Journal Of Accountancy News

Latest News from Journal Of Accountancy

Newly published insights can help audit firms avoid public disclosure of quality control criticisms issued by the PCAOB.
Posted: February 3, 2023, 8:58 pm
Kenneth Corbin, commissioner of the IRS Wage and Investment Division, said calls are being answered in under 10 minutes as a result of more staff and stifling the “voice bots.”
Posted: February 3, 2023, 3:03 pm
Effective communication is an essential skill for accountants and finance professionals. Here are five basic tactics that impactful communicators use.
Posted: February 3, 2023, 2:22 pm
The percentage of CFOs who are women hit an all-time high last year, and racial and ethnic minorities also continue to make gains in obtaining roles in the C-suite, according to an annual report from Crist Kolder.
Posted: February 2, 2023, 8:50 pm
This month’s column explains how the new AI tool known as ChatGPT can help with challenging Excel tasks such as creating PivotTables and writing macros.
Posted: January 30, 2023, 7:48 pm
Boardrooms that foster strong working relationships are good for business. The National Association of Corporate Directors offers some advice.
Posted: January 27, 2023, 8:34 pm
Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.
Posted: January 25, 2023, 10:18 pm
The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.
Posted: January 24, 2023, 8:36 pm
Understanding health savings accounts’ useful, lesser-known features is key to helping clients make the most of this important retirement planning tool.
Posted: January 24, 2023, 6:17 pm
Felipe Crespo reached the pinnacle as a baseball player, and now he’s reaching new heights with his accounting firm in Puerto Rico.
Posted: January 24, 2023, 3:51 pm
FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.
Posted: January 23, 2023, 9:35 pm
Complying with AU-C Section 240, Consideration of Fraud in a Financial Statement Audit, when conducting financial statement audits challenges practitioners’ professional skills and knowledge regarding identification, assessment, and response to fraud risks. Academic research reveals best practices for enhancing fraud-related financial audit performance.
Posted: January 20, 2023, 8:11 pm
The IRS issued sharply higher new depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.
Posted: January 19, 2023, 4:22 pm
Asking employees the right questions can give organizations what they need to know to hold onto staff. Learn how, when, and why to gather this valuable feedback.
Posted: January 19, 2023, 12:38 pm
Tentative board decisions call for entities to disaggregate costs incurred that are expensed as occurred and costs incurred that are capitalized as inventory.
Posted: January 13, 2023, 6:37 pm

The Tax Adviser News

Latest News from The Tax Adviser

Kenneth Corbin, commissioner of the IRS Wage and Investment Division, said calls are being answered in under 10 minutes as a result of more staff and stifling the “voice bots.”
Posted: February 3, 2023, 3:09 pm
Although available to businesses of any size, the IRS expects the new Information Returns Intake System to be especially useful to small businesses that now file paper Forms 1099.
Posted: January 25, 2023, 10:21 pm
The IRS also expanded and clarified the instructions for answering the question to help taxpayers answer it correctly. Taxpayers must answer the question even if they didn’t engage in activities involving digital assets, just as in the 2021 tax year.
Posted: January 24, 2023, 8:40 pm
FinCEN estimates that most companies will have a simple structure that will require 90 minutes per response, but complex entry filings will require much more time.
Posted: January 23, 2023, 9:42 pm
The IRS issued sharply higher new depreciation limitations for passenger automobiles, including those for which bonus depreciation is applied.
Posted: January 19, 2023, 4:29 pm
The IRS said that most electronic filers will receive their refund within 21 days if they choose direct deposit and there are no issues with their tax return. The deadline to file is Tuesday, April 18.
Posted: January 12, 2023, 10:04 pm
Proposed regulations under the Corporate Transparency Act address protocols for access to beneficial owner information by authorized recipients.
Posted: January 12, 2023, 2:34 pm
Erin Collins mentions improvement in her annual report to Congress, but she says the IRS still needs to deal with the unanswered phone calls, including the 16% answer rate at the Practitioner Priority Service line.
Posted: January 12, 2023, 12:38 pm
Nearly 12 million taxpayers received refunds for 2020 through automatic corrections the IRS made because the American Rescue Plan Act added an exclusion for unemployment compensation after some taxpayers had already filed their returns.
Posted: January 9, 2023, 10:11 pm
A TIGTA audit report says the IRS wrongly included over 14,000 low-income taxpayers among those subject to private collection agencies. The IRS disputed the report, saying those taxpayers aren’t protected by the Taxpayer First Act.
Posted: January 5, 2023, 10:13 pm
The year-end appropriations act included the Secure 2.0 Act, which makes many changes to the retirement plan rules, including expanding automatic enrollment and increasing the starting age for required minimum distributions.
Posted: January 4, 2023, 5:21 pm
The standard mileage rate for business use of a vehicle has increased, the IRS announced, effective as of Jan. 1.
Posted: January 3, 2023, 9:34 pm
The IRS announced late in December that it is delaying the new, lower $600 reporting threshold for third-party settlement organizations so that it will not apply to transactions in 2022.
Posted: December 23, 2022, 8:35 pm
The IRS announced that it will issue proposed regulations providing some relief to brokers that are required to withhold on the transfer of an interest in a publicly traded partnership (PTP) if the PTP is a foreign-traded entity.
Posted: December 21, 2022, 7:58 pm
The IRS and a possible new commissioner have until Feb. 17, 2023, to advise Treasury Secretary Janet Yellen how they plan to spend $80 billion that Congress budgeted for the agency over the next 10 years.
Posted: December 21, 2022, 5:04 pm