The IRS added six more forms to the list of forms that can now be signed electronically to respond to the coronavirus pandemic.
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IRS issues guidance on COVID-19 testing coverage
The IRS said that COVID-19 testing and diagnostics are not minimum essential coverage under a government-sponsored program and therefore do not disqualify taxpayers from taking the Sec. 36B premium tax credit or Medicaid.
Finance leaders search for opportunities as outbreak drags on
While some companies find pockets of success, overall sentiment is neutral regarding the next 12 months, according to a quarterly survey.
Additional BEAT regs. finalized
The IRS issued final regulations on the base-erosion and anti-abuse tax, which was created by the Tax Cuts and Jobs Act to deter attempts to shift profits to foreign jurisdictions.
COVID-19 decisions create data dilemma for businesses
The rush to set up and support remote working arrangements kept companies operating despite pandemic-related quarantines, but the swift shift to the cloud could mean that regulatory problems loom on the horizon. The first question that must be answered: Where is my data?
Regulations coming on S corporations with accumulated E&P and GILTI
The IRS announced that it will issue regulations to allow S corporations with accumulated earnings and profits to elect to have global intangible low-taxed income inclusions increase the S corporation’s accumulated adjustments account.
TQAs discuss nongovernmental health care entities’ pandemic-related issues
Technical Questions and Answers issued by the AICPA address nongovernmental health care entities’ accounting for governmental assistance related to the coronavirus pandemic.
TQAs address lease accounting for retirement communities
Background and nonauthoritative guidance on lease accounting for continuing care retirement community Type A life care contracts is provided in Technical Questions and Answers (TQAs) published by the AICPA.
How to get Black women leadership talent into the C-suite
Women, particularly Black women and other women of color, are a rare sight in executive leadership. A panel discussion at ENGAGE explores why and how to change it.
A new internet domain for the CPA profession: .cpa
The AICPA and CPA.com are launching .cpa, a restricted Internet domain exclusively for licensed CPA firms and, beginning next year, individual CPAs. The new .cpa domain is designed to promote greater trust in firms’ online interactions with clients and the public.
IRS temporarily allows e-signatures on some forms
The IRS identified a dozen forms for which is will accept e-signatures for the rest of the year. The forms covered include Form 8879, IRS e-file Signature Authorization, used for e-filing individual income tax returns.
Blockchain not seen transforming accounting processes — yet
Blockchain is often misunderstood. For instance, there is not one blockchain but many. Similarly, there are many opinions about how blockchain will affect the practice of accounting. Participants in the our annual technology roundtable add their voices to the debate.
Guidance issued on payroll tax deferral
The IRS issued guidance on the payroll tax deferral ordered by President Donald Trump on Aug. 8. The notice requires employers to withhold deferred taxes during the period from Jan. 1 to April 30, 2021.
How lenders should account for forgivable PPP loans
The forgivable portion of a Paycheck Protection Program loan should be accounted for by the lender as an interest-bearing loan until payment for that loan is received from the SBA, according to new Technical Question and Answer Guidance issued by the AICPA.
Proposal aims to enhance auditors’ risk assessment process
A proposed standard by the AICPA Auditing Standards Board is designed to enhance auditors’ processes for identifying and responding to the risks of material misstatement in financial statements.
Tools to help nonfilers receive economic impact payments
The IRS provided information and tools that tax practitioners can use to inform individuals who are eligible to receive economic impact payments but did not receive one automatically.
SEC changes disclosure rules, redefines ‘accredited investors’
The SEC voted to amend its rules for public company disclosures of the description of business, legal proceedings and risk factors. The commission also changed its definition of “accredited investor.”
Records-request duties clarified in AICPA ethics proposal
AICPA members’ responsibilities when responding to client requests for client-provided records would be clarified under a proposal issued by the AICPA Professional Ethics Executive Committee that would amend the “Records Requests” interpretation in the AICPA Code of Professional Conduct.
New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs
The SBA and Treasury published an interim final rule that provides clarity on Paycheck Protection Program loan forgiveness issues related to owner-employee compensation calculations and the eligibility of nonpayroll costs related to certain lease and property ownership scenarios.
Final regs. address new dividends received deduction and reporting rules
The IRS finalized regulations and withdrew temporary regulations on the Sec. 245A dividend rules, as well as Sec. 954 and the reporting requirements for those new rules under Sec. 6038, which were all amended by the law known as the Tax Cuts and Jobs Act.
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