The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.
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IRS updates annual Dirty Dozen tax schemes for 2020
The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
The 10 elements of financial statements, according to FASB
The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.
IRS reinstates PTIN user fees
The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.
Show clients empathy in uncertain times
Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.
AICPA issues nonauthoritative guidance on auditing digital assets
Accounting firms should consider many factors when considering whether to accept auditing engagements that involve digital assets such as cryptoassets. Nonauthoritative guidance published by the AICPA helps firms evaluate whether such engagements are worth the risks.
Partnership form being redesigned for 2021
The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.
Advice for firms thinking about reopening
Firms planning to reopen their offices in the near future share what steps they’re taking first, and offer advice for other organizations that have made the difficult decision to return to in-person work.
Pandemic issues for government financial statement preparers and auditors
The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.
Remote work after the pandemic
The COVID-19 pandemic forced many businesses to rapidly ramp up their reliance on remote work, and many employees will continue to work from home even after offices reopen. Jim Boomer, CPA/CITP, and Jessica Battaglia share advice for crafting a long-term remote work strategy.
A product pivot and PPP success in the early days of the pandemic
A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.
SBA closes EIDL Advance program after granting $20 billion
The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.
Accounting estimates and disclosures addressed in new auditing standard
New guidance issued by the AICPA Auditing Standards Board provides practitioners with guidance on one of their most difficult tasks — auditing accounting estimates and related disclosures.
FDII and GILTI regulations finalized
The IRS issued final regs. on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions enacted by the TCJA.
How to report coronavirus paid sick leave and family leave to employees
The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.
FASB proposes delay of insurance standard effective date
FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.
New audit evidence standard recognizes evolving nature of business
The AICPA Auditing Standards Board issued a new standard that recognizes the evolving nature of business, including use of technology.
Becoming a fraud fighter
By developing an investigative mindset, CPAs can make themselves indispensable during this trying time.
2020 depreciation limits for cars and trucks are issued
The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.
EIDL pandemic assistance facts for CPAs
Economic Injury Disaster Loans can provide small businesses with low-interest pandemic assistance over a 30-year term. To help their businesses and clients, CPAs need to understand the key terms that these loans provide.
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