The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.
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Video interview tips for forensic accountants and auditors
Social distancing rules designed to stunt the growth of the COVID-19 pandemic have made it impossible, or at least impractical, to conduct in-person interviews for forensic and auditing engagements.
AICPA urges firms to schedule peer reviews as off-site deadline is extended
The AICPA Peer Review Board voted to continue permitting remote system reviews for CPA firms without prior approval of the administering entity for system reviews commencing before June 30, 2021.
Promoting resilience helps firms and people in turbulent times
Amid the coronavirus pandemic and social upheaval, taking a fresh look at your practice and leading with emotional intelligence can lead to improvements in business results and employee welfare.
Proposed regs. govern qualified plan loan rollovers
The IRS issued proposed regulations explaining the extended rollover period that applies to qualified plan loan offsets after the rules were amended by the law known as the Tax Cuts and Jobs Act.
IRS begins accepting e-filing of amended individual tax returns
The IRS said it had launched its eagerly awaited program to accept Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically.
Auditors show resilience during pandemic, CAQ’s Lindsay says
The effective response by public company auditors during the coronavirus pandemic has helped maintain the public’s faith in the capital markets, Center for Audit Quality Executive Director Julie Bell Lindsay said.
IRS posts information about check processing backlog and incorrect notices
As the IRS works through its backlog of correspondence, it has posted information about checks it hasn’t cashed yet and notices that went out with incorrect dates.
FASB addresses valuation of private company share-based awards
Private company share-based awards can be difficult to value because such shares often are not actively traded. FASB proposed guidance that is designed to make this valuation less costly and complex.
AICPA requests guidance on payroll tax deferral
The AICPA has asked Treasury and the IRS for guidance on the recently announced executive order that defers some employee payroll taxes that would be due between Sept. 1 and Dec. 31.
New PPP guidance addresses health insurance, EIDL, other issues
Paycheck Protection Program issues related to health insurance, Economic Injury Disaster Loans and other matters were addressed in new guidance issued by the US Small Business Administration and Treasury.
Pandemic-related FAQs for health care entities
Health care entities’ financial statement preparers and auditors can benefit from an FAQ document developed by the AICPA on issues related to the coronavirus pandemic.
AICPA encourages COVID-19 tax relief and issues new auditing standards
Recent AICPA advocacy efforts have included requesting tax relief related to the coronavirus pandemic and issuing auditing standards related to audit evidence and auditing accounting estimates.
Final regs. issued on payments to charitable organizations
The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
Executive action delays workers’ payroll tax payments
President Donald Trump issued presidential memorandum to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
FASB simplifies accounting for convertible instruments, contracts in own equity
FASB issued a new standard that is intended to simplify accounting for convertible instruments and contracts in an entity’s own equity.
New FAQs address PPP loan forgiveness issues
The SBA and Treasury published guidance answering 23 frequently asked questions related to the forgiveness of loans issued under the Paycheck Protection Program.
TIGTA critiques IRS’s protection of taxpayer data
The IRS continues to have challenges protecting taxpayer data, and especially ensuring that its various applications provide complete and accurate audit trails, according to the Treasury Inspector General for Tax Administration (TIGTA).
AICPA continues to ask Congress to include PPP deductibility in upcoming legislation
In a letter dated Aug. 4, 2020, the AICPA joined over 170 organizations to urge Congress to “include a technical correction addressing the tax treatment of loan forgiveness under the Paycheck Protection Program (PPP)” in its next round of legislation addressing the coronavirus pandemic.
Evaluating blockchain and internal control through a COSO lens
Although blockchain technology creates new risks, organizations also can use it to improve risk management and create better controls.
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How to find the right CAS clients
The key to success with CAS is selecting the best clients. Tools like ideal client profiles (ICPs), buyer personas, and even artificial intelligence can help identify the businesses that best fit each CAS practice.
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