
News & Tips
News & Tips
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AICPA publishes Q&A to explain SEC guidance on cryptoassets
June 24, 2022The AICPA has published a set of questions and answers that explains recently released SEC staff guidance regarding the accounting for entities that have obligations to safeguard cryptoassets held for their platform users.
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IRS extends e-filing to more 1040-series amended returns
June 23, 2022Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.
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IRS extends e-filing to more 1040-series amended returns
June 23, 2022Nonresident alien amended returns and those for Puerto Rico residents are added; superseding returns can be designated.
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PEEC and ASB issue new requirements for CPAs regarding NOCLAR
June 23, 2022New interpretations of noncompliance with laws and regulations (NOCLAR) coincide with an ASB standard regarding prospective auditors’ NOCLAR responsibilities.
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National Taxpayer Advocate report targets IRS service
June 22, 2022In her Objectives Report to Congress for fiscal 2023, National Taxpayer Advocate Erin Collins describes steps the IRS can take to improve its return and correspondence processing and telephone service to taxpayers.
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National Taxpayer Advocate report targets IRS service
June 22, 2022In her Objectives Report to Congress for fiscal 2023, National Taxpayer Advocate Erin Collins describes steps the IRS can take to improve its return and correspondence processing and telephone service to taxpayers.
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PCAOB amends auditing standards to strengthen requirements
June 21, 2022The PCAOB adopts amendments to its auditing standards to strengthen requirements that apply to audits involving multiple firms.
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Supreme Court to resolve FBAR penalty dispute
June 21, 2022By agreeing to hear a Romanian-born businessman’s appeal, the Supreme Court will address a circuit split over how to stack maximum penalties for multiple nonwillful civil violations for failure to file the FBAR.
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Supreme Court to resolve FBAR penalty dispute
June 21, 2022By agreeing to hear a Romanian-born businessman’s appeal, the Supreme Court will address a circuit split over how to stack maximum penalties for multiple nonwillful civil violations for failure to file the FBAR.
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IRS voice bots help set up payment plans
June 17, 2022The IRS deploys more AI-powered phone abilities, enabling taxpayers calling the Service to authenticate their identifies and arrange to pay tax liabilities.
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IRS voice bots help set up payment plans
June 17, 2022The IRS deploys more AI-powered phone abilities, enabling taxpayers calling the Service to authenticate their identifies and arrange to pay tax liabilities.
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GASB streamlines guidance on compensated absences with unified model
June 16, 2022The GASB updates the model for compensated absences to enhance recognition and measurement requirements and simplify disclosure requirements.
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Survey reveals need for businesses to build trust with consumers
June 15, 2022A PwC survey finds that consumers don’t trust companies on nearly the level that business leaders believe they do.
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Senate Finance airs post-Wayfair sales tax burdens
June 15, 2022Small business owners describe scrambling to comply with varying sales tax compliance rules across a welter of jurisdictions.
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Senate Finance airs post-Wayfair sales tax burdens
June 15, 2022Small business owners describe scrambling to comply with varying sales tax compliance rules across a welter of jurisdictions.
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Better taxpayer service among GAO priorities for IRS
June 14, 2022The US Government Accountability Office’s 25 top to-do items for IRS tax administration focus on service, tax fraud, cybersecurity, information reporting, audits and staffing.
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Better taxpayer service among GAO priorities for IRS
June 14, 2022The US Government Accountability Office’s 25 top to-do items for IRS tax administration focus on service, tax fraud, cybersecurity, information reporting, audits and staffing.
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Addressing continued rise in Sarbanes-Oxley Act compliance costs
June 14, 2022An annual survey reveals higher compliance costs in 2022 and suggests that automation may present a path to better efficiency.
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FASB invites stakeholders to share views on accounting for government grants
June 13, 2022FASB is seeking feedback on whether IAS 20 represents a workable solution for improving generally accepted accounting principles for business entities as it relates to the accounting for government grants.
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GASB guidance focuses on improving, clarifying standards for accounting changes
June 13, 2022GASB issued guidance designed to improve the accounting and financial reporting requirements for accounting changes and error corrections.
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Midyear IRS mileage rate increase follows precedent, recent pleas
June 10, 2022Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.
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Midyear IRS mileage rate increase follows precedent, recent pleas
June 10, 2022Last week’s bump was the third midyear increase in the past 14 years, and it came after members of Congress wrote to the IRS about rising fuel prices.
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Tax-avoidance schemes round out ‘Dirty Dozen’
June 10, 2022The IRS highlights additional abusive taxpayer arrangements and tactics as its annual “Dirty Dozen” series ends.
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Tax-avoidance schemes round out ‘Dirty Dozen’
June 10, 2022The IRS highlights additional abusive taxpayer arrangements and tactics as its annual “Dirty Dozen” series ends.
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Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions
June 9, 2022A document issued Thursday by Treasury offers clarity related to, for example, tax and management consulting services that would not be prohibited by the U.S. sanctions announced last month.
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Certain tax services do not violate US ban on provision of accounting services in relation to Russia sanctions
June 9, 2022A document issued Thursday by Treasury offers clarity related to, for example, tax and management consulting services that would not be prohibited by the U.S. sanctions announced last month.
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Standard mileage rate to increase for last half of 2022
June 9, 2022Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.
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Standard mileage rate to increase for last half of 2022
June 9, 2022Acknowledging recent sharp increases in gasoline prices, the IRS announced a rare midyear increase in the standard mileage rate, starting July 1.
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‘Dirty Dozen’: Spear phishing targets tax pros
June 9, 2022Emails appearing to come from the Internal Revenue Service or a tax software provider may aim to steal tax return preparers’ account and client information.
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‘Dirty Dozen’: Spear phishing targets tax pros
June 9, 2022Emails appearing to come from the IRS or a tax software provider may aim to steal tax return preparers’ account and client information.
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IRS warns of impostors in ‘Dirty Dozen’
June 8, 2022The IRS’s annual series continues with caveats about fake communications intended to bilk taxpayers out of their tax and financial information.
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IRS warns of impostors in ‘Dirty Dozen’
June 8, 2022The IRS’s annual series continues with caveats about fake communications intended to bilk taxpayers out of their tax and financial information.
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IRS challenges emerge as top concern for firms
June 8, 2022Challenges when working with the IRS emerged as the top issue for firms with 10 or fewer professionals, according to the 2022 AICPA Private Companies Practice Section (PCPS) CPA Firm Top Issues Survey.
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‘OIC mills’ and ‘ghost’ preparers in ‘Dirty Dozen’
June 7, 2022Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.
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‘OIC mills’ and ‘ghost’ preparers in ‘Dirty Dozen’
June 7, 2022Sketchy operations target tax debtors for offers in compromise, and preparers who remain anonymous on returns generally have something to hide, the IRS says in its ongoing series.
