The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings.
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NEWS
Answers to 4 common accounting and auditing questions
New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.
How CPA financial planners can succeed with alternative fee models
Financial planners who use hourly billing, subscription fees and other alternatives to the AUM billing model shared their experiences at the ENGAGE conference.
GILTI rules address income subject to high foreign tax rate
The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.
AICPA urges Congress to act on PPP issues, other topics in pandemic legislation
In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.
Three Lines Model for risk management gets major update
The Institute of Internal Auditors issued a major update to the Three Lines of Defense model that has been popular in risk management and governance processes for years.
New AICPA tool automates PPP loan forgiveness process
Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.
Fed expands Main Street Lending Program to more not-for-profits
The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.
IRS updates annual Dirty Dozen tax schemes for 2020
The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
The 10 elements of financial statements, according to FASB
The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.
IRS reinstates PTIN user fees
The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.
Show clients empathy in uncertain times
Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.
AICPA issues nonauthoritative guidance on auditing digital assets
Accounting firms should consider many factors when considering whether to accept auditing engagements that involve digital assets such as cryptoassets. Nonauthoritative guidance published by the AICPA helps firms evaluate whether such engagements are worth the risks.
Partnership form being redesigned for 2021
The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.
Advice for firms thinking about reopening
Firms planning to reopen their offices in the near future share what steps they’re taking first, and offer advice for other organizations that have made the difficult decision to return to in-person work.
Pandemic issues for government financial statement preparers and auditors
The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.
Remote work after the pandemic
The COVID-19 pandemic forced many businesses to rapidly ramp up their reliance on remote work, and many employees will continue to work from home even after offices reopen. Jim Boomer, CPA/CITP, and Jessica Battaglia share advice for crafting a long-term remote work strategy.
A product pivot and PPP success in the early days of the pandemic
A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.
SBA closes EIDL Advance program after granting $20 billion
The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.
Accounting estimates and disclosures addressed in new auditing standard
New guidance issued by the AICPA Auditing Standards Board provides practitioners with guidance on one of their most difficult tasks — auditing accounting estimates and related disclosures.
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