Audit & assurance news and resources - Journal of Accountancy
WEBJul 22, 2024 · Auditor resource: Considerations for commercial real estate. A PCAOB staff report considers the changing world of commercial real estate, offering advice for public company auditors that also applies to auditors outside of the PCAOB’s purview. The latest auditing news and insights from the Journal of Accountancy, the ultimate resource for ...
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.
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.
Acquiring the tax benefits of a corporation
WEBFeb 1, 2021 · The lockdowns and disruptions of business operations from the COVID-19 pandemic have left many corporations with losses and other tax benefits they cannot use currently and perhaps not in the future. Some corporations, however, have increased their profits during the COVID-19 pandemic and perhaps their tax liability as well. Both types of corporations may be tempted to seek a win-win solution ...
Medicare’s tricky rules on HSAs after age 65
WEBJul 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 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 ...
Fraud is suspected: Now what? - Journal of Accountancy
WEBAug 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.
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.
Assessing the Allowance for Doubtful Accounts - Journal of …
WEBTechnique 3: Assess the allowance exhaustion rate. Exhaustion rates indicate the time (expressed in years) taken to use the beginning-of-year allowance in the form of actual write-offs. For example, a company with a beginning allowance for doubtful accounts of $1 million in year one, and write-offs of $700,000 in year one and $600,000 in year ...
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 ...