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.
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
Audit & assurance news and resources - Journal of Accountancy
Nov 22, 2024 · The data-driven audit: Technology and the future of auditing. Cathy Rowe, Senior Vice President and Segment Leader, U.S. Professional Market, Wolters Kluwer Tax & Accounting North America, discusses how data-driven insights combined with analysis and guidance can make audits more thorough and help firms make better decisions.
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.
Keep or toss? A guide to CPA firm record retention
Practitioners often find themselves with years, even decades, of records, and ask themselves, "Do I really need all of this?" If your file cabinet is ready for some overdue spring cleaning, consider the role of record retention before you purge.
Creating Joint Ownership: Avoiding the Tax Traps and Other Pitfalls
Many property owners add their children and other family members to the title of their property without thinking through the consequences. Many seem to favor joint tenancy—a convenient way to ensure that assets will ultimately pass to family members without the need for probate and other costs. Joint tenancy—commonly referred
Management accounting news and resources - Journal of …
Oct 31, 2024 · The latest management accounting news and insights from the Journal of Accountancy, the ultimate resource for today’s CPA.
Component Materiality for Group Audits - Journal of Accountancy
EXECUTIVE SUMMARY. Regulator inspections and firms’ quality reviews have revealed a variety of methods used by group engagement partners in determining component materiality and have identified potentially troubling matters with some of the current approaches. International Auditing Standard (IAS) no. 600, Special Considerations—Audits of Group Financial Statements …
The basics of S corporation stock basis - Journal of Accountancy
The concept of basis is simple, but calculating basis for S corporation stock takes much of many CPA tax practitioners’ time and energy. Why is this the case? Basis measures the amount that the property’s owner is treated as having invested in the property. At the start of the investment,