President Donald Trump issued presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
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FASB simplifies accounting for convertible instruments, contracts in own equity
FASB issued a new standard that is intended to simplify accounting for convertible instruments and contracts in an entity’s own equity.
New FAQs address PPP loan forgiveness issues
The SBA and Treasury published guidance answering 23 frequently asked questions related to the forgiveness of loans issued under the Paycheck Protection Program.
TIGTA critiques IRS’s protection of taxpayer data
The IRS continues to have challenges protecting taxpayer data, and especially ensuring that its various applications provide complete and accurate audit trails, according to the Treasury Inspector General for Tax Administration (TIGTA).
AICPA continues to ask Congress to include PPP deductibility in upcoming legislation
In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.
Evaluating blockchain and internal control through a COSO lens
Although blockchain technology creates new risks, organizations also can use it to improve risk management and create better controls.
Proposed rules govern carried interests
The Irs issued proposed regulations under Sec. 1061, enacted by the law known as the Tax Cuts and Jobs Act, which requires owners of certain partnership interests to hold them for three years to be eligible for capital gain treatment.
Simplified accounting rules issued for small businesses
The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.
New CPA licensure model embraces core, deeper knowledge
A new approach to CPA licensure that’s under development is designed to emphasize the core skills that matter most to CPAs while encouraging deeper exploration of a candidate’s passion. Laurie Tish, CPA, chair of the board of NASBA, explains what’s next in the CPA Evolution initiative.
PPP and pandemic-related tips for not-for-profits
Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can help resolve issues related to the PPP, accounting and other topics.
IRS to allow faxing of automatic method change requests
The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.
IRS issues business interest expense limitation guidance
The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
Remove roadblocks to CAS practice growth
Securing more buy-in for the CAS practice at the partner level and ensuring it is properly funded and staffed can help it take off.
Government financial reporting model would change under GASB proposal
The Governmental Accounting Standards Board has proposed changes to the state and local government financial reporting model.
Guidance on recapture of excess employment tax credits
The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.
CPA licensure model transformation will proceed after NASBA board vote
The transformation of the CPA licensure model will continue after the National Association of State Boards of Accountancy’s board of directors voted unanimously on efforts to design and implement a new approach to CPA licensure.
Why Zoom meetings really do leave you exhausted
Videoconferencing fatigue is just one of several types of technostress that have been plaguing workers since personal computers hit it big. The problem has grown worse due to the COVID-19 lockdowns, but Marc Staut of Boomer Consulting offers some remedies.
PPP forgiveness: No need to rush, and other tips
Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.
What women need to rise in the accounting profession
Women are more likely to succeed if they have role models, are able to find sponsors, and receive opportunities for training and high-profile assignments. Panelists at ENGAGE 2020 also discussed how barriers to advancement are intensified for women of color.
Provider Relief Funds included in audit determination, HHS says
Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced.
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