Here’s a chance to test your knowledge of the rules for deductibility for business-related food and beverages and/or entertainment and how much, if any, of a given expenditure can be claimed as an ordinary and necessary expense of conducting a trade or business under Sec. 162.
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House passes $1.9 trillion stimulus bill with a variety of small business relief
The $1.9 trillion economic relief bill passed by the House of Representatives includes $25 billion for restaurants as well as additional funding for EIDL advance payments and the PPP. The bill also includes $1,400 stimulus payments to individuals and extends unemployment insurance supplements.
Tax provisions in the American Rescue Plan Act
The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.
Automation to drive big shifts in corporate reporting
A smarter and more automated operating model for corporate reporting is on the horizon, according to results of a new EY survey.
New proposals would provide guidance on CPAs’ NOCLAR duties
Complementary proposals by the AICPA Professional Ethics Executive Committee and the AICPA Auditing Standards Board would provide guidance for CPAs on their responsibilities related to noncompliance with laws and regulations.
Alaska, Maine, and Oklahoma weigh CPA firm mobility bills
Alaska, Maine, and Oklahoma are the latest states to consider CPA firm mobility legislation, which allows CPA firms that meet certain licensing requirements to provide their services across state lines in order to serve clients without the need to obtain an additional license.
SEC places new focus on climate-related disclosures
The SEC’s Division of Corporation Finance will place greater focus on climate-related disclosures in public company filings after a directive issued by SEC Acting Chair Allison Herren Lee.
AICPA seeks certainty on filing deadline and relief for 2020 tax year
The AICPA has written to Treasury and the IRS, calling for certainty about the April 15 tax filing and payment deadline and for underpayment and late-payment penalty relief during the COVID-19 pandemic.
Value of licensure reaffirmed by new research report
As the pandemic continues, and licensing issues keep getting prioritized on legislative agendas, the AICPA is monitoring occupational licensing bills to ensure they do not harm the profession and the public.
New PPP changes attempt to ease smallest businesses’ access
The White House said it will allow only businesses with fewer than 20 employees to apply for PPP loans during a two-week period starting Wednesday. The administration also will change the PPP loan calculation formula to help sole proprietors, independent contractors and self-employed individuals receive more financial support.
PPP processing delays continue
Anti-fraud screenings by the SBA are delaying the processing of Paycheck Protection Program loan applications, sometimes for weeks, AICPA executives said during an online Town Hall.
IRS provides cafeteria plan relief for the pandemic
The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.
Black CPA Centennial celebrates first Black CPA
John W. Cromwell Jr., the son of a former slave, overcame many obstacles in his life to earn his place in history as the nation’s first Black CPA in 1921. His story is an inspiration and lesson in tenacity for future generations of Black accountants.
From the filings: Supply chain lessons from the pandemic
Industrial giants 3M, Arrow Electronics, and Caterpillar explain how they navigated disruptions.
A road map for ESG disclosures and assurance
As interest grows in environmental, social and governance information, a new resource provides insights for auditors to assist their clients with ESG disclosures and assurance.
Single audits: Deliver high quality in a challenging time
The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.
SBA announces PPP process changes
The US Small Business Administration said that it is updating the Paycheck Protection Program’s processes and application platform to speed up the flow of funds to small businesses.
FASB approves private company and NFP goodwill triggering event alternative
Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.
Virtual accounting: How to succeed remotely
Founders of a fully virtual accounting firm share how accountants can succeed at working remotely now and after the pandemic is over.
Senate shows bipartisan support for mobile workforce tax legislation
The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
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