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More ‘Dirty Dozen’: Tax refund theft and fake charity appeals
June 6, 2022The IRS continued its annual series, highlighting threats to ordinary taxpayers from would-be thieves.
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More ‘Dirty Dozen’: Tax refund theft and fake charity appeals
June 6, 2022The IRS continued its annual series, highlighting threats to ordinary taxpayers from would-be thieves.
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Duke’s Coach K shares stories of leadership and change at ENGAGE 2022
June 6, 2022The coach who led teams to five collegiate championships and three Olympic gold medals explains an early interest in accounting and what he learned from Michael Jordan.
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6 overused phrases — and smart ways to replace them
June 6, 2022Consider how you can freshen up threadbare language to make your point.
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4 tactics for effective money-laundering compliance
June 6, 2022Guarding against money laundering is becoming increasingly challenging. These tips can help.
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PEEC proposals update compliance audit definitions and interpretations
June 3, 2022The proposed ethics updates include new or revised definitions and interpretations related to independence during compliance audit engagements.
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SEC announces updates to electronic filing requirements
June 3, 2022The SEC said it has adopted amendments to require the electronic filing or submission of certain documents that currently are permitted to be filed or submitted in paper format.
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Most US finance leaders see recession risk in year ahead
June 2, 2022The CPA Outlook Index, an equally weighted, nine-component measure of sentiment, remained in positive territory, falling from 73 points to 67 points out of 100, but it was the fourth consecutive quarterly decline in economic outlook.
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Hiring family members in a small business
June 2, 2022Employing children and other relatives in a family business can yield tax advantages, but there are potential drawbacks to consider.
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Abusive CRATs and Maltese IRAs among ‘Dirty Dozen’ tax scams
June 2, 2022The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.
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Is a career coach for you?
June 2, 2022Many professionals are contemplating changing their employment situation right now. Working with a career coach can help you achieve clarity about what next steps you want to take.
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Abusive CRATs and Maltese IRAs among ‘Dirty Dozen’ tax scams
June 1, 2022The first installment of the Internal Revenue Service’s annual feature focuses on four abusive transactions and arrangements.
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Senators request details on IRS info return destruction
May 27, 2022The inquiry posed seven specific questions to the IRS concerning the decision, how it was arrived at, its potential effects and whether the Service has destroyed such documents before processing them at any other time.
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Senators request details on IRS info return destruction
May 27, 2022The inquiry posed seven specific questions to the IRS concerning the decision, how it was arrived at, its potential effects and whether the Service has destroyed such documents before processing them at any other time.
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FASB to explore rules on accounting for ESG credits
May 27, 2022The FASB said last week that it will explore new rules regarding the accounting for financial instruments with ESG-linked features and regulatory credits.
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How the path to partner has widened for women, minorities
May 26, 2022Diversity and inclusion is rising in CPA firm partner ranks and new accounting graduate hires, according to AICPA research.
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A needed push into remote auditing
May 26, 2022The pandemic brought about a surge in remote auditing, a practice which has both pros and cons. CPAs at small firms discuss their experiences with remote audits and what they plan to do in the future, and share tips for making remote audits run more smoothly.
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Senators urge 2-D barcoding of paper-filed tax returns in 2023
May 26, 2022Fourteen GOP members of the Senate Finance Committee added their voices to National Taxpayer Advocate Erin Collins’s recent directive to the Internal Revenue Service relating to processing of paper-filed returns.
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Senators urge 2-D barcoding of paper-filed tax returns in 2023
May 26, 2022Fourteen GOP members of the Senate Finance Committee added their voices to National Taxpayer Advocate Erin Collins’s recent directive to the Internal Revenue Service relating to processing of paper-filed returns.
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SEC proposes enhanced disclosures related to ESG
May 26, 2022The SEC proposed amendments to rules and reporting forms to promote consistent, comparable and reliable information for investors concerning funds’ and advisers’ incorporation of environmental, social and governance factors.
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IRS mostly correct on recovery rebate credits, TIGTA says
May 23, 2022The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.
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IRS mostly correct on recovery rebate credits, TIGTA says
May 23, 2022The IRS administered the recovery rebate credit correctly for all but 0.7% of returns in the 2021 filing season, the Treasury Inspector General for Tax Administration found.
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CPA Exam’s top scorers earn Elijah Watt Sells Award
May 20, 2022The award, established in 1923, recognizes outstanding performance across all four sections of the Uniform CPA Examination.
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Ukraine aid eligible for leave-based donations programs
May 20, 2022Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.
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Ukraine aid eligible for leave-based donations programs
May 20, 2022Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.
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Tax equity research lacks demographic data, GAO reports
May 19, 2022The US Government Accountability Office found disparities in the distribution of some tax items, but notes impediments to knowing taxpayers’ race, ethnicity, and sex.
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Tax equity research lacks demographic data, GAO reports
May 19, 2022The US Government Accountability Office found disparities in the distribution of some tax items, but notes impediments to knowing taxpayers’ race, ethnicity, and sex.
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Resources to get you ready for your next conference
May 19, 2022Simple tasks like downloading the conference app, choosing the sessions you want to attend, reviewing the attendee list to locate colleagues, and becoming familiar with vendors in the expo hall will help you get the most out of the event.
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House subcommittee queries audit rates, IRS resources
May 18, 2022Officials from the IRS and the US Government Accountability Office address legislators’ questions on taxpayer service and enforcement across income levels.
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House subcommittee queries audit rates, IRS resources
May 18, 2022Officials from the IRS and the US Government Accountability Office address legislators’ questions on taxpayer service and enforcement across income levels.
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IRS audit rates decreased most for wealthy, GAO finds
May 18, 2022In a study, the US Government Accountability Office finds that the Internal Revenue Service’s individual tax audit rates decreased by 72% during 2010–2019, and by a greater percentage for higher-income taxpayers than for lower-income ones.
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IRS audit rates decreased most for wealthy, GAO finds
May 18, 2022In a study, the US Government Accountability Office finds that the IRS’s individual tax audit rates decreased by 72% during 2010–2019, and by a greater percentage for higher-income taxpayers than for lower-income ones.
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IRS blames old tech in destruction of information returns
May 16, 2022The IRS responds to a report by the Treasury Inspector General for Tax Administration that pointed to the March 2021 incident as one example demonstrating a need for the Service to increase e-filing options.
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IRS blames old tech in destruction of information returns
May 13, 2022The IRS responds to a report by the Treasury Inspector General for Tax Administration that pointed to the March 2021 incident as one example demonstrating a need for the Service to increase e-filing options.
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5 steps to managing client expectations
May 13, 2022Great relationships with clients can be achieved and maintained by proactive communication practices.
