Journal Of Accountancy News

Latest News from Journal Of Accountancy

The IRS issues at least its seventh warning about the employee retention credit since October 2022.
Posted: June 1, 2023, 8:31 pm
We put ChatGPT to the test with hypothetical tax questions. See if you think it’s ready to compete with a CPA.
Posted: June 1, 2023, 7:30 pm
Driven by ongoing concerns about inflation, finance executives in business and industry project declines in profits for the coming year, according to a new AICPA & CIMA survey.
Posted: June 1, 2023, 11:00 am
With a new standard for reporting on leases soon to be effective, the Accounting and Auditing Policy Committee is seeking comments on updates to its leases guidance in a 2021 technical release.
Posted: May 31, 2023, 8:39 pm
States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.
Posted: May 31, 2023, 3:25 pm
While many clients are reluctant to buy an annuity that won’t start making payments for 15 or 20 years, retirement researchers tout this as an effective strategy to prevent outliving one’s retirement savings.
Posted: May 30, 2023, 12:34 pm
At its spring meeting, the AICPA Council voiced support for the Pipeline Acceleration Plan and decided to move forward with development of a national strategy focused on boosting the accounting profession’s talent outlook.
Posted: May 25, 2023, 6:42 pm
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
Posted: May 24, 2023, 8:10 pm
A lower percentage of companies are seeking new employees and increasing the benefits for their current workers, according to a survey of audit partners.
Posted: May 24, 2023, 8:00 pm
In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
Posted: May 23, 2023, 11:40 am
The proposals would require the establishment of a risk-based margin system that monitors intraday exposure on an ongoing basis, in addition to requiring a more robust recovery and wind-down plan.
Posted: May 18, 2023, 5:21 pm
The plan seeks to address root causes of talent pipeline issues in a concerted effort to increase the number of students pursuing accounting degrees and CPA licensure.
Posted: May 18, 2023, 12:05 pm
The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.
Posted: May 17, 2023, 7:34 pm
Reviews focused on career goals and needs can better enable employees to succeed.
Posted: May 17, 2023, 6:34 pm
Even if regulations don’t legally apply to private companies, they often apply from a practical standpoint. A new resource offers guidance on the importance of assuring sustainability data for public and private companies alike.
Posted: May 17, 2023, 3:03 pm

The Tax Adviser News

Latest News from The Tax Adviser

The IRS issues at least its seventh warning about the employee retention credit since October 2022.
Posted: June 1, 2023, 8:37 pm
States continue to move ahead with implementing new passthrough entity taxes as a workaround to the $10,000 cap on the federal deduction of state and local taxes.
Posted: May 31, 2023, 3:39 pm
The bill filed by Reps. Judy Chu and Mike Carey would streamline the extension-filing process for millions of Americans.
Posted: May 24, 2023, 8:15 pm
In a unanimous decision, the Court held that the IRS does not have to notify third parties named in a summons when it seeks access to records held at institutions such as banks in aid of collection of a tax assessment.
Posted: May 23, 2023, 11:45 am
The 2024 amounts from the IRS mark at least the ninth annual increase in a row for maximum contributions.
Posted: May 17, 2023, 7:39 pm
In his response to a university study showing racial differences in audit rates, IRS Commissioner Danny Werfel says in a letter to senators that the agency is investigating the cause of any discrepancies.
Posted: May 16, 2023, 6:15 pm
Under the requirement, most companies created in or registered to do business in the United States must report their beneficial ownership information (BOI) to the Financial Crimes Enforcement Network.
Posted: May 16, 2023, 3:21 pm
The Electronic Communication Uniformity Act, recently introduced in the Senate, would apply the timely mailing/timely filing rule to electronic tax return filings and payments. The AICPA has written to the sponsors of the bill expressing support.
Posted: May 12, 2023, 8:47 pm
The IRS said all returns received for tax year 2021 or earlier have been processed if the returns had no errors or did not require further review.
Posted: May 11, 2023, 8:52 pm
Black CPAs react to study led by Stanford University showing the IRS is up to 4.7 times more likely to audit Black taxpayers than non-Black ones, saying the tax system must be fairer.
Posted: May 8, 2023, 11:54 am
The regulations would terminate the continued application of the Sec. 367(d) annual inclusion in certain cases when intangible property is repatriated to the United States after previously being transferred to a foreign corporation.
Posted: May 2, 2023, 9:56 pm
With COVID-19 no longer considered a national emergency, the IRS will return to public hearings for proposed regulations published in the Federal Register beginning in May while keeping telephone access as an option.
Posted: May 1, 2023, 5:52 pm
The new IRS commissioner tells the Senate Finance Committee the rate will be taken from the 2018 data because that’s the most recent year for which the IRS has final audit numbers.
Posted: April 21, 2023, 3:49 pm
The ruling, which is being obsoleted as of July 31, allowed a taxpayer that used the expense method for research and experimental expenditures to deduct on an amended return research and experimental expenditures the taxpayer did not deduct in prior years.
Posted: April 13, 2023, 10:21 pm
In a statement Wednesday, the AICPA said much of the IRS’s spending plan lines up with what the AICPA has requested but still recommends further improvements.
Posted: April 13, 2023, 3:53 pm