Journal Of Accountancy News

Latest News from Journal Of Accountancy

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.
Posted: January 28, 2022, 11:03 pm
Businesses are experiencing more, and more costly, incidents of fraud, compliance breaches and cyberattacks but are not doing enough to protect themselves, KPMG says in its 2022 Fraud Outlook report, A Triple Threat Across the Americas. The report recommends five steps companies can take to mitigate the risk of losses to this "triple threat" of dangers.
Posted: January 28, 2022, 11:02 pm
The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.
Posted: January 27, 2022, 11:24 pm
The evaluation of whether contracts involving cryptoassets contain embedded derivatives, and borrowing, lending and mining of cryptoassets all come with complex accounting implications. This nonauthoritative guidance can steer entities in the right direction on reporting the performance of these assets more consistently in the financial statement.
Posted: January 26, 2022, 10:05 pm
Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.
Posted: January 26, 2022, 6:36 pm
The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.
Posted: January 25, 2022, 11:06 pm
Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased or stayed the same over the past year.
Posted: January 25, 2022, 1:30 pm
Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.
Posted: January 24, 2022, 9:04 pm
Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
Posted: January 19, 2022, 10:11 pm
A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.
Posted: January 14, 2022, 9:55 pm
Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.
Posted: January 14, 2022, 5:39 pm
Data from an annual report by executive recruiting firm Crist | Kolder shows that women and racial and ethnic minorities have a greater percentage of leadership roles than in previous years.
Posted: January 14, 2022, 3:55 pm
Firm leaders can use the data they gather from client feedback systems to streamline processes and reduce strain on staff.
Posted: January 13, 2022, 5:11 pm
Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.
Posted: January 12, 2022, 9:25 pm
The Center for Audit Quality announced a strategic initiative intended to increase diversity of talent coming into the accounting profession while raising awareness of the profession’s diversity, equity, and inclusion efforts.
Posted: January 12, 2022, 9:15 pm

The Tax Adviser News

Latest News from The Tax Adviser

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.
Posted: January 28, 2022, 10:30 pm
The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.
Posted: January 27, 2022, 11:29 pm
Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.
Posted: January 26, 2022, 6:43 pm
The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.
Posted: January 25, 2022, 11:09 pm
Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.
Posted: January 24, 2022, 9:12 pm
Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
Posted: January 19, 2022, 10:15 pm
A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.
Posted: January 14, 2022, 10:00 pm
Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.
Posted: January 14, 2022, 5:50 pm
Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.
Posted: January 12, 2022, 9:30 pm
FAQs on the Service’s website are updated for preparing 2021 returns.
Posted: January 12, 2022, 9:04 pm
Continuing problems in timely processing of returns and correspondence may threaten more headaches.
Posted: January 11, 2022, 10:25 pm
The IRS announced the start date for tax season and that the due date for most individuals is April 18.
Posted: January 10, 2022, 9:20 pm
Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.
Posted: January 7, 2022, 4:58 pm
A law change and some regulations take effect while an array of provisions expire.
Posted: January 6, 2022, 10:26 pm
The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.
Posted: December 22, 2021, 3:56 pm