Standard mileage rates, depreciation amounts updated

The IRS issued guidance on the standard mileage rates and depreciation limits that were changed by the Tax Cuts and Jobs Act.
Source: Journal of Accountancy

IRS warns tax practitioners of new phishing scam

The IRS alerted tax practitioners to beware of a phishing scheme in which cybercriminals send out emails posing as state accounting and professional associations.
Source: Journal of Accountancy

IRS to clarify rules on payments in lieu of state and local taxes

The IRS announced that it intends to issue regulations explaining that legislation attempting to recharacterize state and local taxes as charitable contributions will be subject to interpretation under federal tax law.
Source: Journal of Accountancy

New compilation and review report requirements issued

The AICPA Accounting and Review Services Committee issued Statement on Standards for Accounting and Review Services No. 24, which revises reporting requirements for compilations and reviews.
Source: Journal of Accountancy

Tech, people skills are key as accountants face changing demands

To be prepared for the future, accountants need to develop technical competencies, people skills and an agile mindset, the AICPA’s Clar Rosso said during the spring meeting of the AICPA governing Council.
Source: Journal of Accountancy

New skills essential for thriving amid digital disruption

Technological advancements have made it necessary for professionals and leaders to develop new skills to help their organizations thrive.
Source: Journal of Accountancy

GASB issues implementation guidance

New implementation guidance issued by the GASB is designed to clarify, explain or elaborate on state and local government accounting standards.
Source: Journal of Accountancy

Helping CPAs grasp the fundamentals of global power

The U.S. is headed for turbulence economically and politically over the next few years, geopolitical analyst Jacob Shapiro said during an AICPA spring governing Council session.
Source: Journal of Accountancy

How accounting firms can tap into benefits of AI

The technology can help empower existing professionals, not necessarily remove them, particularly in specialist fields.
Source: Journal of Accountancy

Charitable contribution procedures updated

The IRS issued new procedures for contributions to charitable organizations, including rules for when donors can rely on the information about an organization’s tax-exempt status on the IRS database Tax Exempt Organization Search.
Source: Journal of Accountancy