The IRS issued a warning to taxpayers about art donation schemes that are targeting high-income taxpayers. These schemes encourage taxpayers to buy art at a “discounted” price, frequently with added services from the promoter (shipping and setting up the appraisal). After the taxpayer waits over a year, they will then donate the art piece at …
by Patricia M. McDermott, Esq. The Louisiana Department of Revenue is granting automatic filing extensions to taxpayers whose primary residences, principal places of business, critical tax records, or paid tax preparers are located in parishes within the federal disaster declaration, which includes Jefferson, Orleans, Plaquemines, and St. Bernard Parishes, as a result of Mississippi River …
Louisiana Income Tax Return Filing Deadlines Extended Due to Seawater Intrusion Read More »
Existing accounting rules don’t provide guidance on how newly formed joint ventures should record contributed assets and assumed liabilities that, as a result, have caused diversity in practice. For example, joint ventures might be recording contributed net assets at either the venturers’ carrying amounts or their fair values at the formation date. In August 2023, …
The AICPA’s Professional Ethics Executive Committee adopted two new interpretations of the “Integrity and Objectivity Rule” (ET 1.100.001 and ET 2.100.001) of the AICPA Code of Professional Conduct in 2022—one directed to members in public practice and the other applicable to members in business. The two interpretations of the same name, “Responding to Noncompliance with Laws and Regulations” (ET …
AICPA Q&A Guidance on Noncompliance with Laws and Regulations Read More »
Are You Ready for Risk Assessment Version 2.0? Even though the guidance in AU-C 315A, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, has been a fundamental requirement in audits for approximately 15 years, it’s proper application by auditors has continued to be an issue as identified by practice monitoring programs. Issued …
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