Journal of Accountancy

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Journal of Accountancy The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.

Published continuously since 1905, the Journal of Accountancy is the flagship publication of the American Institute of Certified Public Accountants. Our thought-provoking articles and features provide insight and practical, expert analysis of critical topics affecting the accounting profession, including auditing, financial reporting and regulatory announcements.

Incorporating case studies into teaching and assessment can enhance student engagement and understanding of the material...
03/07/2024

Incorporating case studies into teaching and assessment can enhance student engagement and understanding of the material.>>

Incorporating the case-study method provides a way to improve accounting and finance student engagement.

Not-for-profits face post-pandemic challenges in fundraising, staffing and advanced technology. Here’s how CPAs can help...
03/07/2024

Not-for-profits face post-pandemic challenges in fundraising, staffing and advanced technology. Here’s how CPAs can help.

Experts examine how CPAs can help clients meet increasing demand in a difficult fundraising and staffing environment.

Proposed regulations provide that the IRS will assess as an underpayment of tax any overpayment interest on erroneous re...
03/07/2024

Proposed regulations provide that the IRS will assess as an underpayment of tax any overpayment interest on erroneous refunds of employment tax credits provided under several COVID-19 economic packages.>>

The proposed regulations apply to overpayments of interest on erroneous refunds of COVID-19 credits paid on or after July 2.

In response to an AICPA survey, tax professionals say IRS service is improving overall, but almost two-thirds say it tak...
02/07/2024

In response to an AICPA survey, tax professionals say IRS service is improving overall, but almost two-thirds say it takes over 90 days to get a substantive response to correspondence.>>

A survey by the AICPA shows that almost two-thirds of tax professionals say it takes over 90 days to get a substantive response from the IRS to correspondence.

The IRS issued final regulations for the Sec. 4501 1% excise tax on corporate stock repurchases that provide guidance re...
02/07/2024

The IRS issued final regulations for the Sec. 4501 1% excise tax on corporate stock repurchases that provide guidance regarding the reporting and payment of the excise tax on repurchases of corporate stock made after Dec. 31, 2022.>>

The final regulations provide guidance regarding the reporting and payment of the excise tax on repurchases of corporate stock made after Dec. 31, 2022.

IRS issues final regulations for digital assets by custodial brokers who take possession of the digital assets that thei...
01/07/2024

IRS issues final regulations for digital assets by custodial brokers who take possession of the digital assets that their customers are selling, will address noncustodial brokers in different final regulations.>>

The final regulations require custodial brokers to report transactions on Form 1099-DA, which the IRS will release soon. A different set of final regulations with rules for decentralized, or noncustodial, brokers will be issued later.

The Supreme Court, overturning the Chevron doctrine, held that the APA requires courts to use independent judgment in de...
28/06/2024

The Supreme Court, overturning the Chevron doctrine, held that the APA requires courts to use independent judgment in deciding if an agency has acted within statutory authority.>> https://bit.ly/3RJWquA

The Court held that the APA requires courts to exercise their independent judgment in deciding whether an agency has acted within its statutory authority and not to defer to an agency’s interpretation of the law simply because a statute is ambiguous.

Discover 3 innovative ways generative AI tools like ChatGPT and Copilot can transform your organization and save you tim...
28/06/2024

Discover 3 innovative ways generative AI tools like ChatGPT and Copilot can transform your organization and save you time — starting today.>>

Even if you’re concerned about risk related to tech tools like ChatGPT and Copilot, it’s possible to use them to improve day-to-day life at your organization — starting today.

A comprehensive exploration of the latest IRS data provides insights into compliance, revenue collection, and criminal a...
28/06/2024

A comprehensive exploration of the latest IRS data provides insights into compliance, revenue collection, and criminal activities. Find out more in this Tax Matters item.>>

A comprehensive exploration of the latest IRS data provides insights into compliance, revenue collection, and criminal activities.

An inclusive workplace starts with solid leadership. Discover 5 ways to strengthen inclusivity and better support LGBTQ+...
27/06/2024

An inclusive workplace starts with solid leadership. Discover 5 ways to strengthen inclusivity and better support LGBTQ+ employees.

Organizations are encouraged to foster an inclusive work environment and create a culture of safety and belonging.

