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.
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.
IRS again delays effective date of $600 threshold for Form 1099-K …
Nov 26, 2024 · The IRS again delayed the effective date of the $600 threshold for Form 1099-K reporting for third-party settlement organizations (TPSOs) and will treat 2024 and 2025 as transition years, the Service said Tuesday in Notice 2024-85.. Under the notice, a TPSO will be required to report payments in settlement of third-party network transactions when the amount of total payments for those ...
December 2024 - Journal of Accountancy
SPONSORED REPORT. Be prepared for tax season early. Our expert tax report highlights the important issues that tax preparers and their clients need to address for the 2024 tax year.
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.
The Rise and Fall of Enron - Journal of Accountancy
The CEOs of the Big Five accounting firms made a joint statement on December 4 committing to develop improved guidance on disclosure of related party transactions, SPEs and market risks for derivatives including energy contracts for the 2001 reporting period.
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
IRS processing 400K ERC claims with about $10 billion in eligibility
Oct 11, 2024 · The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a news release (IR-2024-263)."In recent weeks, the IRS has made substantial progress in separating eligible claims from the wave of ineligible claims that have come in, and we continue working to refine our models to ...
Tax, accounting, auditing news - Journal of Accountancy
The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
Auto depreciation limitations increase - Journal of Accountancy
Feb 7, 2024 · The IRS issued higher new depreciation limitations for passenger automobiles, although the increases are smaller than in the previous two years.