Quiz: Are you ready for year-end planning during a pandemic?

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.

IRS will mask business tax transcript identifying information

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.

Partnerships and S corps. can deduct state and local taxes

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.

Taxpayers allowed choice of bonus depreciation rules

The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.

SBA to require PPP loan necessity form from large borrowers

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.

New lease accounting guidance proposed for federal entities

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 provides implementation relief for insurance companies

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.

ASB proposal addresses auditing of fair value estimates of financial instruments

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.

Companies rethink the office, but they’re not ready to say goodbye

Most plan to keep their current real estate, but they are reimagining what that space could look like.

9 tips for successful auditing of revenue recognition

A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.

IRS announces help with tax debt

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.

Fed opens up Main Street loans to smaller businesses

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.

Guidance on deferred employee payroll tax issued

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 issues minor codification changes

FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.

FASAB proposal would clarify presentation requirement

A proposal issued by the Federal Accounting Standards Advisory Board would clarify how an advance should be presented in component entity financial statements.

FASB proposes scope clarification for reference rate relief

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.

Companies seek ways to report diversity progress

Investors are looking for actions that back up statements about equity.

FASB staff weighs in on debt modifications and restructurings

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.

Template for requesting penalty abatement available from AICPA

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.

Cybersecurity provides opportunities for auditors to serve

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.