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.
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 ...
Tax, accounting, auditing news - Journal of Accountancy
4 days ago · 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.
Challenges to consider in auditing revenue recognition
Jul 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).
5 missteps to avoid when evaluating internal controls
Jul 1, 2019 · Misstep No. 2: Not understanding which controls are relevant to the audit. Auditors are required by paragraph .13 of AU - C Section 315 to obtain an understanding of internal control relevant to the audit. This includes all controls assessed as relevant by the auditor and is not limited to those controls that the auditor plans to test for ...
Assessing and Responding to Risks in a Financial Statement Audit
EXECUTIVE SUMMARY The new audit risk standards require the auditor to understand and respond to risks of material misstatement, whether due to errors or fraud. In reaching that understanding, auditors should identify risks to the entity’s business and the controls in place to mitigate them. These standards use the more.
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 ...
Audit & assurance news and resources - Journal of Accountancy
Oct 31, 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.
Mastering accounting for business combinations - Journal of …
Mar 1, 2019 · Accounting for business combinations is complex and requires considering a number of areas, including the following: Identifying business combination transactions. Identifying the acquirer. Determining the acquisition date. Measuring the consideration transferred. Recognizing and measuring the identifiable assets acquired and liabilities ...