Journal of Accountancy - Accounting, tax, auditing news
The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
What AI can do for auditors - Journal of Accountancy
Feb 1, 2024 · Artificial intelligence (AI) is a technology that auditors are exploring, but they may not yet be reaping all the benefits it can offer. In an audit, AI can be used in a variety of ways, including performing journal entry testing by identifying unusual transactions among a large pool of unstructured data and analyzing those transactions for patterns and anomalies.
A Framework for Auditor Independence - Journal of Accountancy
EXECUTIVE SUMMARY THE INDEPENDENCE STANDARDS BOARD issued an exposure draft for a conceptual framework for auditor independence containing the concepts and basic principles that will guide the board in its future standard setting. THE NEED FOR A FRAMEWORK AROSE FROM the jumble of confusing independence rules and regulations that applied
Medicare’s tricky rules on HSAs after age 65
Jul 1, 2021 · Before the tax-savings wonder that is the health savings account (HSA) was introduced in 2003, it was a generally accepted best practice for any worker who wasn't already collecting Social Security at the age of 65 to go ahead and sign up for Medicare Part A (hospital insurance), regardless of other coverage.
The ERC: Practitioners’ responsibilities to amend income tax …
Feb 20, 2024 · Practitioners must weigh applicable professional standards and exercise due diligence in assessing whether a taxpayer claiming an employee retention credit must amend one or more income tax returns to reduce deductions of wages for which the credit was claimed.
Tax, accounting, auditing news - Journal of Accountancy
4 days ago · The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
AICPA: BOI ruling confuses businesses; enforcement should be …
Apr 8, 2024 · The AICPA and over 50 state CPA societies have written to the Treasury secretary and the director of the Financial Crimes Enforcement Network (FinCEN) asking that enforcement of beneficial ownership information (BOI) reporting requirements be suspended until one year after court cases have been resolved.
Currency Translation Adjustments - Journal of Accountancy
EXECUTIVE SUMMARY Accounting for currency translation risks can be very complex. This article addresses only the basics and provides some tools to help the reader understand the issues and find resources. Globalization has changed the old accounting rule that debits equal credits. Net income became just one part of comprehensive
The pros and cons of LLCs - Journal of Accountancy
Dec 1, 2018 · The use of the limited liability company (LLC) has mushroomed in popularity over the past two decades. IRS statistics show a 66% increase in domestic LLCs between 2005 and 2014, and in 2004 LLCs were already popular entities.
Oh BOI: The Corporate Transparency Act and CPA firms
Jan 1, 2024 · The self-reporting requirements of the Corporate Transparency Act will affect many small and midsize businesses as well as sole practitioners — the bread-and-butter client base for most CPA firms. CPAs may face professional liability risk for a client’s noncompliance with the law, which includes new reporting requirements related to beneficial ownership information (BOI).