Journal Of Accountancy News

Latest News from Journal Of Accountancy

The Senate passed a House bill that gives small businesses and other entities that received loans from the Paycheck Protection Program 16 additional weeks to spend the funds and qualify for full forgiveness of the loans.
Posted: June 5, 2020, 8:00 pm
GASB issued a standard that specifically addresses accounting and financial reporting for subscription-based technology arrangements used by state and local governments.
Posted: June 5, 2020, 6:20 pm
The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, legal compliance, and accounting estimates. Here’s how auditors can address these risks.
Posted: June 5, 2020, 4:15 pm
In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
Posted: June 5, 2020, 4:00 pm
Optimism reigned for years in a quarterly survey of finance decision-makers, but the COVID-19 pandemic changed everything.
Posted: June 5, 2020, 4:30 am
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
Posted: June 3, 2020, 10:31 pm
FASB issued an option to delay implementation of the board’s revenue recognition and lease accounting standards for certain entities that have not yet applied the standards.
Posted: June 3, 2020, 7:17 pm
Legislation designed to help businesses during the coronavirus pandemic has created new issues for CPAs and other valuation specialists to consider. New AICPA FAQs address these valuation concerns.
Posted: June 2, 2020, 3:47 pm
CPAs can help thwart bad actors from cashing in on seniors during the global pandemic.
Posted: May 29, 2020, 3:08 pm
The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.
Posted: May 28, 2020, 9:10 pm
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
Posted: May 28, 2020, 8:42 pm
Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.
Posted: May 28, 2020, 6:35 pm
CPAs can spread the word on the newest version of a longtime fraud ploy.
Posted: May 28, 2020, 5:00 pm
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990.
Posted: May 27, 2020, 6:13 pm
The Uniform Accountancy Act Model Rules would be changed to support CPA Evolution under an exposure draft issued by the National Association of State Boards of Accountancy.
Posted: May 27, 2020, 2:37 pm

The Tax Adviser News

Latest News from The Tax Adviser

In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
Posted: June 5, 2020, 4:01 pm
Practitioners must carefully review Notice 2020-23 to understand the full scope of filing relief granted by the IRS in response to hardships caused by the coronavirus pandemic.
Posted: June 4, 2020, 6:00 pm
In another response to the COVID-19 pandemic, the IRS is allowing retirement plan participants who want to take coronavirus-related distributions from their retirement plans to provide remote signatures, even for spousal consents.
Posted: June 3, 2020, 10:39 pm
The IRS announced that taxpayers will be able to electronically file Forms 1040-X, Amended U.S. Individual Income Tax Return, later this summer.
Posted: May 28, 2020, 8:45 pm
The IRS finalized regulations permitting tax-exempt organizations other than Sec. 501(c)(3) orgs. to omit the names of substantial donors when filing Forms 990, Return of Organization Exempt From Income Tax.
Posted: May 27, 2020, 6:45 pm
The IRS issued long-promised proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
Posted: May 26, 2020, 5:41 pm
The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
Posted: May 20, 2020, 8:02 pm
With many taxpayers still having problems using the Internal Revenue Service’s “Get My Payment” website, the IRS announced that it is mobilizing 3,500 telephone representatives to answer some of the most common questions about economic impact payments.
Posted: May 18, 2020, 8:49 pm
The IRS has issued final regulations addressing when certain related-party interests in corporations should be treated as stock vs. debt.
Posted: May 13, 2020, 8:27 pm
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs Act.
Posted: May 13, 2020, 6:43 pm
In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections during the year and is extending the carryover period for health flexible spending arrangement (FSA) expenses.
Posted: May 12, 2020, 7:33 pm
The IRS announced that taxpayers for whom the Service does not have direct deposit information should go to its “Get My Payment” website and enter that information by noon on Wednesday, May 13, so they can receive their stimulus payments electronically.
Posted: May 8, 2020, 8:59 pm
The IRS issued proposed regulations to clarify that certain deductions are allowed to an estate or nongrantor trust because they are not miscellaneous itemized deductions.
Posted: May 8, 2020, 3:40 pm
The AICPA has made a broad range of legislative recommendations to encourage economic recovery in the wake of the COVID-19 pandemic.
Posted: May 7, 2020, 7:46 pm
A bill introduced in the Senate would clarify that ordinary expenses funded by Paycheck Protection Program (PPP) loans are deductible by taxpayers. If enacted, this would overrule a recent IRS notice saying the expenses are not deductible.
Posted: May 6, 2020, 3:05 pm