Various issues that have been identified as worthy of attention by the Governmental Accounting Standards Board are addressed in an omnibus proposed standard issued Monday.
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NEWS
NFTs come with big valuation challenges
Nonfungible token sales have commanded eye-popping prices in the past year, leaving CPAs with many questions related to valuation of these digital assets.
Restaurant Revitalization Fund recipients revealed
The US Small Business Administration has published a database of the more than 100,000 approved grants from the $28.6 billion Restaurant Revitalization Fund.
SBA officially drops PPP Loan Necessity Questionnaire requirement
The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.
Quality management proposal provides opportunity to consider risks
Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
Restaurant industry recovery aided by CPAs, 2 leaders with longtime ties
CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.
Content for redesigned CPA Exam takes shape
The AICPA released a survey seeking feedback on the preliminary content proposed for the redesigned CPA Exam, which would be assessed in three sections that will comprise the Core of the Exam, plus material that would assess candidates’ knowledge in one of three Disciplines they choose under the new CPA Evolution licensure model.
SBA officially closes Restaurant Revitalization Fund
The SBA announced the closure of the Restaurant Revitalization Fund with a final tally of how it awarded the program’s $28.6 billion in funding.
Last of the ‘Dirty Dozen’: Schemes peddled by tax promoters
The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.
Farm businesses receive guidance on tax treatment of losses
The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
Bank information can now be updated on child tax credit portal
The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.
Proposed bill to regulate tax preparers has AICPA support
A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.
More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys
The IRS warns of tax-related scams in a third of four installments.
ASB addresses agreed-upon procedures for asset-backed securities
The AICPA Auditing Standards Board issued a statement of position Wednesday on performing agreed-upon procedures related to third-party due diligence services on rated Exchange Act asset-backed securities.
Next batch of ‘Dirty Dozen’ warns of personal info scams
In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.
Supreme Court declines to take up remote worker taxation case
The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.
IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021
Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.
Fighting fraud with business continuity planning
Preparation may be the best defense against fraud when disaster strikes.
SBA may be dropping PPP Loan Necessity Questionnaire requirement
Indications are that businesses with Paycheck Protection Program loans of $2 million or more will not have to submit a Loan Necessity Questionnaire when applying for forgiveness of their loans.
Tax consequences of nonfungible tokens (NFTs)
These new blockchain-created digital assets may be treated as intangibles for tax purposes, but a dearth of guidance leaves questions.
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