Tax Court rules criminally forfeited IRA distribution was constructively received and taxable, denying an incarcerated t...
27/06/2024

Tax Court rules criminally forfeited IRA distribution was constructively received and taxable, denying an incarcerated taxpayer’s arguments to the contrary. This Tax Matters item has the details.>>

The Tax Court denies an incarcerated taxpayer’s arguments to the contrary.

The IRS will mail letters with a time-limited settlement offer for certain syndicated conservation easements with terms ...
27/06/2024

The IRS will mail letters with a time-limited settlement offer for certain syndicated conservation easements with terms that will require “substantial concession” of income tax benefits along with penalties.>>

The IRS is making a time-limited settlement offer to certain taxpayers who participated in syndicated conservation easements. The terms will require “substantial concession” of income tax benefits and the imposition of some penalties.

Overwhelmed with staff inquiries about items already in the HR handbook? This Tech Q&A item shows how to build a custom ...
27/06/2024

Overwhelmed with staff inquiries about items already in the HR handbook? This Tech Q&A item shows how to build a custom ChatGPT that can access the firm’s handbook and provide answers to employee questions.>>

This item demonstrates using artificial intelligence technology to build a custom GPT that can access the firm’s handbook and provide answers to employee questions.

In her midyear report to Congress, National Taxpayer Advocate Erin Collins writes that the IRS is taking 22 months to re...
27/06/2024

In her midyear report to Congress, National Taxpayer Advocate Erin Collins writes that the IRS is taking 22 months to resolve identity theft cases, which she describes as “unconscionable” as the backlog grows to 500,000.

In her midyear report to Congress, National Taxpayer Advocate Erin Collins writes that, as of April, the IRS was taking over 22 months to resolve cases in its identity theft victim assistance unit, which had about 500,000 unresolved cases.

🎙️ New Podcast Episode: A inspiring state society CEO explains why there's never been a better time to join the professi...
26/06/2024

🎙️ New Podcast Episode: A inspiring state society CEO explains why there's never been a better time to join the profession and the huge impact of early exposure. Listen to the episode or read the Q&A.>>

A state society CEO shares some of the reasons he was drawn to a career in accounting and details the importance of early exposure for the profession. Listen to the episode or read the Q&A.

Errors in Excel formulas are frustrating, but you can quickly find and fix the mistakes. This Tech Q&A article looks at ...
26/06/2024

Errors in Excel formulas are frustrating, but you can quickly find and fix the mistakes. This Tech Q&A article looks at how to use Excel’s auditing tools to audit formulas and ensure the accuracy of data.>>

This article looks at how to use Excel’s auditing tools to audit formulas and ensure the accuracy of data.

The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution ded...
25/06/2024

The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.

The IRS on Monday issued final regulations providing guidance on the new rule that disallows charitable contribution deductions for certain conservation easement contributions by partnerships and other passthrough entities.

The Supreme Court is set to decide by Friday on the fate of the Chevron doctrine, under which courts are required to giv...
25/06/2024

The Supreme Court is set to decide by Friday on the fate of the Chevron doctrine, under which courts are required to give deference to a reasonable interpretation of an ambiguous statute by a government agency, including the IRS. https://bit.ly/4cAghEm

The Court will rule by the end of its term Friday on the fate of the Chevron doctrine, which requires courts to give deference to a reasonable interpretation of an ambiguous statute by a government agency, including the IRS.

A technical bulletin issued by the Federal Accounting Standards Advisory Board explains how existing standards on invent...
24/06/2024

A technical bulletin issued by the Federal Accounting Standards Advisory Board explains how existing standards on inventory and related property should be applied to accounting for seized and forfeited digital assets.

Federal government standard setter clarifies how to apply existing standards for inventory and related property to certain digital assets.

The IRS issued guidance on the exceptions to the penalty on early retirement plan distributions for emergency personal e...
21/06/2024

The IRS issued guidance on the exceptions to the penalty on early retirement plan distributions for emergency personal expense distributions and for domestic abuse victim distributions.

The IRS issued guidance for exceptions for emergency personal expense distributions and for domestic abuse victim distributions.

IRS review of 1 million employee retention credit claims indicates that most show signs of risk. The IRS said will leave...
21/06/2024

IRS review of 1 million employee retention credit claims indicates that most show signs of risk. The IRS said will leave in place its moratorium on processing most recent claims.

