Journal Of Accountancy News

Latest News from Journal Of Accountancy

The AICPA is requesting that all licensed or registered CPA firms be exempted from forthcoming rules that require beneficial ownership information to be reported by small businesses to the Financial Crimes Enforcement Network (FinCEN).
Posted: May 6, 2021, 7:34 pm
The Restaurant Revitalization Fund received more than 186,000 applications from restaurants and other eligible businesses the first two days after its application window opened May 3.
Posted: May 6, 2021, 3:28 pm
As pandemic relief adds to funding that needs to be considered in a single audit, it’s important to remember that the rules in the Uniform Guidance still prevail.
Posted: May 6, 2021, 11:00 am
Artificial intelligence and machine learning can drive more efficient operations and more effective growth for manufacturers. Here’s how the technology is being used to monitor for defects, schedule preventive maintenance and improve forecasting accuracy.
Posted: May 5, 2021, 7:30 pm
FASB issued a proposal that would expand the current single-layer hedging model and is intended to better align hedge accounting with an organization’s risk management strategy.
Posted: May 5, 2021, 5:25 pm
The SBA has informed lenders that it is no longer accepting new applications from most lenders for the Paycheck Protection Program because the $292 billion program’s general fund is nearly exhausted.
Posted: May 5, 2021, 3:57 pm
Interest in special-purpose acquisition companies is growing among investors and regulators. The Center for Audit Quality has considerations for auditors and audit committees to keep in mind regarding SPACs.
Posted: May 4, 2021, 6:00 pm
As firm leaders prepare for a post-pandemic work world, they should take care to plot a path that steers clear of potential pitfalls — four of which are explored in this article.
Posted: May 4, 2021, 5:15 pm
Jan Taylor-Morris, academic in residence at the Association of International Certified Professional Accountants, representing AICPA & CIMA, gives answers to some of the most frequently asked questions about the CPA Evolution Model Curriculum launching this June.
Posted: May 4, 2021, 1:45 pm
Tax time provides an excellent opportunity to create or update a financial strategy. By examining your tax returns, you can glean information that can help you build a financial plan.
Posted: May 4, 2021, 11:00 am
FASB issued a standard that is intended to clarify an issuer’s accounting for certain modifications of freestanding equity-classified written call options that remain equity-classified after modification or exchange.
Posted: May 3, 2021, 4:25 pm
Paying attention to demographic trends can help organizational leaders make wise, forward-looking decisions. Those who ignore these statistics risk being left behind.
Posted: April 29, 2021, 5:46 pm
A new joint publication from AICPA & CIMA and ISACA provides a risk matrix that identifies risk in five key domains — governance, infrastructure, data, key management and smart contracts.
Posted: April 29, 2021, 5:38 pm
Registration for the Restaurant Revitalization Fund (RRF) will begin at 9 a.m. ET on Friday, April 30, and the SBA will begin accepting applications on Monday, May 3, at noon ET.
Posted: April 27, 2021, 6:45 pm
Fortitude, mentoring and lifelong learning can help women navigate their careers in the accounting profession, according to three women leaders who shared their stories.
Posted: April 27, 2021, 4:40 pm

The Tax Adviser News

Latest News from The Tax Adviser

The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.
Posted: April 26, 2021, 7:18 pm
The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.
Posted: April 22, 2021, 8:43 pm
In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.
Posted: April 20, 2021, 9:05 pm
The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.
Posted: April 14, 2021, 1:48 pm
The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.
Posted: April 12, 2021, 5:14 pm
The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.
Posted: April 8, 2021, 10:38 pm
The IRS issued guidance on Thursday on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
Posted: April 8, 2021, 9:31 pm
Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.
Posted: April 8, 2021, 9:14 pm
The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.
Posted: April 5, 2021, 3:31 pm
A bipartisan group of 60 members of Congress wrote the IRS, urging that the deadline for first quarter 2021 federal estimated tax payments be postponed until May 17.
Posted: April 1, 2021, 7:42 pm
To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that, beginning in May and continuing into the summer, it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.
Posted: April 1, 2021, 3:44 pm
The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.
Posted: March 29, 2021, 9:55 pm
The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.
Posted: March 26, 2021, 7:39 pm
The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.
Posted: March 23, 2021, 7:31 pm
The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.
Posted: March 17, 2021, 11:36 pm