Journal Of Accountancy News

Latest News from Journal Of Accountancy

The fast-moving, global reach of the coronavirus has illustrated that a forward-looking approach to risk management is more important than ever.
Posted: April 1, 2020, 11:01 am
Small businesses and sole proprietorships hoping to secure a loan through the federal Paycheck Protection Program can begin applying Friday, April 3.
Posted: March 31, 2020, 11:30 pm
The National Association of State Boards of Accountancy announced a new model that will enhance candidates’ options for taking the CPA Exam beginning July 1.
Posted: March 31, 2020, 9:26 pm
The IRS has issued guidance on these payments, which it calls "economic impact payments," and says they generally will be direct-deposited to most qualifying taxpayers' bank accounts in the next three weeks without taxpayers having to do anything.
Posted: March 31, 2020, 7:06 pm
Have you seen potential scams or fraud related to the COVID-19 pandemic? Here’s how to report possible crimes.
Posted: March 31, 2020, 6:39 pm
The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.
Posted: March 27, 2020, 11:30 pm
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
Posted: March 27, 2020, 10:42 pm
Three federal bank regulatory agencies issued an interim final rule providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard.
Posted: March 27, 2020, 9:25 pm
An emergency testing period for the CPA Exam is being invoked as a result of the coronavirus pandemic. The 2020 second-quarter testing window is being extended from June 10 to June 30.
Posted: March 27, 2020, 7:09 pm
The $2 trillion stimulus bill contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
Posted: March 27, 2020, 5:30 pm
The IRS announced that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks "until further notice."
Posted: March 27, 2020, 4:00 pm
In a letter to Treasury and the IRS, the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
Posted: March 26, 2020, 9:48 pm
The federal economic stimulus bill passed by the Senate delays the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses.
Posted: March 26, 2020, 9:38 pm
GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.
Posted: March 26, 2020, 9:24 pm
Inventory counts for March 31 year-end financial statements are a challenge for auditors during the coronavirus outbreak. But there are a few methods that can provide sufficient appropriate evidence of inventory even when the auditor can’t make a site visit.
Posted: March 26, 2020, 6:20 pm

The Tax Adviser News

Latest News from The Tax Adviser

The IRS has issued guidance on these payments, which it calls “economic impact payments,” and says they generally will be direct-deposited to most qualifying taxpayers’ bank accounts in the next three weeks without taxpayers having to do anything.
Posted: March 31, 2020, 7:34 pm
The IRS postponed the payment and return filing requirements for gift and generation-skipping transfer taxes due April 15 to July 15, matching prior postponements granted to federal income taxes and returns.
Posted: March 27, 2020, 11:31 pm
The IRS issues rules to implement paid sick and child care leave credits enacted in response to the pandemic.
Posted: March 27, 2020, 10:54 pm
The $2 trillion stimulus bill, which passed the Senate by a 96-0 vote late on Wednesday, contains many tax provisions. Here’s a look at the tax items, which range from credits to temporary changes to retirement plan rules.
Posted: March 27, 2020, 5:30 pm
The IRS announced that, because of staff shortages, it was closing the Practitioner Priority Service, a special phone line for tax practitioners, as well as the e-Services Help Desk line and the e-Services, FIRE, and AIR system help desks “until further notice.”
Posted: March 27, 2020, 4:06 pm
In a letter to Treasury and the IRS the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
Posted: March 26, 2020, 9:51 pm
The IRS announced that, under its People First Initiative, it was taking various actions to alter its activities beyond the tax filing and payment delay announced last week.
Posted: March 26, 2020, 6:03 pm
The IRS posted 24 questions and answers to clarify the notice delaying certain tax filing and payment deadlines until July 15.
Posted: March 25, 2020, 12:23 am
To protect taxpayers and its employees, the IRS is scaling back its operations during the coronavirus pandemic to focus on mission-critical activities. Here’s a look at what services are being affected.
Posted: March 25, 2020, 12:08 am
Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
Posted: March 23, 2020, 10:07 pm
The IRS announced the postponement of the April 15 federal income tax filing deadline until July 15. Friday’s notice expands on earlier guidance that had only postponed tax payments but not the filing deadline.
Posted: March 21, 2020, 3:27 pm
The IRS issued final regulations that govern covered asset acquisitions, which are used to increase foreign tax credits.
Posted: March 20, 2020, 8:06 pm
Treasury Secretary Steven Mnuchin announced that taxpayers will have until July 15 to file their tax returns, a change from the guidance announced by the IRS earlier.
Posted: March 20, 2020, 6:05 pm
Here’s a look at the payroll tax credit provisions for employers in the coronavirus relief bill President Donald Trump signed on Wednesday.
Posted: March 19, 2020, 6:45 pm
The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines or apply to any other type of tax.
Posted: March 18, 2020, 10:59 pm