November 2020

November 16, 2020

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.

November 13, 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.

November 10, 2020

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.

November 9, 2020

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.

November 6, 2020

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.

November 5, 2020

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.

November 5, 2020

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.

November 4, 2020

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.

November 4, 2020

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.

November 3, 2020

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.

November 3, 2020

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.

FROM THIS MONTH'S ISSUE

AI risks CPAs should know

Are you ready for the AI revolution in accounting? This JofA Technology Q&A article explores the top risks CPAs face—from hallucinations to deepfakes—and ways to mitigate them.