IRS processing 400K ERC claims with about $10 billion in eligibility
Oct 11, 2024 · The IRS is processing 400,000 claims from the pandemic-era employee retention credit (ERC) that represent about $10 billion of eligible filings, the agency said Thursday in a news release (IR-2024-263)."In recent weeks, the IRS has made substantial progress in separating eligible claims from the wave of ineligible claims that have come in, and we continue working to refine our models to ...
Journal of Accountancy - Accounting, tax, auditing news
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November 2024 - Journal of Accountancy
SPONSORED REPORT. 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.
Annual inflation adjustments announced for tax year 2025
Oct 22, 2024 · The IRS on Tuesday provided its annual inflation adjustments for over 60 tax provisions in tax year 2025, including increases in the standard deduction for married couples and single individuals.
Tax, accounting, auditing news - Journal of Accountancy
5 days ago · The latest news from the Journal of Accountancy, covering accounting, financial reporting, auditing, taxation, financial planning, technology, and more.
Taxpayer advocate: Unprocessed ERC claims could total 1 million …
Nov 12, 2024 · The IRS could have about 1 million employee retention credit (ERC) claims remaining to process by the end of the year, the national taxpayer advocate said Tuesday at the AICPA & CIMA National Tax Conference.
BOI update: 6.5 million of 32 million reports filed so far
Nov 8, 2024 · With less than two months left for most small businesses to file beneficial ownership information (BOI) reports, the Financial Crimes Enforcement Network (FinCEN) has received a fraction of the expected 32 million reports, a FinCEN representative said Thursday during the AICPA's Town Hall.
Accounting for software: FASB proposes amendments to its …
Oct 29, 2024 · FASB published a proposed Accounting Standards Update (ASU) that features new guidance on how companies should account for internal-use software.. Proposed amendments to Subtopic 350-40, Intangibles — Goodwill and Other — Internal-Use Software, spell out that a company would be required to start capitalizing software costs when both of the following occur:
The data-driven audit: Technology and the future of auditing
Nov 1, 2024 · Q With the recent emphasis on data and technology, what does the future of auditing look like? A The accounting profession is on the brink of a major shift thanks to artificial intelligence, advanced data analytics, blockchain, and cloud adoption. With these technologies, auditors now have the ability to combine data-driven insights with real-time analysis and expert guidance, making audits ...
Replacing SAS 70 - Journal of Accountancy
Guidance for CPAs who audit the financial statements of entities that outsource work to service organizations and those who report on controls at service organizations is being revamped and relocated. Since 1992, Statement on Auditing Standards (SAS) no. 70, Service Organizations, has been the source of the requirements and guidance