Eileen Sherr, CPA, CGMA, describes her work with state CPA societies as they advocate with state tax authorities for coronavirus-related taxpayer relief at the state and local level, and resources for keeping track of each jurisdiction’s response.
AICPA Advocacy
AICPA tackles many issues in coronavirus advocacy
As the coronavirus pandemic became a public health menace and damaged the economy, the AICPA took the lead in advocating for relief on behalf of the accounting profession and the public.
AICPA advocates on Wayfair burden, virtual currency taxation
The AICPA voiced small businesses’ concerns with the fallout from the Wayfair decision and discussed taxation of virtual currency in separate events on March 3.
Relieving the April 15 ‘pressure point’
Ed Karl, CPA, the AICPA’s vice president–Tax Policy & Advocacy, outlines how the IRS tax filing delay came about — and what it means for CPA tax practitioners and their clients.
AICPA requests broader relief for taxpayers
In a letter to Treasury and the IRS, the AICPA requested that recent filing and payment relief related to the COVID-19 pandemic be expanded because the current relief does not cover all tax filings and payments affected by the pandemic.
AICPA-led coalition calls for small business funding
An AICPA-led coalition is urging quick government action to avert layoffs and allow small businesses affected by the coronavirus pandemic to continue paying workers. A key step is a federal payroll funding account that small business payroll processors could use to get money directly to employees.
Practitioners seek further clarity on tax filing, payment delay
Practitioners welcomed the IRS’s deferral of income tax returns and payments due April 15 for another 90 days but have many questions about related issues.
AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
The IRS delayed any tax payments due April 15 to July 15 without interest or penalties accruing. The relief does not extend any tax return filing deadlines.
AICPA requests clarity on Sec. 465 reporting relief
The AICPA has asked Treasury and the IRS to clarify that reporting relief on certain reporting under Sec. 465 will also apply to S corporations.
AICPA seeks guidance on adjustments for conversions from S corp. to C corp.
In comments submitted to the IRS, the AICPA requested expeditious guidance concerning adjustments attributable to conversions from an S corporation to a C corporation.
Features
SPONSORED REPORT
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.
