Bookkeeping and Accounting News

Journal Of Accountancy News
Latest News from Journal Of Accountancy

Congress approves IRS reform bill, drops Free File language
The bill establishes an independent appeals office and requires the IRS to develop a customer service strategy. A controversial provision codifying the Free File program was dropped from the bill.
GASB proposes guidance on PPPs and APAs
The guidance is designed to improve accounting and financial reporting for public-private and public-public partnership arrangements. Comments on the proposal were requested by Sept. 13.
Develop a coaching culture in your organization
Listening and asking the right questions are two keys to coaching employees, said ENGAGE speaker Melisa Galasso, CPA, CGMA, founder of Galasso Learning Solutions in Charlotte, N.C.
What tax firms need to know now about technology
Artificial intelligence and robots get a lot of attention, but automation and cloud computing-enabled outsourcing are the technology-related terms that should be top of mind for tax practices, according to a session at AICPA ENGAGE 2019 in Las Vegas.
SALT deduction cap rules finalized, safe harbor proposed
Here are details on the new rules that deny a federal tax deduction to taxpayers who donate to a state charitable fund and receive a state or local tax credit in return.
Tax law changes join staffing as a top issue for CPA firms
Finding qualified staff was once again most CPA firms’ top concern, according to the 2019 PCPS CPA Firm Top Issues Survey.
NASBA and AICPA seek input on evolving licensure model
NASBA and the AICPA are seeking feedback from the profession and its stakeholders as they consider ways to evolve the model for initial CPA licensure to support a growing need for new skills amid rapid technological advancement.
PEEC updates 2 ethics interpretations
The AICPA Professional Ethics Executive Committee (PEEC) has issued revised ethics interpretations addressing state and local government client affiliates and provision of information system services to attest clients.
Liquidity, regulation among not-for-profits’ top challenges
Not-for-profits are facing restrictions on funding that have lingered for more than a decade, growing requirements from regulations, and an increased demand for their services, according to a BDO USA LLP survey.
A refined approach to auditing accounting estimates
Auditing accounting estimates can be challenging. New auditing standards may help by encouraging deeper professional skepticism.
4 ways to protect your data from the dark web
Your credentials might already be for sale on the dark web without your knowledge. Fortunately, there are steps you can take to monitor the dark web and shore up your cybersecurity defenses.
When choosing technology, put clients first
Evan Carroll, an author and the founder of Evan Carroll and Associates, shares his philosophy for choosing the technology that can help you improve relationships with your clients.
What to say to grieving clients
Grief expert Amy Florian, CEO of consulting company Corgenius and a speaker at ENGAGE, suggests some dos and don’ts when supporting clients who have suffered a loss.
How to motivate and retain your talent
Invest in employees’ growth and development, and they’ll stay loyal to you, said ENGAGE speaker Philip Palaveev, founder of business management consulting firm The Ensemble Practice.
Ninth Circuit upholds IRS cost-sharing regulation
The Ninth Circuit Court of Appeals reversed a Tax Court decision that had held that a cost-sharing regulation that required allocation of stock-based compensation was invalid.

Federal Tax Headlines – Tax & Accounting Blog

Weekly Report from Washington, D.C.

During the week of November 26, senior tax staff on the Senate Finance and House Ways and Means Committees doubted Republicans’ catch-all tax and IRS package’s chances of success. The IRS released guidance granting automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs […]

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Cryptocurrency Mining and Selling: When Do You Owe Tax?

Taxpayers who mine, sell or exchange cryptocurrency likely owe federal income tax because of those activities.  But have they reported that income or gain? After dramatic changes in value due to volatile digital currency markets in 2018, they may even have losses. Currently, the IRS has a campaign, actively auditing for failures to report income […]

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Draft Forms Explain How to Report Gain Deferred Due to QO Fund Investments

New instructions for IRS Form 8949, Sales and Other Dispositions of Capital Assets, address gain that is deferred when an investment is made in a Qualified Opportunity Fund. If a taxpayer realizes gain on a sale of an asset, but invests that gain in a QO Fund within 6 months, the taxpayer may be able […]

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IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms (Notice 2018-94)

Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 4, 2019, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Employer-Provided Health Insurance Offer and Coverage. This is a 30-day extension from the original due date of January 31, 2019. Comment: The due dates for employers and insurers to […]

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IRS Simplifies, Streamlines Procedures for Changing Accounting Method to Comply with AFS Deadline for All Events Test (Rev. Proc. 2018-60)

The IRS will grant automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs Act (P.L. 115-97). In addition, some taxpayers may make the accounting method change on their tax returns, without filing a Form 3115, Application for Change in Accounting Method. These procedures […]

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Senate, House Tax Staffers Doubt Success of GOP’s Tax, IRS Package

Senior tax staff on the Senate Finance and House Ways and Means Committees seem to doubt Republicans’ catch-all tax and IRS package’s chances of success. Whether the roadblock will come down to time or votes, the package currently faces an uphill battle in the Senate. House Ways and Means Committee Chairman Kevin Brady, R-Tex., unveiled […]

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Proposed Regulations Address Foreign Tax Credit and Tax Cut and Jobs Act Changes (NPRM REG-105600-18; IR-2018-235)

Highly anticipated foreign tax credit regulations have been issued that provide guidance on the significant changes made by the Tax Cuts and Jobs Act (P.L. 115-97) to the foreign tax credit rules. The proposed regulations address: (1) the allocation and apportionment of the deductions underCode Sec. 861 through Code Sec. 865 and adjustments to the […]

The post Proposed Regulations Address Foreign Tax Credit and Tax Cut and Jobs Act Changes (NPRM REG-105600-18; IR-2018-235) appeared first on Tax & Accounting Blog.


House GOP Catch-All Tax Package Likely Faces Uphill Battle in the Senate

House Republicans’ blazing, 297-page tax package of IRS reforms, tax extenders, disaster relief, retirement savings, and corrections to last year’s tax reform has received an icy reception from congressional Democrats. Although the ambitious and lengthy tax package contains several bipartisan proposals, Democrats appeared caught off guard by its release and have already begun voicing opposition. […]

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Republicans Seek to Pass 297-Page Tax, IRS Package During Lame-Duck Session

The House is expected to vote this week on a 297-page tax and IRS oversight package. Generally, the broad legislative package addresses year-end tax extenders, retirement savings, disaster relief, IRS reform, and technical corrections to last year’s tax reform legislation, among other things. Additionally, the package contains elements of Republicans’ “Tax Reform 2.0” package approved […]

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Electing Out of Interest Deduction Limit and Switching to ADS Is Not an Accounting Method Change

A taxpayer that elects out of the  business interest deduction limits won’t need to file an accounting method change when switching to the MACRS alternative depreciation system (ADS), according to the IRS. During recent informal remarks, the IRS said it plans to allow electing farmers and real estate businesses to make the required switch to […]

The post Electing Out of Interest Deduction Limit and Switching to ADS Is Not an Accounting Method Change appeared first on Tax & Accounting Blog.


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