Journal Of Accountancy News

Latest News from Journal Of Accountancy

Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard published by the AICPA Auditing Standards Board (ASB).
Posted: September 30, 2020, 7:42 pm
The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
Posted: September 30, 2020, 6:11 pm
Boards were meeting more regularly, more virtually, and getting more into the details on topics previously addressed only at a high level.
Posted: September 30, 2020, 5:05 pm
Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.
Posted: September 29, 2020, 10:00 am
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
Posted: September 28, 2020, 3:15 pm
Companies have used various means to expand credit, conserve cash and reduce tax burdens to combat the devastation of the pandemic. Here are some of the tactics that large public companies have used.
Posted: September 28, 2020, 10:00 am
The director of accounting for the San Diego Padres explains how teams are adopting technology to improve the on-field product and the customer experience.
Posted: September 25, 2020, 3:00 pm
For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.
Posted: September 25, 2020, 1:40 pm
A survey of U.S. finance decision-makers sheds light on the precautions businesses are taking and how they plan to address future office space needs.
Posted: September 24, 2020, 11:00 am
The SEC voted to amend rules that govern its whistleblower program and the amount a shareholder must hold to have a proposal included in a company’s proxy statement.
Posted: September 23, 2020, 8:32 pm
The forgiveness aspect of the Paycheck Protection Program remains a source of uncertainty for CPAs. This collection of facts and frequently asked questions can help CPAs understand what to do amid the confusion.
Posted: September 23, 2020, 8:15 pm
Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.
Posted: September 23, 2020, 5:51 pm
The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
Posted: September 22, 2020, 8:56 pm
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
Posted: September 22, 2020, 7:49 pm
Environmental, social and governance measures and disclosures released by the World Economic Forum are designed to make it easier for companies to benchmark their sustainable business performance.
Posted: September 22, 2020, 7:30 pm

The Tax Adviser News

Latest News from The Tax Adviser

The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
Posted: September 30, 2020, 6:13 pm
New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
Posted: September 28, 2020, 3:17 pm
For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.
Posted: September 25, 2020, 1:46 pm
The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
Posted: September 22, 2020, 9:00 pm
The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
Posted: September 22, 2020, 7:50 pm
The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
Posted: September 22, 2020, 3:54 pm
The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.
Posted: September 21, 2020, 9:06 pm
Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.
Posted: September 16, 2020, 8:31 pm
The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.
Posted: September 16, 2020, 7:56 pm
The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.
Posted: September 16, 2020, 7:48 pm
The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.
Posted: September 15, 2020, 8:57 pm
The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.
Posted: September 11, 2020, 9:13 pm
Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.
Posted: September 11, 2020, 2:23 pm
The IRS added 6 forms to its list temporarily permitting electronic signatures.
Posted: September 10, 2020, 8:35 pm
The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.
Posted: September 9, 2020, 9:05 pm