Journal Of Accountancy News

Latest News from Journal Of Accountancy

Openness to change and lifelong learning can help CPAs thrive amid accelerating tech development, says AICPA fall Council speaker Jeffrey Rogers.
Posted: October 20, 2019, 11:20 pm
The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.
Posted: October 18, 2019, 8:32 pm
Effective dates will be delayed for private companies and certain other entities for FASB’s standards on accounting for leases, credit losses, and hedging after a unanimous vote by FASB.
Posted: October 16, 2019, 6:22 pm
A FASB proposal could render obsolete a valuable financing option for health care entities known as variable-rate debt obligations (VRDOs).
Posted: October 16, 2019, 6:00 pm
The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.
Posted: October 14, 2019, 5:38 pm
The steady growth in assurance of sustainability reports suggests that companies increasingly perceive that there are net benefits of having their sustainability reports assured.
Posted: October 10, 2019, 9:30 pm
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
Posted: October 9, 2019, 8:35 pm
The first auditor’s reports containing the PCAOB’s newly required critical audit matters are available in public company annual reports.
Posted: October 4, 2019, 8:05 pm
U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.
Posted: October 1, 2019, 10:30 pm
An overwhelming 92% of American parents say it is very important that children understand how to effectively manage their money, according to a new poll conducted for the AICPA by The Harris Poll.
Posted: October 1, 2019, 5:00 am
A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.
Posted: September 27, 2019, 8:06 pm
The IASB and GASB acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.
Posted: September 26, 2019, 8:38 pm
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
Posted: September 26, 2019, 7:08 pm
The SEC issued new rules for testing the waters on IPOs and modernizing regulation of ETFs. It also proposed amendments to enhance protections for investors.
Posted: September 26, 2019, 6:31 pm
Reports on surveys gauged finance professionals’ thinking on the economy and the hiring and supply of accounting graduates. See how much you know (or catch up on the latest news) with this short quiz.
Posted: September 26, 2019, 12:00 pm

The Tax Adviser News

Latest News from The Tax Adviser

The memorandum lists 10 challenges in order of importance, ranging from data security to achieving operational efficiencies.
Posted: October 18, 2019, 8:39 pm
The IRS finalized regulations permitting taxpayers to deduct disaster losses in the prior tax year and removed the related temporary regulations that were issued in 2016.
Posted: October 14, 2019, 5:40 pm
The IRS ruled that a taxpayer does not have gross income as a result of a hard fork of a cryptocurrency if the taxpayer does not receive units of a new cryptocurrency, but does have gross income as a result of an airdrop of new cryptocurrency after a hard fork if the taxpayer receives units of the new cryptocurrency.
Posted: October 9, 2019, 8:42 pm
U.S. shareholders who own stock in foreign corporations were given a safe harbor by the IRS, making it easier for them to establish that they are not shareholders in a controlled foreign corporation, or CFC.
Posted: October 1, 2019, 10:38 pm
The IRS issued its annual notice specifying the special per-diem rates, including the transportation industry meal and incidental expenses rates, the rate for the incidental-expenses-only deduction, and the rates and list of high-cost localities for purposes of the high-low substantiation method.
Posted: September 25, 2019, 6:54 pm
The IRS issued a revenue procedure describing the requirements taxpayers have to meet to be a rental real estate business that qualifies for the safe harbor to be treated as a trade or business in order to qualify for the Sec. 199A qualified business income deduction.
Posted: September 24, 2019, 10:19 pm
The IRS issued final regulations governing hardship distributions from Sec. 401(k) plans, eliminating the requirements that participants obtain a loan from the plan if available and that suspend participants’ ability to make contributions to the plans for six months after taking a hardship distribution.
Posted: September 20, 2019, 7:05 pm
The IRS issued final regulations and new proposed regulations on the 100% bonus depreciation deduction that was amended by the law known as the Tax Cuts and Jobs Act.
Posted: September 13, 2019, 9:45 pm
The IRS announced that it is opening its Compliance Assurance Process (CAP) program to new applicants for the first time in years, but applications must be made between Sept. 16 and Oct. 31.
Posted: September 12, 2019, 7:04 pm
The IRS issued proposed regulations that provide a safe harbor for corporations to calculate built-in gains and losses after an ownership change.
Posted: September 10, 2019, 4:15 pm
The rulemaking mainly consolidates existing guidance in one location, but it also responds to a recent court decision that held invalid certain changes to donor-reporting requirements.
Posted: September 10, 2019, 1:30 pm
The IRS announced procedures to allow certain individuals who have renounced their US citizenship to get into compliance with their U.S. tax obligations and obtain relief for back taxes.
Posted: September 9, 2019, 8:33 pm
Taxpayers that use the accrual method and receive advance payments for good or services were given new rules by the IRS on when to include the advance payments in income.
Posted: September 6, 2019, 7:15 pm
The IRS issued proposed rules that provide maximum automobile values for the cents-per-mile and fleet-average valuation rules used to determine the amount to include in an employee’s gross income for personal use of an employer-provided vehicle.
Posted: August 22, 2019, 11:40 pm
Some taxpayers who paid 2018 underpayment penalties will receive refund checks because the penalties will be automatically waived for those who qualify, the IRS announced.
Posted: August 15, 2019, 6:15 pm