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 4, 2024 · It also is delaying the filing deadline for people affected by terrorist attacks in Israel. Next 20. The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
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 ...
The ERC: Practitioners’ responsibilities to amend income tax …
Feb 20, 2024 · The ERC: Practitioners’ responsibilities to amend income tax returns. The employee retention credit (ERC), as authorized under pandemic-era legislation to assist businesses with the costs of retaining employees, has been claimed by many employers for applicable quarters in 2020 and 2021. This article discusses the requirement to amend income ...
Data analytics and visualization in the audit
Mar 1, 2024 · Data visualization, which is the graphical representation of information and data, is one way to help spot and understand trends, outliers, and patterns in analyzed audit data. Data visualization allows auditors to create dashboards (a series of related graphics or visualizations), which can be used for visual storytelling throughout the audit ...
What AI can do for auditors - Journal of Accountancy
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. AI can also be used in the audit’s planning phase and when performing risk identification and assessment procedures.
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 ...
The QBI deduction for rental real estate activity
Aug 1, 2019 · The 20% QBI deduction under Sec. 199A introduced by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, is available only for activities that qualify as a trade or business. Therefore, owners of rental activities that are not considered a trade or business may lose out on a significant tax deduction. This column examines the treatment of ...
Creating Joint Ownership: Avoiding the Tax Traps and Other Pitfalls
Joint tenancy—commonly referred to as joint ownership with survivorship rights—is usually considered a good idea for husbands and wives. However, with nonspouses, joint tenancy could have costly consequences when used as a quick-fix planning tool without looking at all its implications. Establishing joint ownership of an asset with one’s ...
Preventing fraud with internal controls: A refresher
Aug 1, 2023 · TYPES OF INTERNAL CONTROLS. There are three main types of internal controls, as discussed in more detail later: Preventive controls: These controls are put in place to prevent fraud from occurring in the first place. Detective controls: These controls are used to discover fraud, should it occur despite the preventive controls in place.