The IRS says that at least 10% of employee retention credit claims will be denied in the coming weeks and that at least 60% of claims show an “unacceptable” level of risk. The IRS will leave in place its moratorium on processing a majority of recent claims.

The Supreme Court upheld the Sec. 965 transition tax in a narrow opinion that did not address the issue of income realiz...
21/06/2024

The Supreme Court upheld the Sec. 965 transition tax in a narrow opinion that did not address the issue of income realization as a constitutional requirement for taxation. https://bit.ly/3VAFlnR

The Supreme Court upheld the mandatory repatriation tax as a valid exercise of Congress’s taxing authority. The Court did not reach the question of whether income must be realized to be taxable.

New podcast episode: A tech-focused CPA explains why he prioritizes attending ENGAGE and discusses how roles are being c...
20/06/2024

New podcast episode: A tech-focused CPA explains why he prioritizes attending ENGAGE and discusses how roles are being changed rapidly by emerging technology. Listen to the episode or read the Q&A.

A tech-focused CPA explains why he prioritizes attending ENGAGE and discusses how roles are being changed rapidly by emerging technology. Listen to the episode or read the Q&A.

The IRS issues final regulations on the prevailing wage and apprenticeship requirements for credits or deductions relate...
19/06/2024

The IRS issues final regulations on the prevailing wage and apprenticeship requirements for credits or deductions related to certain green energy incentives.

Under new final regulations issued by the IRS, taxpayers can generally increase the base amount of certain credits or deductions by five times when they meet prevailing wage and apprenticeship requirements.

The AICPA issued a new TQA to provide nonauthoritative guidance regarding the audit implications of a new related-party ...
18/06/2024

The AICPA issued a new TQA to provide nonauthoritative guidance regarding the audit implications of a new related-party disclosure requirement for institutions that participate in the financial assistance programs of the Higher Education Act.

The AICPA issued a new Technical Question and Answer to provide nonauthoritative guidance regarding the audit implications of a new related-party disclosure requirement for institutions that participate in the financial assistance programs of the Higher Education Act.

Private equity’s interest in public accounting firms of all sizes continues to grow, leading many in the profession to l...
17/06/2024

Private equity’s interest in public accounting firms of all sizes continues to grow, leading many in the profession to look at their options while also looking inward at how they’re running their business.>>

Investment groups are showing record interest in the field of public accounting, leading many in the profession to look at their options while also looking inward at their business model.

IRS moves to end “shell game” of basis-shifting transactions by complex partnerships, estimating that its actions could ...
17/06/2024

IRS moves to end “shell game” of basis-shifting transactions by complex partnerships, estimating that its actions could add over $50 billion to government coffers over 10 years.>>

The Service said it will release new proposed regulations and a revenue ruling to challenge the use of basis-shifting transactions used by complex partnerships in moves that could add over $50 billion to government coffers over 10 years.

🎙️ New Podcast Episode: The chair of the AICPA Auditing Standards Board joins the JofA podcast to provide updates on qua...
14/06/2024

🎙️ New Podcast Episode: The chair of the AICPA Auditing Standards Board joins the JofA podcast to provide updates on quality management standards and explain why Dec. 15, 2025, is an important date. Listen to the episode or read the Q&A.>>

The chair of the AICPA Auditing Standards Board joins the JofA podcast to provide updates on quality management standards and explain why Dec. 15, 2025, is an important date. Listen to the episode or read the Q&A.

IRS provides another limited waiver of penalties for underpayment of estimated corporate AMT.
14/06/2024

IRS provides another limited waiver of penalties for underpayment of estimated corporate AMT.

The IRS issued a notice extending earlier relief for a corporation’s failure to pay the part of estimated income tax attributable to the revised corporate alternative minimum tax.

EY’s U.S. branch announced that it will invest $1 billion over three years in talent and technology to help transform th...
13/06/2024

EY’s U.S. branch announced that it will invest $1 billion over three years in talent and technology to help transform the experience of early-career accounting professionals.>>

The Big 4 accounting firm announced that it will invest $1 billion over three years in talent and technology. The investment includes a commitment to improve pay for early-career professionals.

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