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.
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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.
Underemployment spurs record drop in financial satisfaction
The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings.
Answers to 4 common accounting and auditing questions
New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.
How CPA financial planners can succeed with alternative fee models
Financial planners who use hourly billing, subscription fees and other alternatives to the AUM billing model shared their experiences at the ENGAGE conference.
GILTI rules address income subject to high foreign tax rate
The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.
AICPA urges Congress to act on PPP issues, other topics in pandemic legislation
In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.
Three Lines Model for risk management gets major update
The Institute of Internal Auditors issued a major update to the Three Lines of Defense model that has been popular in risk management and governance processes for years.
New AICPA tool automates PPP loan forgiveness process
Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.
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