Journal Of Accountancy News

Latest News from Journal Of Accountancy

A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.
Posted: August 21, 2019, 9:30 pm
The effective date of a new accounting standard for long-term insurance contracts would be delayed under a proposal issued FASB.
Posted: August 21, 2019, 6:05 pm
Emerging engagements such as sustainability attestation services and System and Organization Controls reports require auditors to consider materiality for subject matters that can’t be quantitatively measured.
Posted: August 21, 2019, 5:00 pm
State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.
Posted: August 15, 2019, 10:00 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, 6:10 pm
Private companies and certain other preparers would see delays in effective dates for accounting standards for leases, hedging, and credit losses under a proposal issued by FASB.
Posted: August 15, 2019, 4:35 pm
Working drafts of accounting issues related to the Financial Accounting Standards Board’s new credit losses standard were issued by the AICPA Financial Reporting Executive Committee.
Posted: August 15, 2019, 4:00 pm
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
Posted: August 13, 2019, 8:45 pm
Almost one-third (31%) of new graduate hires in public accounting in 2018 were nonaccounting graduates, a new AICPA survey shows.
Posted: August 13, 2019, 4:42 pm
The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.
Posted: August 13, 2019, 2:00 pm
The AICPA and NASBA helped found a new coalition of advanced professions with the goal of educating policymakers and the public on the importance of professional licensing standards.
Posted: August 12, 2019, 9:52 pm
New research performed with the help of the AICPA’s Assurance Research Advisory Group has provided new insights on ways to improve quality in group audits.
Posted: August 6, 2019, 8:00 pm
The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.
Posted: August 6, 2019, 6:22 pm
The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.
Posted: July 31, 2019, 7:45 pm
FASB addressed one of the most challenging areas of financial reporting with a proposal intended to help distinguish liabilities from equity.
Posted: July 31, 2019, 6:00 pm

The Tax Adviser News

Latest News from The Tax Adviser

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
Discrepancies between the amount of alimony deducted by payers and reported as income by its recipients increased by 38% in six years, the Treasury Inspector General for Tax Administration reported.
Posted: August 13, 2019, 9:00 pm
The Internal Revenue Service proposed regulations to clarify how to classify transactions involving digital content and cloud computing.
Posted: August 13, 2019, 2:05 pm
The IRS issued updated procedures for third-party contacts to reflect changes enacted in the recent Taxpayer First Act, requiring the IRS to notify taxpayers at least 45 days before it contacts a third party to determine or collect a tax.
Posted: August 6, 2019, 6:45 pm
If the IRS wishes to no longer require tax-exempt organizations to report information about their substantial financial donors, it must follow a proper notice-and-comment process.
Posted: August 2, 2019, 2:45 pm
The IRS will permit taxpayers to change their bonus depreciation treatment for property acquired after Sept. 27, 2017, and placed in service during a tax year that includes Sept. 28, 2017.
Posted: July 31, 2019, 8:15 pm
The IRS is permitting certain partnerships that timely filed their tax returns for the 2018 tax year an extension of time to file superseding returns and Schedules K-1 for their partners.
Posted: July 29, 2019, 6:10 pm
The IRS has begun sending what it calls “educational letters” to taxpayers it has identified as not reporting virtual currency transactions or reporting them incorrectly.
Posted: July 29, 2019, 3:10 pm
The IRS added 14 types of preventive care items that qualify to be provided under a high-deductible health plan to treat chronic medical conditions.
Posted: July 17, 2019, 9:15 pm
As part of its effort to reduce identity theft, the IRS issued final rules permitting employers to provide truncated taxpayer identification numbers on Forms W-2, Wage and Tax Statement, they provide to employees.
Posted: July 2, 2019, 8:30 pm
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
Posted: July 2, 2019, 1:30 pm
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
Posted: June 21, 2019, 8:05 pm
The AICPA Virtual Currency Task Force reached out to Treasury’s Financial Crimes Enforcement Network (FinCEN) to help practitioners answer the question of whether virtual currency (or cryptocurrency) must be reported on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
Posted: June 19, 2019, 6:30 pm
The IRS issued methods for calculating W-2 wages for the Sec. 199A(g) deduction for agricultural and horticultural cooperatives, similar to the former Sec. 199 domestic production activities deduction.
Posted: June 18, 2019, 9:00 pm
The IRS issued final regulations on health reimbursement arrangements, which may be offered to individuals as individual coverage HRAs and integrated into health insurance plans.
Posted: June 17, 2019, 6:45 pm