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New quality management standards approved by AICPA Auditing Standards Board
May 12, 2022The new standards represent a significant change in how CPA firms will approach audit and assurance quality in the future.
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What every CPA should know about disrupted supply chains
May 12, 2022Build your supply chain knowledge by networking and tracking the news.
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Building a tax-efficient retirement income plan for clients
May 12, 2022For retirees, effective tax planning requires taking a long view and spending down assets from a variety of sources each year.
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FASAB seeks input on proposed amendments related to leases
May 10, 2022The FASAB proposed changes intended to clarify the application of lessee and lessor discounting requirements.
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GASB addresses range of practice issues in statement
May 10, 2022In an omnibus statement, the GASB issued guidance and clarifications on numerous accounting and financial reporting issues.
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How to be a trailblazer for women in the profession
May 10, 2022Anna Mok, CPA, shares advice for women in accounting, in preparation for the panel session “AmplifiHER: Inspirational Women Breaking Ceilings and Stereotypes in the Profession” at the upcoming AICPA & CIMA ENGAGE conference.
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TQAs provide guidance on auditor reporting of other information included in annual reports
May 10, 2022The Technical Questions and Answers address auditor reporting when the entity issues its annual report subsequent to its financial statements.
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TIGTA: IRS should work to expand e-filing
May 10, 2022The Treasury Inspector General for Tax Administration finds a lack of coordinated effort across the IRS to fulfill opportunities for wider electronic return filing.
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TIGTA: IRS should work to expand e-filing
May 10, 2022The Treasury Inspector General for Tax Administration finds a lack of coordinated effort across the IRS to fulfill opportunities for wider electronic return filing.
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US sanctions ban provision of accounting, consulting services to Russia
May 9, 2022Sanctions in response to the war in Ukraine include a ban on accounting and management consulting services, according to government statements issued Monday.
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SEC extends comment period on climate-related disclosure proposal
May 9, 2022The SEC announced an extension in the public comment period for its proposal on climate-related disclosure requirements.
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Procedures for Puerto Rico residents to claim a 2021 child tax credit
May 9, 2022The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.
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Procedures for Puerto Rico residents to claim a 2021 child tax credit
May 9, 2022The IRS provides two simplified filing methods for bona fide residents of Puerto Rico to claim the child tax credit.
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Accounting for employee retention credits
May 6, 2022Companies that received financial assistance during the pandemic have questions about which standards to apply related to accounting for the ERC.
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Staffing shortages, backlog hampered IRS in 2022 filing season, TIGTA says
May 5, 2022The Treasury Inspector General for Tax Administration issues a preliminary assessment of the IRS’s performance in the recently concluded period for income tax filings.
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Staffing shortages, backlog hampered IRS in 2022 filing season, TIGTA says
May 5, 2022The Treasury Inspector General for Tax Administration issues a preliminary assessment of the IRS’s performance in the recently concluded period for income tax filings.
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NABA, CAQ announce partnership to grow accounting talent pipeline
May 5, 2022The National Association of Black Accountants and the Center for Audit Quality are aiming to increase the diversity of talent coming into the accounting profession by working together to match community college students with mentors and tutors to help them progress to four-year accounting programs.
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Inflation boosts HSA amounts for 2023
April 29, 2022Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.
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Inflation boosts HSA amounts for 2023
April 29, 2022Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.
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Schedules K-2 and K-3 e-file capability postponed for S corporations
April 28, 2022The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.
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Schedules K-2 and K-3 e-file capability postponed for S corporations
April 28, 2022The IRS delays e-filing capability for schedules reporting S shareholders’ items of international tax relevance, earlier forecast for mid-June, to July 24.
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Become more inclusive of neurodivergent employees
April 27, 2022CPAs who are neurodivergent, and other experts, share how firms can make their workplaces more equitable and welcoming to staff with disabilities.
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Invitation issued for IRS Priority Guidance Plan recommendations
April 26, 2022The IRS opened its annual to-do list for drafting regulations and other formal guidance to public suggestions of priority tax issues.
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Invitation issued for IRS Priority Guidance Plan recommendations
April 26, 2022The IRS opened its annual to-do list for drafting regulations and other formal guidance to public suggestions of priority tax issues.
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IRS proposes to amend estate and gift tax basic exclusion regs.
April 26, 2022Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.
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IRS proposes to amend estate and gift tax basic exclusion regs.
April 26, 2022Exceptions to the special rule allowing the temporarily higher basic exclusion amount to apply to gifts credited against estate tax.
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Supreme Court holds Tax Court not bound by petition filing deadline
April 22, 2022The 30-day limit under Sec. 6330(d) for petitioning the Tax Court to review an IRS determination is nonjurisdictional and can be equitably tolled, the Court holds in the case of a taxpayer whose petition was one day late.
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Supreme Court holds Tax Court not bound by petition filing deadline
April 22, 2022The 30-day limit under Sec. 6330(d) for petitioning the Tax Court to review an IRS determination is nonjurisdictional and can be equitably tolled, the Court holds in the case of a taxpayer whose petition was one day late.
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Help clients achieve flexible spending in retirement
April 22, 2022Does the 4% rule still make sense? A CPA financial planner discusses how advisers can help ensure their clients can spend with flexibility throughout retirement.
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IRS funding, technology assessed in House hearing
April 21, 2022IRS Commissioner Charles Rettig and National Taxpayer Advocate Erin Collins testify to the House Oversight and Reform Committee.
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IRS funding, technology assessed in House hearing
April 21, 2022IRS Commissioner Charles Rettig and National Taxpayer Advocate Erin Collins testify to the House Oversight and Reform Committee.
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Audit quality indicators show importance of tone at the top
April 21, 2022A survey of audit quality indicators performed by the AICPA reveals the most important factors in helping CPA firms perform quality audits.
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Avoid these 7 delegation mistakes
April 21, 2022A career coach and speaker at AICPA & CIMA ENGAGE 22 offers advice to leaders on handing off tasks.
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FASB proposal would extend time for reference rate reform relief
April 20, 2022A proposal by the FASB would extend by two years the guidance related to reference rate reform relief and expand the definition of the Secured Overnight Financing Rate (SOFR).
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As finance’s role grows, communication skills are more vital
April 20, 2022A new survey found the finance function’s importance has grown in the past two years.
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Why converting to a cloud firm can be a good exit strategy
April 20, 2022Accounting firms that use cloud technology sell for a higher revenue multiple — and spend significantly less time on the market than non-cloud firms.
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Treasury equity action plan reports progress
April 19, 2022The tax implications of the Biden administration’s policy of advancing racial equity and support for underserved communities across the government are outlined.
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Treasury equity action plan reports progress
April 19, 2022The tax implications of the Biden administration’s policy of advancing racial equity and support for underserved communities across the government are outlined.
