Journal Of Accountancy News

Latest News from Journal Of Accountancy

The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
Posted: June 24, 2024, 9:34 pm
The Court will rule by the end of its term Friday on the fate of the Chevron doctrine, which requires courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency, including the IRS.
Posted: June 24, 2024, 9:13 pm
Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.
Posted: June 21, 2024, 6:24 pm
The IRS issued guidance for exceptions for emergency personal expense distributions and for domestic abuse victim distributions.
Posted: June 21, 2024, 6:04 pm
The IRS says that at least 10% of employee retention credit claims will be denied in the coming weeks and that at least 60% of claims show an “unacceptable” level of risk. The IRS will leave in place its moratorium on processing a majority of recent claims.
Posted: June 20, 2024, 9:12 pm
The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable.
Posted: June 20, 2024, 8:32 pm
Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements.
Posted: June 18, 2024, 8:54 pm
The AICPA issued a new Technical Question and Answer to provide nonauthoritative guidance regarding the audit implications of a new related-party disclosure requirement for institutions that participate in the financial assistance programs of the Higher Education Act.
Posted: June 18, 2024, 5:35 pm
Investment groups are showing record interest in the field of public accounting, leading many in the profession to look at their options while also looking inward at their business model.
Posted: June 17, 2024, 6:44 pm
The Service said it will release new proposed regulations and a revenue ruling to challenge the use of basis-shifting transactions used by complex partnerships in moves that could add over $50 billion to government coffers over 10 years.
Posted: June 17, 2024, 12:45 pm
The IRS issued a notice extending earlier relief for a corporation’s failure to pay the part of estimated income tax attributable to the revised corporate alternative minimum tax.
Posted: June 13, 2024, 9:05 pm
The Big 4 accounting firm announced that it will invest $1 billion over three years in talent and technology. The investment includes a commitment to improve pay for early-career professionals.
Posted: June 13, 2024, 8:33 pm
The board took three actions to update auditing standards and procedures, including the adoption of a change to an almost 20-year-old rule that tightens the standard of liability to “negligent” from “reckless” for an associated person who contributes to a firm’s violations.
Posted: June 13, 2024, 6:24 pm
New employee retention credit (ERC) claims continue to be filed, and the IRS still has a backlog of claims from before a processing moratorium was announced in September. National Taxpayer Advocate Erin Collins says “soon” is the answer to when the moratorium will end. Meanwhile, some business owners sit and wait.
Posted: June 12, 2024, 1:00 pm
Forty CPA candidates received the 2023 Elijah Watt Sells Award, which was established by the AICPA in 1923 to recognize outstanding performance on the CPA Exam.
Posted: June 10, 2024, 6:53 pm

The Tax Adviser News

Latest News from The Tax Adviser

The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.
Posted: June 24, 2024, 9:38 pm
The Court will rule by the end of its term Friday on the fate of the Chevron doctrine, which requires courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency, including the IRS.
Posted: June 24, 2024, 9:20 pm
The IRS issued guidance for exceptions for emergency personal expense distributions and for domestic abuse victim distributions.
Posted: June 21, 2024, 6:09 pm
The IRS says that at least 10% of employee retention credit claims will be denied in the coming weeks and that at least 60% of claims show an “unacceptable” level of risk. The IRS will leave in place its moratorium on processing a majority of recent claims.
Posted: June 20, 2024, 9:17 pm
The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable.
Posted: June 20, 2024, 8:37 pm
Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements.
Posted: June 18, 2024, 8:57 pm
The Service said it will release new proposed regulations and a revenue ruling to challenge the use of basis-shifting transactions used by complex partnerships in moves that could add over $50 billion to government coffers over 10 years.
Posted: June 17, 2024, 12:45 pm
The IRS issued a notice extending earlier relief for a corporation’s failure to pay the part of estimated income tax attributable to the revised corporate alternative minimum tax.
Posted: June 13, 2024, 9:08 pm
New employee retention credit (ERC) claims continue to be filed, and the IRS still has a backlog of claims from before a processing moratorium was announced in September. National Taxpayer Advocate Erin Collins says “soon” is the answer to when the moratorium will end. Meanwhile, some business owners sit and wait.
Posted: June 12, 2024, 1:05 pm
Speaking at ENGAGE, Erin Collins asks: How does the IRS fight bad tax advice on TikTok when employees are not supposed to access it?
Posted: June 7, 2024, 8:45 pm
In a unanimous decision, the Supreme Court holds that life insurance proceeds a corporation receives to fund a share redemption agreement increases the corporation’s estate tax value.
Posted: June 7, 2024, 8:02 pm
A speaker at AICPA & CIMA ENGAGE tells attendees that the IRS is paying higher salaries to attract midcareer workers as the agency increases audits.
Posted: June 6, 2024, 7:39 pm
The IRS said it agrees with the six recommendations from the Government Accountability Office to eliminate the bias.
Posted: May 31, 2024, 8:23 pm
Commissioner Danny Werfel said the successful pilot program of Direct File encouraged the IRS to make the program available in all states and the District of Columbia.
Posted: May 30, 2024, 7:17 pm
In addition to the guidance on the plan, the letter recommends that Treasury and the IRS continue pursuing tax simplification.
Posted: May 24, 2024, 3:54 pm