With many workers unaware of the implications when remote work crosses state lines, CPAs may face frustration and confusion in clients.
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Final rules govern disallowed transportation fringe benefits
The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.
Q&A: FASAB reaches milestone amid pandemic
After celebrating its 30th anniversary, the Federal Accounting Standards Advisory Board is continuing to move forward in its mission to deliver transparency in federal accounting, says board Chair George Scott, CPA, CGMA.
What to know about holiday travel policies during COVID-19
Firms share the approaches they are using to keep employees safe, and HR experts advise firms to stay current with their state’s guidance, know their rights as employers and communicate policies clearly to staff.
US finance leaders wary as pandemic impacts continue
Optimism is higher than in the third quarter, but plenty of obstacles remain, according to the AICPA’s quarterly economic outlook.
Tips for auditing in a COVID-19 environment
The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.
Assessing audit risks during the pandemic
The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.
New attestation standard clarifies work effort of review engagements
The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.
Several tax provisions set to expire at end of 2020
Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
FASB to seek input on its standard-setting agenda
FASB will undergo a comprehensive project starting this month to determine its future standard-setting priorities, FASB Chair Richard Jones said at the AICPA Conference on Current SEC and PCAOB Developments.
IRS finalizes qualified plan loan rollover rules
The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.
New Form W-4 slow to gain traction with taxpayers
Only 26% of taxpayers have changed their withholding since Form W-4 was revised in 2019, an AICPA survey found.
Why the best critical audit matter disclosures use entity-specific info
Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.
PCAOB changes 2021 inspection focus areas as a result of COVID-19
PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.
Internal control focus critical as a result of pandemic changes
The coronavirus pandemic has led to changes in operations that require increased attention to internal controls, Securities and Exchange Commission staff said at the AICPA Conference on Current SEC and PCAOB Developments.
Emergence through fresh-start reporting
As an entity moves through the bankruptcy process, it must meet certain criteria to qualify, upon emergence, for fresh-start reporting under FASB ASC Topic 852, Reorganizations.
Answering clients’ estate planning questions this December
This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.
AICPA and trade associations ask Congress to fix PPP loan deductibility
In a letter to Congress, dated Dec. 3, hundreds of national trade associations and their state and regional affiliates asked that legislation be enacted before the end of 2020 reversing the IRS’s position that amounts forgiven in loans under the PPP be nondeductible business expenses.
Threats to licensing remain a concern for CPAs amid pandemic
The economic fallout from the coronavirus pandemic is posing new challenges to state professional licensing statutes. CPAs have a role to play in advocating for responsible licensing regulation.
Expenses used for PPP loan forgiveness: Deductible or not?
Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.
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