Journal of Accountancy - Accounting, tax, auditing news
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Deducting home office expenses - Journal of Accountancy
With 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 ...
Fraud is suspected: Now what? - Journal of Accountancy
Aug 1, 2022 · As AU - C Section 240 states: "Although the auditor may suspect or, in rare cases, identify the occurrence of fraud, the auditor does not make legal determinations of whether fraud has actually occurred" (¶ .3). The legal determination of whether fraud has occurred is made by a judge or jury, not by management and not by the auditor.
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 ...
8 ways to calculate depreciation in Excel - Journal of Accountancy
May 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.
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 ...
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.
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.
Guidance on claiming the ERC for third and fourth quarters of 2021
Aug 5, 2021 · Although the limit on the maximum ERC in the first half of 2021 of 70% of up to $10,000 of an employee’s qualified wages per calendar quarter (i.e., $7,000) continues to apply to the third and fourth calendar quarters of 2021, the notice notes that a separate credit limit of $50,000 per calendar quarter applies to recovery startup businesses ...
A new take on ethics and independence - Journal of Accountancy
Dec 1, 2018 · Professional accountants are required to apply the conceptual framework to identify, evaluate, and address threats to independence. Independence "of mind" and "in appearance" requires adherence to the fundamental principles of integrity and objectivity. New and improved provisions help accountants apply the conceptual framework when dealing ...