Journal Of Accountancy News

Latest News from Journal Of Accountancy

Over the last several weeks, HHS has established in its PRF FAQs that the reporting in the PRF Reporting Portal will be based on when PRF payments were received.
Posted: July 23, 2021, 12:43 pm
A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
Posted: July 20, 2021, 7:03 pm
GASB issued a revised proposal that describes concepts that would guide the board when it establishes requirements for notes to financial statements for state and local governments.
Posted: July 20, 2021, 6:22 pm
FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.
Posted: July 19, 2021, 8:38 pm
Various issues that have been identified as worthy of attention by the Governmental Accounting Standards Board are addressed in an omnibus proposed standard issued Monday.
Posted: July 19, 2021, 8:00 pm
Nonfungible token sales have commanded eye-popping prices in the past year, leaving CPAs with many questions related to valuation of these digital assets.
Posted: July 15, 2021, 3:11 pm
The US Small Business Administration has published a database of the more than 100,000 approved grants from the $28.6 billion Restaurant Revitalization Fund.
Posted: July 14, 2021, 3:02 pm
The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.
Posted: July 12, 2021, 4:47 pm
Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
Posted: July 8, 2021, 8:30 pm
CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.
Posted: July 7, 2021, 8:07 pm
The AICPA released a survey seeking feedback on the preliminary content proposed for the redesigned CPA Exam, which would be assessed in three sections that will comprise the Core of the Exam, plus material that would assess candidates’ knowledge in one of three Disciplines they choose under the new CPA Evolution licensure model.
Posted: July 7, 2021, 12:27 pm
The SBA announced the closure of the Restaurant Revitalization Fund with a final tally of how it awarded the program’s $28.6 billion in funding.
Posted: July 6, 2021, 5:26 pm
The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.
Posted: July 1, 2021, 9:00 pm
The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
Posted: July 1, 2021, 7:04 pm
The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.
Posted: July 1, 2021, 2:00 pm

The Tax Adviser News

Latest News from The Tax Adviser

A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
Posted: July 20, 2021, 7:06 pm
The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.
Posted: July 1, 2021, 10:47 pm
The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
Posted: July 1, 2021, 7:05 pm
The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.
Posted: July 1, 2021, 2:03 pm
Posted: July 1, 2021, 2:00 pm
A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.
Posted: June 30, 2021, 8:48 pm
The IRS warns of tax-related scams in a third of four installments.
Posted: June 30, 2021, 8:27 pm
In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.
Posted: June 29, 2021, 8:25 pm
The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.
Posted: June 28, 2021, 9:10 pm
Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.
Posted: June 28, 2021, 8:40 pm
A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.
Posted: June 22, 2021, 8:06 pm
The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
Posted: June 17, 2021, 8:55 pm
A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice.
Posted: June 15, 2021, 11:01 am
The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15.
Posted: June 14, 2021, 10:43 pm
The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.
Posted: June 11, 2021, 6:40 pm