Journal of Accountancy - Accounting, tax, auditing news
WEBHow to add the JofA to your Apple News app. This quick guide walks you through the process of adding the Journal of Accountancy as a favorite news source in the News app from Apple. The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
Tax, accounting, auditing news - Journal of Accountancy
WEB3 days ago · The IRS provided guidance for sponsors of 401 (k) and similar retirement plans that provide matching contributions based on eligible student loan payments made by participating employees. The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
Keep or toss? A guide to CPA firm record retention
WEBWhen determining which records should be kept or purged, consider retaining items that document or support the firm's: Client/engagement evaluation process: Such as signed engagement letters, client acceptance checklists, engagement acceptance approvals, and client disengagement letters. Administrative records: Such as fee and billing records ...
5 best practices for intercompany accounting - Journal of …
WEBDec 1, 2016 · HOW TO PREVENT PROBLEMS. To avoid problems and to effectively support new regulatory pressures, Cheney recommended five best practices: Standardize global policies that govern critical areas across the organization. Most companies tend to have in place one or two pages of very high - level policies for intercompany accounting.
Medicare’s tricky rules on HSAs after age 65
WEBJul 1, 2021 · A high-level overview of the Medicare enrollment rules is in order. According to Medicare.gov: 1. Taxpayers already receiving Social Security at their 65th birthday will automatically be signed up for Medicare. Taxpayers who aren't yet collecting Social Security and are still covered by an employer's group health plan because they are actively ...
Deducting home office expenses - Journal of Accountancy
WEBWith a home office, taxpayers claim a business deduction for expenses arising in a qualifying use of all or part of a residence. However, taxpayers often are uncertain about the finer points of the requirements for a home office and may be unaware of all the types of business arrangements in which they can claim a deduction, such as by owners ...
Challenges to consider in auditing revenue recognition
WEBJul 1, 2020 · FASB's new revenue recognition standard, FASB ASC Topic 606, Revenue From Contracts With Customers, is one of the most significant changes ever in U.S. GAAP. The new, principles-based standard requires consideration of a five-step framework that includes estimates on the revenue recognized for the accounting period (see the sidebar, "Independence Missteps Related to Revenue Recognition," below).
Defining a trade or business for purposes of Sec. 199A
WEBRegs. Sec. 1.199A-1 (b) (14) provides that a trade or business means "a trade or business that is a trade or business under section 162 (a section 162 trade or business) other than the trade or business of performing services as an employee." Sec. 162 (a) does not provide an explicit definition of what constitutes a trade or business.
Carry your losses (further) forward - Journal of Accountancy
WEBMay 1, 2018 · Under current law, assuming each of the tax years takes place after Dec. 31, 2017, and using the same taxable income or (losses) as above, the $500 of loss in year 2 must be carried forward to year 3 and can only be utilized to the extent of 80% of taxable income, or $80. Total federal income tax paid (after taking into account the carryforward ...
Accounting for sale and leaseback transactions
WEBOn Dec. 31, 2021, the seller-lessee would record the transaction as shown in the table "Journal Entry Based on Amortization Table.". The seller-lessee would make similar entries for the remaining nine years. Next, assume the contract provided Smith Corp. with an option to purchase the building on Jan. 1, 2026, for $12,000,000 and that the assets similar to the subject asset are not readily ...