Journal Of Accountancy News

Latest News from Journal Of Accountancy

Research reveals that four years removed from the beginning of the pandemic, the majority of the largest companies in America feature a structured hybrid model. The most popular model? Three days per week in the office.
Posted: April 17, 2024, 1:56 pm
In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration.”
Posted: April 15, 2024, 9:04 pm
Large-company CEOs in a KPMG survey are confident in the U.S. economy despite multiple risks. Also, the CEOs seem to be changing their thinking about a permanent return to in-office work, with more envisioning a hybrid model.
Posted: April 15, 2024, 8:09 pm
Happy employees are productive employees, but simply offering well-being programs won’t get the job done. The key to success? A companywide commitment that delivers real results in the eyes of current and potential employees.
Posted: April 12, 2024, 4:57 pm
The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.
Posted: April 12, 2024, 11:42 am
Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax.
Posted: April 10, 2024, 6:04 pm
The proposals, open for public comment through June 7, cover 11 firm and engagement metrics as well as new annual and special reporting requirements in five key areas.
Posted: April 10, 2024, 12:40 pm
The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.
Posted: April 8, 2024, 8:58 pm
In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.
Posted: April 8, 2024, 5:54 pm
This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week.
Posted: April 3, 2024, 12:39 pm
The Experience, Learn & Earn program, designed to help accounting graduates earn required academic credits for CPA licensure, began earlier this year with online classes at Tulane University.
Posted: April 2, 2024, 4:41 pm
In response to a restless workforce looking for a lifeline, more employers are offering financial support that extends beyond pay raises.
Posted: April 1, 2024, 5:14 pm
The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer.
Posted: March 28, 2024, 8:20 pm
More than 70% of finance executives have worries related to privacy, ethics, and accuracy, but some respondents in an AICPA & CIMA survey say they’re moving ahead with implementation of generative AI tools.
Posted: March 28, 2024, 2:18 pm
The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
Posted: March 26, 2024, 8:54 pm

The Tax Adviser News

Latest News from The Tax Adviser

In light of the continuing challenges taxpayers are facing with the corporate alternative minimum tax, the IRS granted a waiver of the addition to tax for failure to pay estimated corporate AMT “in the interest of sound tax administration.”
Posted: April 15, 2024, 9:07 pm
The IRS winds up its annual list of 12 scams and schemes by covering two broad categories: bogus tax-avoidance strategies and schemes with an international element.
Posted: April 12, 2024, 11:48 am
Two sets of proposed regulations issued by the IRS provide guidance on the implementation of the new excise tax and on rules for the procedure and administration applicable to the reporting and payment of the tax.
Posted: April 10, 2024, 6:07 pm
The IRS said it will not include the rebates provided under the Inflation Reduction Act of 2022 in individual purchasers’ gross income or in the cost basis of the property purchased.
Posted: April 8, 2024, 9:00 pm
In a letter to the Treasury secretary and the FinCEN director, the AICPA called for enforcement of beneficial ownership information reporting regulations to be suspended until after lawsuits are settled.
Posted: April 8, 2024, 5:59 pm
This term, the Supreme Court will answer the questions regarding the estate tax treatment of life insurance proceeds received by a closely held business and its shareholder redemption obligations. It heard oral arguments last week.
Posted: April 3, 2024, 12:44 pm
The IRS opened its annual Dirty Dozen list with scams that trick recipients into clicking a suspicious link, filling out personal and financial information, or downloading malware onto their computer.
Posted: March 28, 2024, 8:24 pm
The appropriations act enacted over the weekend that kept the federal government from shutting down included $12.3 billion for the IRS, but also codified an agreed-upon $20 billion cut in money allocated by the Inflation Reduction Act.
Posted: March 26, 2024, 9:01 pm
On the deadline for businesses to offer to repay erroneous employee retention credit claims under the voluntary disclosure program (VDP), the IRS said assessments account for $572 million of the revenue, with the VDP and the claim withdrawal process accounting for the rest.
Posted: March 22, 2024, 8:05 pm
The IRS would reduce the notice of third-party contact with respect to the determination or collection of the taxpayer’s tax liability to 10 days from 45 days in several circumstances involving statutory periods for assessments and collections that expire in one year or less.
Posted: March 21, 2024, 9:07 pm
Allowing taxpayers to communicate with the IRS almost entirely online will free the agency’s workers to handle other tasks, Commissioner Danny Werfel said in a speech Monday.
Posted: March 19, 2024, 8:34 pm
The U.S. Justice Department filed an appeal Monday challenging the district court’s decision that the law, which requires businesses to report beneficial ownership information, is unconstitutional.
Posted: March 12, 2024, 6:26 pm
The plaintiffs who won a summary judgment that bars enforcement of the Corporate Transparency Act against them said the Financial Crimes Enforcement Network should pause beneficial ownership information reporting requirements for all businesses.
Posted: March 5, 2024, 9:56 pm
While acknowledging that the law is well intentioned, the opinion from a U.S. district court in Alabama said Congress lacked authority to enact the business ownership information reporting requirement.
Posted: March 5, 2024, 1:16 pm
IRS Commissioner Danny Werfel said Thursday that the effort will begin with compliance letters going out to high-income taxpayers in 125,000 cases where third-party information indicated federal tax returns have not been filed since 2017.
Posted: February 29, 2024, 9:58 pm