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Superfund taxpayers granted failure-to-deposit penalty relief
April 18, 2022The IRS also assures payers of the reinstituted excise taxes that they will not lose a deposit safe harbor in early 2023.
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Superfund taxpayers granted failure-to-deposit penalty relief
April 18, 2022The IRS also assures payers of the reinstituted excise taxes that they will not lose a deposit safe harbor in early 2023.
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Top challenges in a hot M&A market
April 18, 2022As activity ramps up, experts offer advice on both ends of the dealmaking.
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SALT cap challenge is denied Supreme Court review
April 18, 2022The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.
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SALT cap challenge is denied Supreme Court review
April 18, 2022The $10,000 limitation on deducting state and local taxes stands after the Supreme Court refused to review a long-running lawsuit by New York and three other states.
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PCAOB updates requirements on auditing accounting estimates, using specialists
April 15, 2022The PCAOB has issued new requirements for auditing accounting estimates and using the work of specialists. The board is seeking comments on the new requirements.
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Single audit relief provided to certain governments with Treasury COVID-19 funding
April 14, 2022Unprecedented federal relief expenditures of the Coronavirus State and Local Fiscal Recovery Funds left many small governments in need of single audits for the first time.
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IRS’s FATCA enforcement fell short, TIGTA says
April 13, 2022Initial plans for the Foreign Account Tax Compliance Act’s regime of reporting US taxpayers’ foreign bank accounts and other financial assets largely have stalled, the Treasury Inspector General for Tax Administration reports.
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IRS’s FATCA enforcement fell short, TIGTA says
April 13, 2022Initial plans for the Foreign Account Tax Compliance Act’s regime of reporting US taxpayers’ foreign bank accounts and other financial assets largely have stalled, the Treasury Inspector General for Tax Administration reports.
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More Schedule K-2 and K-3 FAQs posted
April 13, 2022In eight new FAQs on its website, the IRS covers some special issues, including several that it says will be added to the forms’ instructions.
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More Schedule K-2 and K-3 FAQs posted
April 13, 2022In eight new FAQs on its website, the IRS covers some special issues, including several that it says will be added to the forms’ instructions.
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Letters from IRS to warn taxpayers about possible QOF actions needed
April 12, 2022The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds.
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Acute IRS challenges had chronic origins, GAO reports
April 12, 2022The US Government Accountability Office draws lessons for the IRS in handling taxpayer return errors, processing those returns more timely and serving taxpayers’ needs.
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Letters from IRS to warn taxpayers about possible QOF actions needed
April 12, 2022The IRS is sending letters to taxpayers who may need to take additional actions related to qualified opportunity funds .
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Acute IRS challenges had chronic origins, GAO reports
April 12, 2022The US Government Accountability Office draws lessons for the IRS in handling taxpayer return errors, processing those returns more timely and serving taxpayers’ needs.
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NTA calls for more time to contest denial of refund or credit claim
April 8, 2022National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.
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NTA calls for more time to contest denial of refund or credit claim
April 8, 2022National Taxpayer Advocate Erin Collins recommended a temporary postponement of the two-year time limit for taxpayers to file a lawsuit.
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IRS commissioner to senators: ‘Our efforts are working’
April 8, 2022Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.
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IRS commissioner to senators: ‘Our efforts are working’
April 8, 2022Charles Rettig briefs members of the Senate Finance Committee on tax filing season and the road ahead.
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CPA firms show progress in diversity amid pipeline challenges
April 6, 2022The AICPA’s 2021 Trends report provides information on the status of education, hiring, leadership and diversity in the accounting profession.
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IRS eases application process for US residency certification
April 5, 2022New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.
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IRS eases application process for US residency certification
April 5, 2022New procedures will facilitate residency certification where the Internal Revenue Service has not yet processed the applicant’s tax return.
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Proposed regulations revise premium tax credit’s affordability test
April 5, 2022The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.
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Proposed regulations revise premium tax credit’s affordability test
April 5, 2022The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.
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How to fix a broken supply chain
April 4, 2022Fueled by increased demand and exacerbated by worker and equipment shortages, the global supply chain has been in a chaotic state for over two years.
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How the war in Ukraine affects auditors’ responsibilities
April 1, 2022Economic conditions and the environment many companies face have changed substantially as a result of Russia’s invasion of Ukraine.
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Climate change: What the SEC proposal means for companies, auditors
April 1, 2022The SEC’s recently issued climate change disclosure proposal would require companies to embrace a comprehensive, sophisticated approach to climate reporting.
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FASB addresses troubled debt, vintage disclosures in CECL standard
March 31, 2022FASB changed its credit losses standard, eliminating accounting guidance for troubled debt restructuring by creditors and enhancing disclosure requirements for vintage disclosures.
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National taxpayer advocate directs IRS to implement scanning technology
March 31, 2022Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.
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National taxpayer advocate directs IRS to implement scanning technology
March 31, 2022Erin Collins tells the Internal Revenue Service to implement common scanning technologies to help reduce a backlog of 15 million returns.
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How to navigate new disclosures for government assistance
March 31, 2022After a rush of government programs provided pandemic-related relief, the Financial Accounting Standards Board issued a standard requiring new disclosures for government assistance.
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The pros and cons of delaying Social Security
March 31, 2022Make sure your decision about when to claim Social Security benefits is an informed one that takes into consideration your expected longevity along with various financial and other factors.
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‘SECURE 2.0’ would further expand retirement savings options
March 30, 2022Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
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‘SECURE 2.0’ would further expand retirement savings options
March 30, 2022Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
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Quiz: Ethics requirements for providing information systems services to an attest client
March 30, 2022The AICPA’s revised “Information Systems Services” ethics interpretation can help members avoid crossing the line that may lead to providing prohibited nonattest services.
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SPACs would face new disclosure requirements under SEC proposal
March 30, 2022The SEC proposed rules that are intended to provide investors with more information and protection in initial public offerings by special purpose acquisition companies.
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FASAB proposes conforming amendments to 4 technical releases
March 30, 2022A proposal issued Wednesday by the Accounting and Auditing Policy Committee of the Federal Accounting Standards Advisory Board would amend four federal government accounting standards technical releases to conform with recently issued guidance.
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Companies say they will pay more to recruit and retain staff
March 30, 2022Struggling to hold on to employees or find new ones, more companies expect to raise pay and offer flexible work options, a survey of CPA decision-makers shows.
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Billionaire minimum tax could pose difficulties
March 29, 2022The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.
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Billionaire minimum tax could pose difficulties
March 29, 2022The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.
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FASB issues expanded hedge accounting standard
March 29, 2022The Financial Accounting Standards Board (FASB) has published an Accounting Standards Update designed to better align hedge accounting with an organization’s risk management strategies.
