Journal of Accountancy - Accounting, tax, auditing news
WEBHow to add the JofA to your Apple News app. This quick guide walks you through the process of adding the Journal of Accountancy as a favorite news source in the News app from Apple. The Journal of Accountancy is the ultimate resource for today’s CPA, providing daily professional and regulatory updates, breaking news and videos.
The basics of S corporation stock basis - Journal of Accountancy
WEBInitial 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 ...
5 best practices for intercompany accounting - Journal of …
WEBDec 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.
Top soft skills for accounting professionals - Journal of Accountancy
WEBJun 7, 2021 — Communication. Career Development. Networking. As professionals advance in an accounting or finance career, soft skills become increasingly important. In a world that is becoming more digital, computerized, and automated, soft skills can be the differentiator between two employees competing for the same promotion or position.
A Risk-Based Approach to Journal Entry Testing - Journal of …
WEBTo extract journal entries that equate to round multiples of 10,000, 100,000 and 1,000,000, use the Excel MOD () function, which provides the remainder after the auditor divides a number by a divisor. For example, say that $10,422 is in cell A1 and the function MOD (A1,1000) is placed in cell B1.
Challenges to consider in auditing revenue recognition
WEBJul 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 …
Tax compliance after M&As - Journal of Accountancy
WEBDec 1, 2017 — Tax compliance after M&As. Elections, carryovers, and debt offer plenty of issues to track following either a stock or an asset deal. Accounting for merger and acquisition (M&A) activity is a common challenge for tax compliance professionals. Since each transaction can result in unique tax issues, a one - size - fits - all approach rarely …
Deducting home office expenses - Journal of Accountancy
WEBWith a home office, taxpayers claim a business deduction for expenses arising in a qualifying use of all or part of a residence. However, taxpayers often are uncertain about the finer points of the requirements for a home office and may be unaware of all the types of business arrangements in which they can claim a deduction, such as by owners ...
8 ways to calculate depreciation in Excel - Journal of Accountancy
WEBMay 1, 2021 — The SYD function calculates the sum - of - years' digits depreciation and adds a fourth required argument, per. The syntax is =SYD (cost, salvage, life, per) with per defined as the period to calculate the depreciation. The unit used for the period must be the same as the unit used for the life; e.g., years, months, etc.
Startup costs: Book vs. tax treatment - Journal of Accountancy
WEBNov 1, 2015 — The entry to record the startup costs for tax purposes is: Startup costs expense $ 5,000. Deferred startup costs $18,000. Cash $23,000. At the end of calendar year 2014, T would record $800 in amortization expense (8 months × $100 per month) for the deferred $18,000 startup costs: Amortization expense—.