Accounting firms are juggling competing client demands thanks to tax season coinciding with the reopening of the Paycheck Protection Program. How can firms keep from dropping the ball? It starts with taking the time to do the job right.
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Maryland’s Tom Hood joins the Association of International Certified Professional Accountants
Tom Hood, the longtime CEO of the Maryland Association of CPAs (MACPA), has joined the leadership team of the Association of International Certified Professional Accountants as executive vice president of business growth and engagement.
SBA issues FAQs for Shuttered Venue Operators Grants
New guidance from the US Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant program but does recommend actions potential applicants should be taking now while the SBA builds the application platform for the $15 billion COVID-19 relief initiative.
Beware of identity theft scam involving unemployment benefits
The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
FASB simplifies revenue recognition for private company franchisors
FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.
Employee retention credit changes leave practitioners with questions
The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.
Identity theft a risk to consumers as online purchases increase
Amid a pandemic-related surge in online shopping, identity theft poses a more significant risk to consumers. Nearly 1 in 5 Americans experienced identity theft attempts, according to a new AICPA survey.
Not-for-profit auditors face new challenges amid pandemic
Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
SBA announces steps to improve PPP review process
The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.
6 tips for CPAs on newest round of PPP funding
A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.
Partner capital account reporting gets transition penalty relief
Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the Internal Revenue Service outlined.
IRS explains extended payroll tax due dates
The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
Updated PPP loan forgiveness applications and rules unveiled
The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.
Some individual taxpayers get relief from underpayment penalty
The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
Taxpayers need clarity on coordination of ERC and PPP loans
The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
PPP calculations guidance released
The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.
Tax filing season to start Feb. 12, IRS announces
The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
Individual CPAs can apply for .cpa web domain Friday
Licensed CPAs can apply for individual .cpa domains beginning Jan. 15, the AICPA announced. Thousands of firms and approved organizations applied for the top-level domain during their application window, which was open from Sept. 1.
Guidance issued for PPP first-draw loan increases, reapplications
New procedural guidance from the SBA outlines the processes Paycheck Protection Program borrowers and their lenders must follow to reapply for a first-draw PPP loan or request an increase to a loan approved by Aug. 8, 2020, which is when the first iteration of PPP stopped accepting applications.
PPP application dates announced
Lenders with $1 billion or less in assets can start making Paycheck Protection Program loans on Friday, the U.S. Small Business Administration and Treasury announced. The application window will open for all lenders Jan. 19.
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FROM THIS MONTH'S ISSUE
Flip out with the latest Tech Q&A
The September Technology Q&A column shows how to create dynamic to-do lists with Excel's checkboxes and also how to set up multifactor authentication texts that don't rely on phones. Flip through both items and view a video walkthrough in our digital format.
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