.
Posted: March 14, 2024, 12:54 pm
While new research reveals that most employers trust their employees, many fall short when it comes to communicating their level of confidence. That lack of clarity can hinder the ability of employees to do their best work.
Posted: March 12, 2024, 8:30 pm
The U.S. Justice Department filed an appeal Monday challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.
Posted: March 12, 2024, 6:17 pm
Compared with the end of 2023, own-company sentiment is higher among finance decision-makers in a quarterly survey released Thursday.
Posted: March 8, 2024, 5:00 am
Nearly two years after the rule was proposed, the SEC adopted a final rule that will require certain registered companies to disclose some material climate data beginning in 2025 and Scope 1 and Scope 2 greenhouse gas emissions beginning in 2026.
Posted: March 6, 2024, 7:30 pm

The Tax Adviser News

Latest News from The Tax Adviser

The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
Posted: March 26, 2024, 9:01 pm
On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.
Posted: March 22, 2024, 8:05 pm
The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.
Posted: March 21, 2024, 9:07 pm
Allowing taxpayers to communicate with the IRS almost entirely online will free the agency’s workers to handle other tasks, Commissioner Danny Werfel said in a speech Monday.
Posted: March 19, 2024, 8:34 pm
The U.S. Justice Department filed an appeal Monday challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.
Posted: March 12, 2024, 6:26 pm
The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses.
Posted: March 5, 2024, 9:56 pm
While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement.
Posted: March 5, 2024, 1:16 pm
IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.
Posted: February 29, 2024, 9:58 pm
The Service said that U.S. withholding agents are administratively exempt from the requirement to e-file Forms 1042 during calendar year 2024, while foreign agents are exempt in calendar years 2024 and 2025.
Posted: February 28, 2024, 8:13 pm
The rules in the Small Entity Compliance Guide apply to access for some financial institutions and cover security and confidentiality, authorized use, administration of requests, and violations.
Posted: February 23, 2024, 9:25 pm
Under the Sec. 6417 direct-pay election, tax-exempt organizations, including not-for-profits and governmental agencies, can claim certain energy credits on their federal income tax returns, but to claim them for 2023, the direct-pay election must be made on a timely filed 2023 federal income tax return.
Posted: February 22, 2024, 9:43 pm
IRS Commissioner Danny Werfel said Wednesday that the audits will focus on business vs. personal use of aircraft by large corporations, large partnerships, and high-income taxpayers.
Posted: February 21, 2024, 10:00 pm
Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.
Posted: February 20, 2024, 6:37 pm
Andrea Gacki, director of the Financial Crimes Enforcement Network, reassured a House committee that the agency can act only against willful violations of the new beneficial ownership information reporting rule.
Posted: February 16, 2024, 8:09 pm
IRS Commissioner Danny Werfel also discussed the employee retention credit and IRS funding when he appeared before the House Ways and Means Committee on Thursday.
Posted: February 16, 2024, 4:50 pm