Journal of Accountancy - Accounting, tax, auditing news
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. Stay informed and proactive with guidance on critical tax considerations before year-end.
Tax, accounting, auditing news - Journal of Accountancy
Nov 13, 2024 · Serious concerns facing accounting in the government space can be solved only by a multistakeholder commitment to improved conditions, an AICPA/NASACT report finds. Next 20. The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
5 best practices for intercompany accounting - Journal of …
Dec 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.
A Framework for Auditor Independence - Journal of Accountancy
The framework defines, and identifies the goal of, auditor independence. The model for standard setters is based on three key steps: Identify threats to the auditor’s independence and analyze their significance. Evaluate the effectiveness of potential safeguards, including restrictions.
Tax news and information - Journal of Accountancy
Social Security wage base announced for 2025. The Social Security Administration announced an increased maximum amount of wages subject to Social Security tax in 2025. The cost-of-living adjustment for Social Security benefits for 2024 is slightly lower than last …
Medicare’s tricky rules on HSAs after age 65
Jul 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 ...
Keep or toss? A guide to CPA firm record retention
When 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 ...
Asset-Based Financing Basics - Journal of Accountancy
An insurance company provides an asset-based borrower with an insurance policy covering the receivables. It is common for asset-based lenders who are financing companies in certain industries, for example, the retail industry, to require credit insurance. The cost of credit insurance is relatively modest.
The basics of S corporation stock basis - Journal of Accountancy
Initial basis is generally the cash paid for the S corporation shares, property contributed to the corporation, carryover basis if gifted stock, stepped-up basis if inherited stock, or basis of C corporation stock at the time of S conversion. Common basis increases include capital contributions, ordinary income, investment income and gains ...
Asset Impairment and Disposal - Journal of Accountancy
ABC Corp. decides in October of year 1 to dispose of an asset group that is a component of an entity. It meets all the requirements to classify the group as a long-lived asset to be disposed of by sale. The group’s carrying amount is $750,000, its fair …