Journal Of Accountancy News

Latest News from Journal Of Accountancy

Some private company clients are having difficulty implementing FASB’s revenue recognition standard. CPAs who audit those clients’ financial statements need to proceed carefully to maintain their independence.
Posted: December 13, 2019, 10:00 pm
The PCAOB’s inspections of audit firms in 2020 will continue to focus on areas that have been challenging for firms in recent years, George Botic, CPA, the PCAOB’s director of Registration and Inspections.
Posted: December 11, 2019, 8:24 pm
FASB is working to reduce complexity in its liabilities and equity guidance in the final months of board Chairman Russell Golden’s term.
Posted: December 10, 2019, 7:27 pm
The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).
Posted: December 10, 2019, 5:43 pm
The AICPA issued working drafts on accounting issues for insurance entities. When completed, the drafts will be included in AICPA Accounting and Auditing Guides.
Posted: December 10, 2019, 5:21 pm
A newly proposed CPA licensure model developed by NASBA and the AICPA is designed to help newly licensed CPAs learn the skills and competencies they will need in the workplace of the future.
Posted: December 10, 2019, 3:00 pm
Sections of the ASB’s codification would be amended under a proposal to conform with recently issued standards on auditor reporting and the auditor’s responsibilities relating to other information included in annual reports.
Posted: December 10, 2019, 2:25 pm
Labeling multiple goods and services provided to a customer as a “solution” does not eliminate a company’s responsibility to identify and report separate performance obligations under FASB’s new revenue recognition standard.
Posted: December 9, 2019, 8:38 pm
Auditors of the largest public companies have included critical audit matters in their reports for the first time. Here are some of the SEC’s observations based on those reports.
Posted: December 9, 2019, 6:42 pm
The AICPA Auditing Standards Board has amended its concept of materiality to match the definition used by the U.S. judicial system and other US standard setters.
Posted: December 5, 2019, 6:30 pm
The barriers preventing CPAs from performing engagements providing certain agreed-upon procedures were removed when the AICPA Auditing Standards Board issued a standard providing more flexibility to practitioners.
Posted: December 5, 2019, 2:00 pm
Finance decision-makers remain positive overall heading into 2020, but they continue to have concerns about hiring.
Posted: December 5, 2019, 6:00 am
The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.
Posted: December 3, 2019, 7:32 pm
As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.
Posted: December 2, 2019, 8:45 pm
FASB proposed minor changes as part of its annual effort to clarify and correct unintended application of its Accounting Standards Codification.
Posted: November 27, 2019, 3:07 pm

The Tax Adviser News

Latest News from The Tax Adviser

The IRS is postponing the requirement to report partners’ shares of partnership capital on the tax-basis method for 2019 (for partnership tax years beginning in calendar 2019) until 2020 (for partnership tax years that begin on or after Jan. 1, 2020).
Posted: December 10, 2019, 5:44 pm
The IRS issued detailed guidance on the Sec. 59A base-erosion and anti-abuse tax (BEAT), which was added to the Code by the law known as the Tax Cuts and Jobs Act.
Posted: December 3, 2019, 7:33 pm
As it does every year, the IRS extended the due date to furnish certain health care information statements to individual taxpayers to March 2, 2020.
Posted: December 2, 2019, 8:48 pm
The IRS issued updated rules for substantiating the amount of ordinary and necessary business expenses paid or incurred while traveling away from home using the per-diem rates.
Posted: November 26, 2019, 9:32 pm
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the law known as the Tax Cuts and Jobs Act with the lower unified credit, which is scheduled to go into effect in 2026, eliminating a possible future clawback of the higher exclusion amount.
Posted: November 25, 2019, 7:15 pm
The IRS updated its rules concerning the use of standard mileage rates and to reflect the current suspension of miscellaneous itemized deductions and moving expense deductions.
Posted: November 15, 2019, 9:13 pm
Speaking to the AICPA National Tax Conference in Washington, IRS Commissioner Charles Rettig discussed possible IRS restructuring, more-targeted enforcement efforts and IRS use of data analytics.
Posted: November 14, 2019, 9:44 pm
The IRS released its updated procedures for automatic accounting method changes, which are accounting method changes that can be made without the IRS’s consent.
Posted: November 8, 2019, 6:01 pm
The IRS released the 2020 tax tables for individuals and estates and trusts, as well as the inflation adjustments for over 60 tax provisions for 2020 tax returns.
Posted: November 6, 2019, 9:21 pm
Annual contribution limits for 401(k) plans will increase from $19,000 in 2019 to $19,500 in 2020, and most other limits are increasing as well.
Posted: November 6, 2019, 7:48 pm
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