The demand for environmental, social, and governance reporting is increasing. CPAs have a critical role in meeting that demand, and companies can take action now to enable enhanced ESG reporting.
The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.
With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.
The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.
The AICPA sent a letter urging the US Small Business Administration to address problems small businesses are encountering when trying to apply for Paycheck Protection Program forgivable loans.
Nearly three-quarters (73%) of US adults living with a spouse or partner said financial decisions have caused tension in their relationship, an AICPA survey found.
The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.
Accounting firms are juggling competing client demands thanks to tax season coinciding with the reopening of the Paycheck Protection Program. How can firms keep from dropping the ball? It starts with taking the time to do the job right.
Tom Hood, the longtime CEO of the Maryland Association of CPAs (MACPA), has joined the leadership team of the Association of International Certified Professional Accountants as executive vice president of business growth and engagement.
New guidance from the US Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant program but does recommend actions potential applicants should be taking now while the SBA builds the application platform for the $15 billion COVID-19 relief initiative.
The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.
The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.
Amid a pandemic-related surge in online shopping, identity theft poses a more significant risk to consumers. Nearly 1 in 5 Americans experienced identity theft attempts, according to a new AICPA survey.
Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.
A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.
Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the Internal Revenue Service outlined.
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.