When it comes time to put on your year-end planning hat, will you be prepared to provide the best tax and financial planning advice to clients? Take this quiz to see if you’re ready to tackle year-end planning for 2020.
The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it took two years ago for individual tax transcripts.
The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.
The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.
Businesses and not-for-profits that received $2 million or more in PPP loans must complete one of two new loan necessity questionnaires the SBA is sending to lenders for distribution to borrowers.
The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.
FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.
A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.
Most plan to keep their current real estate, but they are reimagining what that space could look like.
A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.
The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
The Federal Reserve board announced that it lowered the minimum loan size for three of its Main Street Lending Program facilities in an effort to make the program available to more and smaller businesses.
The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.
A proposal issued by the Federal Accounting Standards Advisory Board would clarify how an advance should be presented in component entity financial statements.
Accounting relief from reference rate reform would be extended to a modification known as the “discounting transition” under a proposal issued by the Financial Accounting Standards Board.
Investors are looking for actions that back up statements about equity.
FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.
The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
Practitioners can provide services to clients related to cybersecurity beyond their financial statement auditing role, according to a newly published report from the Center for Audit Quality.