Journal Of Accountancy News

Latest News from Journal Of Accountancy

An AICPA letter suggests that the need for certain borrowers to complete a new form and provide extensive documentation supporting their request for relief funds be reconsidered and that other approaches be evaluated in assessing a borrower’s good faith certification.
Posted: November 25, 2020, 7:48 pm
The coronavirus pandemic and other factors have resulted in shrinking valuations in the energy industry, according to experts at the AICPA/PDI Oil & Gas Online Conference.
Posted: November 25, 2020, 5:46 pm
Energy producers are focusing on balance sheet strength and free cash flow as they recover from a severe blow dealt by the coronavirus pandemic.
Posted: November 25, 2020, 5:13 pm
The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.
Posted: November 24, 2020, 8:06 pm
The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and disqualified payment rules, as well as reporting requirements to facilitate the rules.
Posted: November 23, 2020, 8:07 pm
The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the Paycheck Protection Program can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.
Posted: November 23, 2020, 6:34 pm
The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.
Posted: November 20, 2020, 9:31 pm
The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
Posted: November 20, 2020, 8:22 pm
Understanding of business processes and data analytics will receive greater focus while other topics will be de-emphasized on the CPA Exam.
Posted: November 20, 2020, 3:55 pm
The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
Posted: November 19, 2020, 10:56 pm
The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.
Posted: November 19, 2020, 10:37 pm
The SEC has voted to adopt amendments that are intended to modernize, simplify and enhance management’s discussion and analysis and other required financial disclosures.
Posted: November 19, 2020, 10:00 pm
As the COVID-19 pandemic has changed the business environment, clients have turned to CPAs for help keeping their businesses afloat. CPAs serving restaurant, medical and real estate clients discuss how they’ve used client advisory services to help their clients stabilize and reposition their businesses.
Posted: November 19, 2020, 6:38 pm
The AICPA is among 80 organizations that have signed a pair of letters to SBA, Treasury and congressional leaders calling on the agencies to temporarily suspend use of the new Paycheck Protection Program Loan Necessity Questionnaires.
Posted: November 19, 2020, 12:50 am
A new publication provides guidance on how to apply the Committee of Sponsoring Organizations of the Treadway Commission’s enterprise risk management framework to manage and mitigate compliance risks.
Posted: November 18, 2020, 8:38 pm

The Tax Adviser News

Latest News from The Tax Adviser

The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.
Posted: November 24, 2020, 8:09 pm
The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and disqualified payment rules, as well as reporting requirements to facilitate the rules.
Posted: November 23, 2020, 8:12 pm
The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the PPP can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.
Posted: November 23, 2020, 6:49 pm
The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.
Posted: November 20, 2020, 9:36 pm
The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
Posted: November 20, 2020, 8:26 pm
The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
Posted: November 19, 2020, 11:00 pm
IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect blanket penalty relief in response to the COVID-19 pandemic, and he addressed other effects of the pandemic on the agency.
Posted: November 17, 2020, 11:07 pm
Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
Posted: November 16, 2020, 11:00 am
The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it took two years ago for individual tax transcripts.
Posted: November 13, 2020, 7:45 pm
The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.
Posted: November 10, 2020, 6:03 pm
The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.
Posted: November 9, 2020, 6:50 pm
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
Posted: November 3, 2020, 5:35 pm
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
Posted: October 30, 2020, 5:21 pm
The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
Posted: October 28, 2020, 5:30 pm
The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.
Posted: October 26, 2020, 9:50 pm