News

Rules Would Allow Truncated Taxpayer IDs on Forms W-2
 

Rules Would Allow Truncated Taxpayer IDs on Forms W-2

Posted: September 19, 2017
In an effort to reduce identity theft, the IRS has issued proposed regulations that would permit employers to use truncated taxpayer identification numbers on Forms W-2 issued to employees.

 AICPA Campaign Promotes CPA Firms’ Key Role in Advising Small Businesses
 

AICPA Campaign Promotes CPA Firms’ Key Role in Advising Small Businesses

Posted: September 18, 2017
The American Institute of CPAs has launched the latest update of its national #CPApowered campaign, an initiative designed to showcase the strengths of CPA firms as trusted tax and business advisors to consumers and small businesses. The NJCPA is participating in this effort.

CPA Exam Score Extensions to be Case Basis Only
 

CPA Exam Score Extensions to be Case Basis Only

Posted: September 13, 2017
The National Association of State Boards of Accountancy (NASBA) said it would determine any CPA candidate requests for extensions past the 18-month window for passing the Uniform CPA Examination on a case-by-case basis.


CPAs Have More Reciprocity Than NJ Board of Accountancy Form Says
 

CPAs Have More Reciprocity Than NJ Board of Accountancy Form Says

Posted: September 7, 2017
The Application for Certification by Endorsement form posted on the New Jersey State Board of Accountancy website erroneously states reciprocity information. While the State Board is aware of the error, the form has yet to be updated to show that NJ has reciprocity with all jurisdictions.

U.S. Judge Strikes Down Obama Administration Overtime Pay Rule
 

U.S. Judge Strikes Down Obama Administration Overtime Pay Rule

Posted: September 6, 2017
A federal judge in Texas on Thursday struck down an Obama administration rule that would have extended mandatory overtime pay to more than 4 million U.S. workers, siding with business groups and 21 states that had challenged it.


U.S. Business Executives Cite Scarcity of Skilled Personnel as Top Concern
 

U.S. Business Executives Cite Scarcity of Skilled Personnel as Top Concern

Posted: August 31, 2017
Business executives maintained their generally upbeat view of prospects for the U.S. economy, and have upgraded expectations for profit and revenue growth over the next 12 months, according to the third-quarter AICPA Economic Outlook Survey. But there is a dark cloud on the horizon: the growing scarcity of suitable job candidates.


FASB Issues Improvements to Hedge Accounting
 

FASB Issues Improvements to Hedge Accounting

Posted: August 28, 2017
The Financial Accounting Standards Board has issued a final Accounting Standards Update that will improve and simplify accounting rules around hedge accounting. The ASU is effective for public companies in 2019 and private companies in 2020.