This article offers answers to questions from clients who are concerned about protecting their estate from tax changes that might happen in 2021.
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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.
Practitioners provide new transparency through critical audit matters
New PCAOB requirements for communicating critical audit matters give practitioners an opportunity to provide additional transparency to financial statement users. A Center for Audit Quality study shows how auditors are delivering this information.
IP PINs to be available to all individuals in 2021
The IRS announced that it would begin allowing all individual taxpayers to opt in to receive an identity protection personal identification number (IP PIN), beginning in mid-January 2021.
Auditing fraud risk during a pandemic
Fraud risk in the financial statements has been elevated amid the coronavirus pandemic. Here’s what practitioners need to know as they audit the risks of fraud during their engagements.
Succession issues surge at accounting firms
According to the 2020 Succession Planning Survey, more than half of multi-owner firms (55%) said they are currently experiencing succession challenges, up from 26% in 2016.
New report highlights digital transformation during COVID-19 and beyond
Get some insights on how CPAs and finance professionals are using technology solutions to change their businesses in the era of COVID-19. A new report will guide a long-term, strategic approach to drive digital success, manage risk and streamline costs.
AICPA urges SBA and OMB to reconsider PPP Loan Necessity Questionnaires
An AICPA letter suggests that the need for certain borrowers to complete a new form and provide extensive documentation supporting their request for relief funds be reconsidered and that other approaches be evaluated in assessing a borrower’s good faith certification.
Low demand leads to shrinking energy industry valuations
The coronavirus pandemic and other factors have resulted in shrinking valuations in the energy industry, according to experts at the AICPA/PDI Oil & Gas Online Conference.
Challenges, opportunities await energy sector after pandemic disruption
Energy producers are focusing on balance sheet strength and free cash flow as they recover from a severe blow dealt by the coronavirus pandemic.
Like-kind exchange rules define real property, incidental personal property
The IRS issued final regulations that define real property for like-kind exchange purposes and what qualifies as incidental personal property that will not disqualify an exchange.
Final rules coordinate Sec. 245A and Sec. 951A
The IRS issued final rules on the Sec. 245A extraordinary disposition rule and the Sec. 951A disqualified basis and disqualified payment rules, as well as reporting requirements to facilitate the rules.
AICPA mobilizes members to push for deductibility of PPP-funded expenses
The AICPA is asking its members to write to their senators and representatives in Congress in support of legislation that would mandate that anyone who receives a loan through the Paycheck Protection Program can deduct business expenses even when payment of those expenses results in loan forgiveness under the CARES Act.
Centralized partnership audit regime changes proposed
The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.
Final regs. govern computation of UBTI for separate businesses
The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
CPA Exam gets refresh after practice analysis
Understanding of business processes and data analytics will receive greater focus while other topics will be de-emphasized on the CPA Exam.
IRS doubles down on nondeductibility of PPP-funded expenses
The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
PCAOB amends independence requirements to align with SEC changes
The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.
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