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Biden proposes higher corporate tax rate, 20% billionaire minimum tax
March 28, 2022Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
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Biden proposes higher corporate tax rate, 20% billionaire minimum tax
March 28, 2022Fiscal 2023 tax provisions also would increase IRS funding, encourage domestic business investments, and repeal many fossil fuel tax preferences.
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BBA partnership audits show high no-change rate, TIGTA says
March 28, 2022The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget Act.
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BBA partnership audits show high no-change rate, TIGTA says
March 28, 2022The Treasury Inspector General for Tax Administration recommends setting goals and benchmarks for the centralized audit regime under the Bipartisan Budget Act.
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SEC seeks to regulate principal trading firms
March 28, 2022The SEC proposed new rules Monday that would require certain entities, most notably principal trading firms, to register with the Commission and to comply with federal securities laws and regulatory obligations.
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Various exempt organization notices paused
March 25, 2022Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.
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Various exempt organization notices paused
March 25, 2022Citing processing delays, the IRS suspends 10 late-filing notices to tax-exempt organizations.
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IRS reproposes unified plan rule exception for multiple-employer plans
March 25, 2022Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.
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IRS reproposes unified plan rule exception for multiple-employer plans
March 25, 2022Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.
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3 ways NFPs can adapt online to the new economic climate
March 25, 2022Telling compelling narratives online by leveraging influencers, TikTok, and freelancer platforms can increase opportunities for not-for-profits.
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Lease accounting urgency ramps up for not-for-profits
March 24, 2022After numerous effective date delays, not-for-profits are running out of time to implement the Financial Accounting Standards Board’s new lease accounting standard.
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TIGTA: IRS inefficiencies worsened backlog
March 23, 2022An audit by the Treasury Inspector General for Tax Administration recommends improvements in staff deployment, equipment and procedures.
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TIGTA: IRS inefficiencies worsened backlog
March 23, 2022An audit by the Treasury Inspector General for Tax Administration recommends improvements in staff deployment, equipment and procedures.
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Proposal would supersede auditing standard for group audits
March 23, 2022The AICPA Auditing Standards Board is seeking comments on a proposed Statement on Auditing Standards that seeks to strengthen the auditor’s approach to planning and performing group audits and to improve the quality of such audits.
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Roth IRAs: Are they right for your client?
March 23, 2022The choice between a Roth IRA and a traditional IRA in saving for retirement depends on the person’s age, tax bracket, expected future earnings and other factors.
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Individual taxpayers must answer cryptoasset question, IRS notes
March 22, 2022Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
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Individual taxpayers must answer cryptoasset question, IRS notes
March 22, 2022Front and center on Form 1040 is whether taxpayers had a virtual currency transaction.
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Accounting firm professionals name their favorite TED talks
March 22, 2022Seven CPAs describe their favorite TED talks and why they find them inspiring.
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Finding ‘untapped’ talent pools of CPAs
March 22, 2022Now may be the time to rethink hiring strategies and cast a wider net for talent acquisition.
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New SEC proposal would ramp up climate-change disclosures
March 21, 2022Public companies would be required to disclose climate-related risks and financial statement metrics under a much-awaited proposal issued by the SEC.
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PEEC issues wide range of ethics guidance for CPAs
March 21, 2022Ethics guidance changed this week for CPAs as a result of new interpretations and revised interpretations issued by the AICPA Professional Ethics Executive Committee.
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The state of US not-for-profits: More demands, fewer resources
March 18, 2022A new survey by BKD CPAs & Advisors finds that most US not-for-profits are adding new services to meet increased demand despite facing shortfalls in funding and staffing.
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Commissioner to Congress: IRS will clear backlog by year’s end
March 17, 2022Testifying before a House subcommittee, Charles Rettig describes progress in meeting lingering pandemic challenges.
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Commissioner to Congress: IRS will clear backlog by year’s end
March 17, 2022Testifying before a House subcommittee, Charles Rettig describes progress in meeting lingering pandemic challenges.
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TIGTA: IRS beset by processing backlogs, hiring lags in 2021
March 17, 2022A review by the Treasury Inspector General for Tax Administration assessed the IRS’s 2021 performance, customer service issues and administration of tax law changes.
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TIGTA: IRS beset by processing backlogs, hiring lags in 2021
March 17, 2022A review by the Treasury Inspector General for Tax Administration assessed the IRS’s 2021 performance, customer service issues and administration of tax law changes.
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A positive attitude starts with math
March 17, 2022Attitude is the foundation of our behaviors, according to drummer and speaker Mark Schulman. It’s also the key to fostering a creative and supportive workplace culture, and to becoming a stronger leader.
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Auto depreciation limits leap with inflation
March 16, 2022The Internal Revenue Service issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022.
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Auto depreciation limits leap with inflation
March 16, 2022The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles, including passenger vans and trucks, placed in service in 2022.
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SBA again extends deferment period for EIDL payments
March 16, 2022Small businesses and not-for-profits that received funding through the COVID-19 Economic Injury Disaster Loan program won’t have to begin payments on the loan until 30 months after the loan was made, the US SBA announced.
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IRS waives estimated-tax penalties for farmers and fishermen
March 15, 2022The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.
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SEC set to discuss staff climate change proposal
March 15, 2022The Securities and Exchange Commission will meet Monday to discuss a staff proposal designed to improve and standardize companies’ climate change disclosures for investors.
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IRS waives estimated-tax penalties for farmers and fishermen
March 15, 2022The IRS, citing earlier problems e-filing a new form reporting S corporation owners’ basis, has granted relief to certain farmers and fishermen who missed their March 1 filing deadline.
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The role of accounting firms amid the crisis in Ukraine
March 14, 2022The Russian invasion of Ukraine is taking place more than 4,000 miles from the United States, but the uncertainty and economic stress caused by the war means that business leaders need trusted advice and calm counsel. That’s where accountants can play a key role.
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Congress to hear from IRS commissioner on filing season
March 11, 2022AICPA President and CEO Barry Melancon welcomes Charles Rettig’s testimony, urges additional taxpayer relief.
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Congress to hear from IRS commissioner on filing season
March 11, 2022AICPA President and CEO Barry Melancon welcomes Charles Rettig’s testimony, urges additional taxpayer relief.
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IRS direct-hiring 5,000 in service centers
March 10, 2022The IRS will hold in-person and virtual “hiring events” this month to begin filling positions in three service centers.
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IRS direct-hiring 5,000 in service centers
March 10, 2022The IRS will hold in-person and virtual “hiring events” this month to begin filling positions in three service centers.
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New, lower Form 1099-K threshold prompts cautions, criticisms
March 10, 2022The new, lower $600 reporting threshold for reporting credit card and cash payment app transactions will likely lead to problems for taxpayers and payment settlement entities, the Taxpayer Advocate Service warns.
