After the pandemic-related delay provided some relief, private companies are implementing major accounting standards that take a great deal of effort to adopt.
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Updated single audit guidance provided by OMB in 2021 Compliance Supplement
Some requirements for single audits were clarified with the issuance of the 2021 Compliance Supplement by the Office of Management and Budget. Some questions remain, though, and OMB is expected to issue two addenda with additional guidance.
How to retain staff amid surging turnover
Experts theorize that the COVID-19 pandemic may have led to increased burnout and that employees who stayed in their jobs in 2020 now feel more comfortable leaving.
Automatic accounting method change procedures updated
The IRS updated the list of accounting method changes to which automatic change procedures apply.
Single audits: Using Compliance Supplements for success
Single audits are especially challenging amid a pandemic-related surge in government aid. Understanding how to apply guidance in the Office of Management and Budget’s Compliance Supplements is critical for delivery of a high-quality engagement.
Closing date set for new Shuttered Venue Operator Grant applications
The SBA will stop accepting new applications at the end of next week for the $16.25 billion Shuttered Venue Operator Grant (SVOG) program. The SBA has awarded $8.4 billion in SVOG grants to more than 10,800 recipients and will offer those entities the chance to seek additional funding.
Certification deadline extended for work opportunity tax credit
Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.
New safe harbor for ERC gross receipts calculation
Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts.
AICPA guidance addresses SVOG, RRF accounting questions
Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants can pose accounting challenges for practitioners. The AICPA issued guidance that suggests how not-for-profits and private business entities can account for these grants.
Infrastructure bill would end ERC, increase cryptoasset reporting
The Infrastructure Investment and Jobs Act, passed by the Senate on Tuesday, contains a few tax provisions, most notably it would end the employee retention credit on Sept. 30. It would also require information reporting about cryptoasset transfers.
Board diversity disclosures mandated for Nasdaq-listed companies
Nasdaq-listed companies will be required to provide new information on the diversity of their boards as a result of a new rule approved by the Securities and Exchange Commission.
IRS updates car and truck depreciation limits
The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.
Guidance on claiming the ERC for third and fourth quarters of 2021
New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.
M&A activity in accounting on the rebound in 2021, expert says
Merger-and-acquisition activity for CPA firms is surging in 2021 after dropping in 2020 due to the COVID-19 pandemic, Joel Sinkin, president of Transition Advisors LLC said in a session at AICPA & CIMA ENGAGE 2021.
SBA streamlines forgiveness process for most PPP loans
The SBA issued new guidance intended to speed up and simplify the forgiveness process for Paycheck Protection Program loans of $150,000 or less, which represent 93% of the outstanding loans in the $800 billion program.
COSO provides guidance on application of ERM to cloud computing
New guidance from the Committee of Sponsoring Organizations of the Treadway Commission (COSO), provides a detailed road map for incorporating cloud computing into an organization’s enterprise risk management.
COBRA premium assistance credit clarified further
The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.
Shuttered Venue Operator Grant awards top $7.5 billion, SBA says
The SBA has awarded more than $7.5 billion in Shuttered Venue Operator Grants to about 10,000 live entertainment venues and other eligible entities.
Why CPA firms need to know about restricted top-level web domains
New top-level web domains, such as .cpa, are one way for firms to modernize their digital front door. Here’s what you need to know about these new top-level domains (TLDs) and why you may want to consider using them.
Ease staff’s fears about returning to the office
Firm leaders can address staff’s anxieties by discussing the rationale for returning to in-person work, communicating transparently about the safety measures they are taking, implementing employee feedback and, when possible, giving staff control over when they return.
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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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