NEWS

Restaurant Revitalization Fund details come into focus

The Restaurant Revitalization Fund aid program’s application portal will be tested in a seven-day pilot ahead of the application’s launch. The SBA revealed key details for the program, including funding calculations.

Tips for for-profits applying NFP accounting rules for PPP funds

For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.

EBP audits: Document so your steps can be retraced

Thorough documentation demonstrates the quality that a practitioner has delivered in any audit. Amid the coronavirus pandemic, documentation provides auditors an opportunity to show they are on top of the many changes that plans may have undergone.

IRS extends penalty relief for pandemic payroll credits

The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.

Breaking a barrier: The first Black partner of Big Eight firm

In 1971, 50 years after the first Black CPA received his license, Elmer J. Whiting Jr. became the first Black partner of one of the nation’s largest accounting firms. His achievement helped to influence and inspire his firm, his community and ambitious professionals following his footsteps.

Offensive acronym leads to GASB's name change proposal

The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”

IRS explains new treatment of excess premium tax credits

The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.

EBP tax compliance testing tips

Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.

ASB extends comment period for quality management ED

The AICPA Auditing Standards Board has extended the comment period through Aug. 31 for an exposure draft of three interrelated proposed standards that would change the way firms manage quality in their accounting and auditing practices.

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Scorecard preparation templates and tips

With Workiva, we've created a PowerPoint deck that helps you create your own scorecards -- quick reference reports used across organizations to update stakeholders on the performance of defined deliverables.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.