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New, lower Form 1099-K threshold prompts cautions, criticisms
March 10, 2022The new, lower $600 reporting threshold for reporting credit card and cash payment app transactions will likely lead to problems for taxpayers and payment settlement entities, the Taxpayer Advocate Service warns.
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SEC proposes new rules for cybersecurity reporting
March 9, 2022Public companies would be required to provide investors with enhanced and standardized information about their cybersecurity practices under a new rule proposed Wednesday by the Securities and Exchange Commission.
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How not-for-profits can emphasize their advantages in a tight labor market
March 9, 2022Recruiting and retention are difficult in an environment where employees have lots of options. Not-for-profits can emphasize their mission and use many other strategies to stay fully staffed.
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IRS to fast-track 10,000 hirings to address backlog
March 7, 2022Direct-hire authority will allow the Internal Revenue Service to more quickly reinforce its return processing and account management functions.
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IRS to fast-track 10,000 hirings to address backlog
March 7, 2022Direct-hire authority will allow the Internal Revenue Service to more quickly reinforce its return processing and account management functions.
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National taxpayer advocate to CPAs: Tell us where the challenges are
March 3, 2022CPAs and other tax professionals can help the Taxpayer Advocate Service identify the most acute problems within the IRS.
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National taxpayer advocate to CPAs: Tell us where the challenges are
March 3, 2022CPAs and other tax professionals can help the Taxpayer Advocate Service identify the most acute problems within the IRS.
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How to keep Ukraine donations safe from fraudsters
March 3, 2022Taking the time to research charities can help donors make certain that their donations are being used for the intended purpose.
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Positive for now, CPA executives wary of inflation and other headwinds
March 2, 2022Inflation and the search for talent top the list of known challenges; Ukraine is one of the unknowns at this point.
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These 10 startups show profession’s focus on innovation, ESG
March 2, 2022The AICPA and CPA.com have selected 10 early-stage technology companies to participate in the 2022 Startup Accelerator.
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Audits of PRF for-profit funds, other issues discussed in GAQC resources
March 1, 2022New tools offered by the AICPA Governmental Audit Quality Center discuss coronavirus relief fund audit requirements for for-profit health care entities as well as single audit tips for auditors and organizations subject to single audit requirements.
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AICPA & CIMA stand with the people of Ukraine
March 1, 2022The Association of International Certified Professional Accountants, the combined voice of the American Institute of CPAs (AICPA) and The Chartered Institute of Management Accountants (CIMA), will suspend indefinitely services in Russia and Belarus.
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PPP forgiveness too slow in some cases, inspection finds
February 28, 2022A report by the Office of the Inspector General found that the US Small Business Administration did not meet the 90-day statutory requirement to remit Paycheck Protection Program forgiveness payments to lenders for loans totaling $66.4 billion.
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SEC seeks more disclosures of short-sale data
February 25, 2022The Securities and Exchange Commission voted to require certain institutional investment managers to report short sale-related information each month. The SEC then would make aggregate data about large short positions, including daily short-sale activity data, available to the public for each individual security.
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AICPA again asks IRS to delay K-2/K-3 reporting
February 25, 2022Comment letters from the AICPA and state CPA societies also offer further recommendations.
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AICPA again asks IRS to delay K-2/K-3 reporting
February 25, 2022Comment letters from the AICPA and state CPA societies also offer further recommendations.
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Proposed regulations update RMDs for SECURE Act changes
February 23, 2022The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.
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Proposed regulations update RMDs for SECURE Act changes
February 23, 2022The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.
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IRS offers alternative to facial recognition
February 22, 2022A short-term option involves a virtual interview with IRS personnel to authenticate taxpayers’ and practitioners’ identities for online services.
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IRS offers alternative to facial recognition
February 22, 2022A short-term option involves a virtual interview with IRS personnel to authenticate taxpayers’ and practitioners’ identities for online services.
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AICPA testifies to Congress on IRS service problems
February 17, 2022In a hearing, the Senate Finance Committee heard recommendations from the AICPA’s Jan Lewis and National Taxpayer Advocate Erin Collins.
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AICPA testifies to Congress on IRS service problems
February 17, 2022In a hearing, the Senate Finance Committee heard recommendations from the AICPA’s Jan Lewis and National Taxpayer Advocate Erin Collins.
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PPP, ERC can lead to sustained business for CPA firms
February 17, 2022Firms can turn the connections built doing work related to COVID-19 programs into long-term business opportunities.
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Tax pros are subject of ‘spearphishing’ attacks
February 17, 2022Bogus emails may impersonate the IRS or tax software providers. Here’s what to watch out for.
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Tax pros are subject of ‘spearphishing’ attacks
February 17, 2022Bogus emails may impersonate the IRS or tax software providers. Here’s what to watch out for.
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IRS offers further K-2/K-3 relief
February 16, 2022The new schedules for returns of passthrough entities with international items have been greeted with antipathy by practitioners. The IRS provided relief Wednesday for eligible entities for tax year 2021.
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IRS offers further K-2/K-3 relief
February 16, 2022The new schedules for returns of passthrough entities with international items have been greeted with antipathy by practitioners. The IRS provided relief Wednesday for eligible entities for tax year 2021.
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Revised voluntary disclosure form highlights cryptoassets
February 15, 2022Full disclosure of violations, plus payment of taxes, penalties and interest may allow approved taxpayers to avoid criminal prosecution. The reporting form contains a new reporting section and instructions on virtual currency.
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Revised voluntary disclosure form highlights cryptoassets
February 15, 2022Full disclosure of violations, plus payment of taxes, penalties and interest may allow approved taxpayers to avoid criminal prosecution. The reporting form contains a new reporting section and instructions on virtual currency.
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Why CFOs should learn to let go
February 14, 2022Gartner research underscores the need for CFOs to be decisive in shifting investments to high-value uses.
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How not-for-profits are adapting to a technological revolution
February 11, 2022To get the most out of their technology spending not-for-profit leaders need to develop a strategy, consider cybersecurity, and recruit tech experts for the board.
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IRS identifies paused taxpayer notices
February 10, 2022While it works through its return and correspondence backlog, the IRS will not send out certain letters and notices, including for delinquent returns and payments.
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IRS identifies paused taxpayer notices
February 10, 2022While it works through its return and correspondence backlog, the IRS will not send out certain letters and notices, including for delinquent returns and payments.
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SEC proposes new rules for private equity
February 9, 2022Agency seeks comment on new requirements, including one that would mandate that registered fund advisers provide quarterly statements to investors.
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Tax pros share IRS service challenge stories, solutions
February 9, 2022The Tax Professionals United for Taxpayer Relief Coalition held an online session to examine possibilities of its four recommendations for improved IRS assistance and taxpayer relief.
