Journal Of Accountancy News

Latest News from Journal Of Accountancy

Taxpayers must file by Sept. 30 to qualify for late-filing penalty relief from the IRS.
Posted: September 23, 2022, 7:23 pm
Every firm that performs engagements in accordance with SASs, SSAEs, or SSARSs will be affected by the new quality management (QM) standards. Take this quiz to gauge your understanding of QM.
Posted: September 22, 2022, 10:16 pm
The first-of-its-kind Registered Apprenticeship for Finance Business Partners is set to launch in Maryland.
Posted: September 21, 2022, 9:00 pm
US CFOs have grown more pessimistic about the economy — thanks to increasing costs of goods and services, increasing energy costs, and supply chain challenges — according to a quarterly survey by Grant Thornton.
Posted: September 21, 2022, 8:45 pm
Practical tips could help retirees make the most of their money in a place with a substantially lower cost of living.
Posted: September 20, 2022, 5:43 pm
Accounting professionals discuss the importance of email as a communication tool and the need to think about how their emails — including the closings — reflect on their and their firms’ professionalism. They say the messages should also consider the nature of the relationship they have with the other person.
Posted: September 20, 2022, 12:11 pm
The FASAB released an exposure draft technical bulletin, Intragovernmental Leasehold Reimbursable Work Agreements, which is intended to further explain and address accounting issues not directly covered under Statement of Federal Financial Accounting Standards 54, Leases, and other relevant statements.
Posted: September 19, 2022, 8:48 pm
The AICPA’s Financial Reporting Executive Committee issued a working draft of the AICPA Accounting and Valuation Guide, Business Combinations, which would provide guidance and illustrations regarding the accounting and valuation considerations for business combination transactions.
Posted: September 16, 2022, 8:56 pm
The recently passed legislation ultimately will help with one of the biggest wild cards of retirement — health care planning — but immediate updates to financial plans are likely not needed.
Posted: September 15, 2022, 4:26 pm
SEC Chair Gary Gensler says that proposed changes to the Exchange Act Rule of 1975 would “reduce risk across a vital part of our capital markets.”
Posted: September 14, 2022, 7:22 pm
The CAQ announced a strategic education initiative intended to expose students to careers in accounting, attract greater diversity and representation within the profession, and address barriers to entry from underrepresented and underserved groups.
Posted: September 13, 2022, 7:57 pm
How familiar are you with SAS No. 145, which details an auditor’s responsibility relating to risk assessment in an audit of financial statements? Take this quiz to test what you know and get better prepared.
Posted: September 13, 2022, 1:46 pm
SAS No. 145 revises the definition of significant risk. The revisions alter how you conduct elements of your risk assessments. Get the updated information you need and be ready for your 2023 audits.
Posted: September 12, 2022, 6:11 pm
The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.
Posted: September 9, 2022, 5:52 pm
SEC Chair Gary Gensler calls for cryptoasset entities to register under current securities laws and suggests that more legislation to support regulation could be on the way.
Posted: September 8, 2022, 8:45 pm

The Tax Adviser News

Latest News from The Tax Adviser

Taxpayers must file by Sept. 30 to qualify for late-filing penalty relief from the IRS.
Posted: September 23, 2022, 7:27 pm
The AICPA, in a letter to the IRS, urged the Service to expand the relief under Notice 2022-36 to include several other Code sections and forms and to extend the deadline for requesting relief to Dec. 31, 2022.
Posted: September 9, 2022, 5:57 pm
In a comment letter to the IRS, the AICPA recommended changes and clarifications regarding the tax treatment of cryptoassets or “virtual currency.”
Posted: August 29, 2022, 7:57 pm
The AICPA released proposed revisions to the SSTSs for public comment on Monday. The proposal includes new standards on data protection, reliance on tools, and representation of clients before taxing authorities.
Posted: August 29, 2022, 7:14 pm
Despite “confusion and misinformation” about the Inflation Reduction Act’s allocations, concerns continue about the funding levels for taxpayer service, the AICPA’s president and CEO said.
Posted: August 25, 2022, 10:58 pm
As part of COVID-19 pandemic relief, the IRS will automatically abate failure-to-file penalties for certain tax and information returns and refund those penalties already paid.
Posted: August 24, 2022, 8:08 pm
The IRS explained the new requirement that a car’s or truck’s final assembly occurred in North America to qualify for the tax credit on the purchase of clean-running vehicles.
Posted: August 17, 2022, 7:58 pm
With Senate amendments approved by the House on Friday, the budget reconciliation bill now known as the Inflation Reduction Act will go to the president for his signature.
Posted: August 17, 2022, 2:24 pm
A downloadable booklet describes the Gramm-Leach-Bliley Act’s safeguards rule and includes a template for a firm’s required written information security plan.
Posted: August 10, 2022, 6:51 pm
The Inflation Reduction Act passed by the Senate on Sunday includes many tax items, some designed to raise revenue and others to promote various clean energy initiatives.
Posted: August 8, 2022, 6:06 pm
National Taxpayer Advocate Erin Collins escalated her push for the IRS to adopt barcode scanning of paper tax returns, but the IRS would commit only to a goal of scanning certain 2022 returns.
Posted: August 4, 2022, 7:48 pm
Final regulations issued by the IRS and Treasury allow a Sec. 754 election statement to be submitted without a partner’s signature.
Posted: August 4, 2022, 7:20 pm
The bill now goes to President Joe Biden, who has said he will sign it into law.
Posted: July 29, 2022, 4:14 pm
A federal budget reconciliation bill with tax provisions, including a 15% corporate minimum tax and a variety of tax credits, took a step closer to reality with Sen. Joe Manchin’s agreement to the package’s contents.
Posted: July 28, 2022, 7:49 pm
Payments made by the second-listed spouse on a joint return for 2021 under certain conditions may not have been properly credited by the IRS.
Posted: July 28, 2022, 3:13 pm