A new joint publication from AICPA & CIMA and ISACA provides a risk matrix that identifies risk in five key domains — governance, infrastructure, data, key management and smart contracts.
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Registration opens for Restaurant Revitalization Fund
Registration for the Restaurant Revitalization Fund (RRF) will begin at 9 a.m. ET on Friday, April 30, and the SBA will begin accepting applications on Monday, May 3, at noon ET.
Resilience lessons for women accountants
Fortitude, mentoring and lifelong learning can help women navigate their careers in the accounting profession, according to three women leaders who shared their stories.
Financial fears spike for young adults amid pandemic
More than half of Americans said their financial situation caused them stress during the pandemic, according to an AICPA survey. Younger Americans were particularly affected, with three-quarters of 18- to 24-year-olds reporting financial anxiety.
2021 child tax credit, EITC, and premium tax credit limits updated
The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.
Shuttered Venue Operators Grant portal begins accepting applications
The Shuttered Venue Operators Grant (SVOG) program officially opened Monday, with venue operators reporting successful uploads of applications for funding from the $16.25 billion program.
How a church can prevent fraud without compromising its values
Religious organizations are vulnerable to fraud precisely because of the tenets of trust and forgiveness that define them, and the pandemic has led to increased risks. CPAs are in a position to advise churches on steps they can take to reduce fraud risk without compromising their principles.
Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns
The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.
Can accounting firms mandate vaccines?
There are many legal and human resources considerations firms must weigh before crafting a vaccine policy for their staff.
IRS extends e-signature authorization for 6 months
In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.
House passes bill protecting banking services for legal cannabis
The US House of Representatives passed a bill that would prevent federal prosecution of a depository institution providing banking services to a legitimate cannabis business. Protections also would be provided to provision of ancillary services that are expected to be interpreted to include CPA services.
Restaurant Revitalization Fund details come into focus
The Restaurant Revitalization Fund aid program’s application portal will be tested in a seven-day pilot ahead of the application’s launch. The SBA revealed key details for the program, including funding calculations.
Tips for for-profits applying NFP accounting rules for PPP funds
For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.
SBA aims to reopen Shuttered Venue Operators Grant portal this week
The SBA has targeted the end of this week for reopening the application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program. Technical problems forced the SBA to close the portal for repairs only hours after it opened on April 8.
Legislative threat to CPA licensure stalls in West Virginia
A bill that would have weakened requirements for occupational licensing stalled in West Virginia, but the work to maintain appropriate licensing standards is not finished for CPAs.
How nonfungible tokens work and where they get their value
A cryptocurrency expert explains the basics of NFTs and the business and buzz behind them.
EBP audits: Document so your steps can be retraced
Thorough documentation demonstrates the quality that a practitioner has delivered in any audit. Amid the coronavirus pandemic, documentation provides auditors an opportunity to show they are on top of the many changes that plans may have undergone.
Quiz: More deduction limitations for business meals and entertainment
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.
IRS extends penalty relief for pandemic payroll credits
The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.
Breaking a barrier: The first Black partner of Big Eight firm
In 1971, 50 years after the first Black CPA received his license, Elmer J. Whiting Jr. became the first Black partner of one of the nation’s largest accounting firms. His achievement helped to influence and inspire his firm, his community and ambitious professionals following his footsteps.
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Help clients avoid surprises with year-end planning strategies for managing taxable income, maximizing deductions, and adjusting to OBBBA changes affecting individuals and businesses.
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