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Tax pros share IRS service challenge stories, solutions
February 9, 2022The Tax Professionals United for Taxpayer Relief Coalition held an online session to examine possibilities of its four recommendations for improved IRS assistance and taxpayer relief.
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TQA addresses health care accounting for items free of charge received for distribution
February 8, 2022The AICPA issued nonauthoritative information addressing how for-profit health care business entities and nongovernmental not-for-profit health care entities may consider accounting for vaccines or other pharmaceuticals, medical supplies, or equipment received free of charge for distribution to specified patients.
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IRS backs away from facial recognition
February 7, 2022The IRS scrapped plans to require individuals to authenticate their identities with facial-recognition technology to use certain online services after the plans prompted scrutiny, including from Congress.
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IRS backs away from facial recognition
February 7, 2022The IRS scrapped plans to require individuals to authenticate their identities with facial-recognition technology to use certain online services after the plans prompted scrutiny, including from Congress.
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Proposal would amend auditing standard for compliance audits
February 7, 2022The AICPA Auditing Standards Board is seeking comment on a proposed Statement on Auditing Standards that would update the appendix in AU-C Section 935, Compliance Audits.
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AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals
February 4, 2022The Service deploys an “inventory surge team” to tackle backlog while a coalition of tax professionals including the AICPA continues its call for specific relief measures.
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AICPA calls IRS staff reassignments a ‘positive step,’ reiterates relief goals
February 4, 2022The Service deploys an “inventory surge team” to tackle backlog while a coalition of tax professionals including the AICPA continues its call for specific relief measures.
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SBA details process to appeal partial PPP loan forgiveness decisions
February 4, 2022A recent notice from the US SBA outlines a new process for PPP borrowers to appeal partial loan forgiveness decisions made by their lender.
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Federal security agencies warn of potential Russian-sponsored cyberattacks
February 4, 2022A joint cybersecurity advisory from the Cybersecurity and Infrastructure Security Agency, the FBI, and the NSA urges businesses and other organizations, to step up their cybersecurity mitigation and detection efforts.
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Clarified peer review standards approved by Peer Review Board
February 4, 2022The AICPA Peer Review Board approved guidance that is designed to make peer review guidance for CPA firms and peer reviewers easier to read, understand and apply.
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Single audit guidance for 7 programs provided in OMB’s Addendum 2
February 3, 2022The OMB issued a second addendum to its 2021 Compliance Supplement for single audits.
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Avoid these 8 PowerPoint mistakes
February 3, 2022PowerPoint blunders can make your presentations painful to sit through. Try these tips to make your talks clearer, more concise and more memorable.
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Cyberattacks via Excel add-ins jump nearly 600%
February 1, 2022Report finds huge surge in malware infections via .XLL files.
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PCAOB seeks input on plans for new advisory groups
January 31, 2022The PCAOB is creating two new advisory groups and inviting public comment on their structure and operation. The new groups are the Standards and Emerging Issues Advisory Group and the Investor Advisory Group. The comment period runs through Feb. 28.
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List of automatic tax method changes updated
January 31, 2022A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.
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List of automatic tax method changes updated
January 31, 2022A revenue procedure catalogues changes subject to general procedures of Rev. Proc. 2015-13.
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‘Quick’ carryback tax refunds took nearly double the 90-day deadline
January 31, 2022Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a US Government Accountability Office study finds.
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‘Quick’ carryback tax refunds took nearly double the 90-day deadline
January 31, 2022Over a period of 15 months in 2021 and late 2020, the IRS was consistently late in processing applications for carryback adjustment refunds, a US Government Accountability Office study finds.
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IRS: 'Limited group' getting erroneous Letters 6419
January 28, 2022The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.
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Companies urged to bolster defenses against 'triple threat'
January 28, 2022Businesses are experiencing more, and more costly, incidents of fraud, compliance breaches and cyberattacks but are not doing enough to protect themselves, KPMG says in its 2022 Fraud Outlook report, A Triple Threat Across the Americas. The report recommends five steps companies can take to mitigate the risk of losses to this “triple threat” of dangers.
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IRS: 'Limited group' getting erroneous Letters 6419
January 28, 2022The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.
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AICPA notes IRS announcement on notices, asks Service to do more
January 27, 2022The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.
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AICPA notes IRS announcement on notices, asks Service to do more
January 27, 2022The IRS said it will halt some notices to taxpayers, but the AICPA is asking it to do more to reduce erroneous automated notices and unnecessary taxpayer contact.
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Cryptoasset accounting: Tips for common scenarios
January 26, 2022The evaluation of whether contracts involving cryptoassets contain embedded derivatives, and borrowing, lending and mining of cryptoassets all come with complex accounting implications. This nonauthoritative guidance can steer entities in the right direction on reporting the performance of these assets more consistently in the financial statement.
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How nonfilers can claim 2021 tax credits
January 26, 2022Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.
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How nonfilers can claim 2021 tax credits
January 26, 2022Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.
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Taxpayers need relief now, AICPA and other organizations say
January 25, 2022The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.
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Taxpayers need relief now, AICPA and other organizations say
January 25, 2022The AICPA and a coalition of organizations representing tax practitioners reiterated their call for taxpayer relief from penalties and other compliance actions, given ongoing Internal Revenue Service problems.
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Audit quality stable amid pandemic, audit committee members say
January 25, 2022Despite pandemic-related concerns about the ability of auditors to work effectively, 98% of audit committee members said in a new survey that audit quality either increased or stayed the same over the past year.
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Final regulations affect owners of foreign stock
January 24, 2022Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.
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Final regulations affect owners of foreign stock
January 24, 2022Final and proposed regulations cover PFIC and CFC stock held through domestic partnerships and S corporations.
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IRS issues procedures for employee status determinations
January 19, 2022Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
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IRS issues procedures for employee status determinations
January 19, 2022Prior guidance on Tax Court jurisdiction over IRS determinations of employee vs. independent contractor status is modified and superseded.
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AICPA joins coalition seeking relief from IRS service challenges
January 14, 2022A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.
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AICPA joins coalition seeking relief from IRS service challenges
January 14, 2022A diverse group calls upon Internal Revenue Service to take steps to mitigate its service issues.
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FAQs address calculation and reconciliation of recovery rebate credit
January 14, 2022Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.
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FAQs address calculation and reconciliation of recovery rebate credit
January 14, 2022Economic impact payments taxpayers received during the tax year must be netted against a tax credit on 2021 returns.
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Diversity continues to rise among CFOs and CEOs, survey shows
January 14, 2022Data from an annual report by executive recruiting firm Crist | Kolder shows that women and racial and ethnic minorities have a greater percentage of leadership roles than in previous years.
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Does client feedback hold the secret to employee retention?
