Journal Of Accountancy News
Latest News from Journal Of Accountancy
FAF appoints Auchincloss to serve as executive director
The Financial Accounting Foundation selected John Auchincloss, who had been serving as acting president following Terri Polley’s departure, for the foundation’s executive director post.
Supreme Court overturns consolidated group tax refund allocation rule
The U.S. Supreme Court struck down the Bob Richards rule for allocating tax refunds among members of a consolidated group, holding that state law is well equipped to decide the matter.
Accounting profession leaders call for action against climate change
Accounting body leaders from across the globe issued a call for action urging accounting professionals to put the fight against climate change at the forefront of their work.
Proposed regs. issued on meal and entertainment expense deductions
The IRS issued proposed rules clarifying that taxpayers may generally continue to deduct 50% of the food and beverage expenses associated with operating their trade or business, despite changes to the meal and entertainment expense deduction under Sec. 274.
GASB proposes criteria for financial statement disclosures
GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.
FASAB clarifies loss allowance for intragovernmental receivables
A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.
News quiz: What the IRS proposes on withholding
Recent news included the IRS’s latest proposed rules on withholding and results of a survey on professional licensing. See how much you know about the news (or catch up) with this short quiz.
AICPA requests clarity on Sec. 465 reporting relief
The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.
No need to report some transactions in video game currency, IRS says
Gamers who, as part of a video game, transact in virtual currencies that do not leave the video game environment do not have to report the transactions on a tax return, the IRS made clear in a statement released on its website.
Quiz: Auditor independence and FASB’s revenue recognition standard
Take this quiz to find out what kind of guidance auditors can provide without compromising their independence.
FASB to propose private company expedient for share-based payment accounting
Accounting for employee share-based compensation could become less complex for private companies after FASB endorsed the decision by the Private Company Council to propose a practical expedient for nonpublic entities.
IRS proposes rules to update income tax withholding, revises Form W-4
The IRS proposed new regulations for withholding on individuals’ wages to reflect the statutory changes in the law known as the Tax Cuts and Jobs Act, including the elimination of the personal exemption.
ARSC further converges SSARSs with international standards and aligns closer with GAAS
The AICPA's Accounting and Review Services Committee issued a new Statement on Standards for Accounting and Review Services (SSARS) that further converges the standards for reviews of financial statements in AICPA Professional Standards with international standards for such engagements.
FASB proposes changes to not-for-profits’ reporting of gifts-in-kind
The Proposed ASU would require not-for-profits to present contributed nonfinancial assets as a separate line item in the statement of activities.
Agreement provides mobility for CPAs, South African accountants
Credentials for U.S. CPAs and South African chartered accountants have a path to be recognized in their respective countries under a new cross-border mutual recognition agreement.
Wolters Kluwer, Inc. has projected tax brackets and other inflation-adjusted amounts for the 2020 tax year. Highlights of projected 2020 amounts, including tax brackets for both ordinary income tax and capital gains tax, can be found at the following link. See Wolters Kluwer’s Projections for Inflation-Adjusted Tax Brackets and Other Amounts Tax Cuts and Jobs […]
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Self-Directed IRAs: Risks and Opportunities
Self-directed IRAs open up investment opportunities, but carry risks. A wrong move can result in current taxation of IRA income, immediate taxation of all assets in the IRA, and a variety of penalties. Although the stakes are high, a self-directed IRA might be just the thing for the IRA owner with the time, energy and […]
ACA “Cadillac” Tax Repeal
The House of Representatives voted to repeal the Affordable Care Act’s (ACA) so-called “Cadillac” excise tax on high-cost employer insurance plans. Unless the Senate takes up the repeal and passes it, the tax is set to kick in 2022. The Cadillac tax is not just a tax to raise revenue. The tax will limit the […]
Congress Returns to Work on Including Possible Tax Legislation
Congress returns from its summer recess on Monday, September 9 and it may address several pieces of outstanding tax legislation over the next month. The federal government must pass budget appropriations soon and many are hoping that a few tax bills can hitch a ride. Otherwise, the tax bills may not be addressed until the […]
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IRS Letters Warn Taxpayers to Report Past Virtual Currency Transactions
The IRS is sending letters this summer to more than 10,000 taxpayers who may have failed to properly report their virtual currency transactions. Taxpayers should take these letters “very seriously,” warns IRS Commissioner Chuck Rettig. Types of IRS Virtual Currency Letters The IRS letters come in three versions. Each version: explains why the IRS is […]
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Wolters Kluwer Tax & Accounting Explores the Taxpayer First Act
The Taxpayer First Act legislation and its implications Enacted on July 1, 2019, the Taxpayer First Act is considered the most significant tax legislation focused on Internal Revenue Service (IRS) reform since the IRS Restructuring and Reform Act of 1998. The Act addresses a number of issues that have arisen in the last thirty years […]
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IRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR
The IRS released a new draft of Form 1040, U.S. Individual Income Tax Return, for the 2019 tax year that reduces the schedules in the 2018 version. The IRS also released a draft a new Form 1040-SR, U.S. Tax Return for Seniors, for taxpayers who are at least 65 years old. The new Form 1040 […]
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SECURE Act Would Eliminate Stretch IRAs
The SECURE Act as passed by the House of Representatives would replace the 5-year distribution rule for inherited IRAs with a 10-year rule. It would also eliminate “stretch IRAs.” If passed by the Senate, the changes would kick in for plan participants or IRA owners who die after 2019. Limited exceptions would apply for narrow […]
Revised Draft Form W-4 Acknowledges Privacy Concerns, but Remains Complex
The IRS has revised its controversial draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. When first released, the form faced controversy over: complexity; and privacy considerations. Old Form W-4 Relied on Withholding Allowances Until now, employees adjusted the amount of withholding from their paychecks by simply increasing or reducing the number of withholding […]
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Form 1099-NEC Revived for Separate Reporting of Nonemployee Compensation
Form 1099-NEC, Nonemployee Compensation, is expected to return in 2020 after a 38-year absence. Taxpayers will use the form to report certain payments currently reported on Form 1099-MISC, Miscellaneous Income. The IRS expects Form 1099-NEC to resolve some timing issues involved in submitting Form 1099-MISC. Reporting Nonemployee Compensation Taxpayers generally must use Form 1099-MISC to […]
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