Global supply chain problems caused by the COVID-19 pandemic have made it difficult for US companies to replace inventories, potentially subjecting them to additional taxable income. The AICPA has requested relief under Sec. 473.
COVID-19 news and information
How to retain staff amid surging turnover
Experts theorize that the COVID-19 pandemic may have led to increased burnout and that employees who stayed in their jobs in 2020 now feel more comfortable leaving.
Better remote job interviews and ERC updates
A CPA shares how her organization made remote job candidates feel more comfortable thanks to an improved interview process.
Closing date set for new Shuttered Venue Operator Grant applications
The SBA will stop accepting new applications at the end of next week for the $16.25 billion Shuttered Venue Operator Grant (SVOG) program. The SBA has awarded $8.4 billion in SVOG grants to more than 10,800 recipients and will offer those entities the chance to seek additional funding.
Certification deadline extended for work opportunity tax credit
Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.
New safe harbor for ERC gross receipts calculation
Under the safe harbor, an employer can exclude certain amounts received from other coronavirus economic relief programs in determining whether it qualifies for the employee retention credit based on a decline in gross receipts.
AICPA guidance addresses SVOG, RRF accounting questions
Shuttered Venue Operators Grants and Restaurant Revitalization Fund grants can pose accounting challenges for practitioners. The AICPA issued guidance that suggests how not-for-profits and private business entities can account for these grants.
Infrastructure bill would end ERC, increase cryptoasset reporting
The Infrastructure Investment and Jobs Act, passed by the Senate on Tuesday, contains a few tax provisions, most notably it would end the employee retention credit on Sept. 30. It would also require information reporting about cryptoasset transfers.
Will sweatpants come to the office when we return?
HR professionals at several CPA firms offer ideas on how to ease teams back into office mode while preserving comfort.
Guidance on claiming the ERC for third and fourth quarters of 2021
New guidance clarifies the application of the credit to “recovery startup businesses” and the treatment of wages paid to majority owners and their spouses.
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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.