January 13, 2022Firm leaders can use the data they gather from client feedback systems to streamline processes and reduce strain on staff.
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National taxpayer advocate details 2021 as ‘most challenging year’ ever
January 12, 2022Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.
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National taxpayer advocate details 2021 as ‘most challenging year’ ever
January 12, 2022Erin Collins’ Annual Report to Congress for 2021 portrays an IRS beset by insufficient resources to meet overwhelming demands.
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Profession intensifies diversity efforts with new CAQ initiative
January 12, 2022The Center for Audit Quality announced a strategic initiative intended to increase diversity of talent coming into the accounting profession while raising awareness of the profession’s diversity, equity, and inclusion efforts.
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Updated FAQs address 2021 child tax credit and advance payments
January 12, 2022FAQs on the Service’s website are updated for preparing 2021 returns.
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Updated FAQs address 2021 child tax credit and advance payments
January 12, 2022FAQs on the Service’s website are updated for preparing 2021 returns.
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Practitioners wary of IRS service lapses as tax season begins
January 11, 2022Continuing problems in timely processing of returns and correspondence may threaten more headaches.
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Practitioners wary of IRS service lapses as tax season begins
January 11, 2022Continuing problems in timely processing of returns and correspondence may threaten more headaches.
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IRS to accept 2021 tax returns starting Jan. 24
January 10, 2022The IRS announced the start date for tax season and that the due date for most individuals is April 18.
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IRS to accept 2021 tax returns starting Jan. 24
January 10, 2022The IRS announced the start date for tax season and that the due date for most individuals is April 18.
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New R&D credit documentation requirements clarified
January 7, 2022Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.
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New R&D credit documentation requirements clarified
January 7, 2022Starting Jan. 10, a Sec. 41 credit claimed on an amended return must include specific information.
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What’s new for 2022 in federal taxes
January 6, 2022A law change and some regulations take effect while an array of provisions expire.
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What’s new for 2022 in federal taxes
January 6, 2022A law change and some regulations take effect while an array of provisions expire.
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Treasury rule provides flexibility for state and local government pandemic aid
January 6, 2022State and local governments will have increased flexibility to pursue a wider range of uses under the State and Local Fiscal Recovery Funds program.
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GASB to consider governmental going concern standards
January 6, 2022GASB has decided to undertake a major project on accounting and financial reporting for going concern uncertainties and severe financial stress.
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Single audit clarity provided related to pandemic relief programs
January 4, 2022An addendum to the Office of Management and Budget Compliance Supplement that was issued in December provides clarity on single audit requirements related to two key federal pandemic relief programs.
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FASB issues 2 new financial accounting concept statements
December 23, 2021Two new FASB concept statements address financial statement elements and factors FASB should consider in developing accounting guidance.
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Lenders should not report student loans discharged under ARPA
December 22, 2021The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.
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Lenders should not report student loans discharged under ARPA
December 22, 2021The IRS advises that Form 1099-C, Cancellation of Debt, should not be filed for student loans covered by the ARPA temporary special rule excluding most discharges from borrowers’ income.
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Quiz: Ethical standards to consider when accepting or continuing an attest engagement
December 22, 2021Complying with ethical requirements for accepting and continuing engagements contributes greatly to audit quality. Take this quiz to test your knowledge of ethical standards you need to consider when accepting or continuing engagements.
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How companies are responding to rising pressure on wages and benefits
December 21, 2021Leaders are employing a range of strategies to keep workers; some save costs elsewhere to invest in employee training and benefits. One-fourth of companies are offering signing bonuses.
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FASB ASU addresses supplier finance programs
December 20, 2021A proposed Accounting Standards Update would help investors and others better consider the effects on a buyer’s working capital, liquidity and cash flows. The comment deadline is March 21.
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SALT payments before year end a priority for passthroughs
December 20, 2021To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.
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SALT payments before year end a priority for passthroughs
December 20, 2021To be deductible at the entity level, payments by passthrough entities of state and local taxes should be made in the tax year of the liability, but state-specific elections may complicate that timing, tax advocates advise.
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Standard mileage rates to go up in 2022
December 17, 2021The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
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Standard mileage rates to go up in 2022
December 17, 2021The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
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Protect staff’s mental health with true time off
December 17, 2021PTO isn’t as fulfilling as it could be when staff feel the need to respond to work emails on days off or anticipate coming back to full inboxes.
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IRS issues accounting-method change procedures for small businesses
December 16, 2021New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.
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IRS issues accounting-method change procedures for small businesses
December 16, 2021New procedures follow final regulations to implement simplifications by the law known as the Tax Cuts and Jobs Act.
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ESG assurance opportunities likely to grow for CPA firms
December 16, 2021Companies may need more rigorous assurance on environmental, social, and governance data as regulatory obligations emerge. CPA firms are poised to deliver.
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Digital assets, intangibles among priorities on FASB’s new research agenda
December 15, 2021FASB updated its research agenda Wednesday in response to comments received in a consultation earlier this year.
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SEC addresses share buyback disclosures, insider trading rules
December 15, 2021The Securities and Exchange Commission issued separate proposals Wednesday that are designed to enhance share buyback disclosures and provide protections against insider trading.
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Decoding the Senate Finance Committee’s Build Back Better text
December 14, 2021The Senate Finance Committee has released language for its portion of the reconciliation bill, which some lawmakers would like to pass before Christmas. Here’s what you need to know about the timeline and the bill, which includes several key tax provisions.
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Decoding the Senate Finance Committee’s Build Back Better text
December 14, 2021The Senate Finance Committee has released language for its portion of the reconciliation bill, which some lawmakers would like to pass before Christmas. Here’s what you need to know about the timeline and the bill, which includes several key tax provisions.
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PEEC delays interpretation, adopts temporary policy statement
December 13, 2021The effective date of the “Information Systems Services” interpretation has been further delayed by the AICPA Professional Ethics Executive Committee, which also issued a temporary policy statement related to employment statutes that may conflict with independence interpretations.
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Senate Finance Committee releases tax provisions of Build Back Better Act
December 13, 2021The Senate Finance Committee’s text includes changes from the House’s version of the bill, including a removal of the House’s increase in the SALT deduction cap.
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Senate Finance Committee releases tax provisions of Build Back Better Act
December 13, 2021The Senate Finance Committee’s text includes changes from the House’s version of the bill, including a removal of the House’s increase in the SALT deduction cap.
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Attributes of top-performing firms revealed
December 10, 2021MAP survey finds big differences in revenue, profit, and owner compensation.
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Audit tips for a pandemic-changed environment
December 8, 2021Auditors have a lot to think about as clients experience supply chain disruptions, staff shortages, and new processes and procedures. Here’s what firms need to focus on in this challenging environment.
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FASB working to balance desires of investors and preparers
December 7, 2021Investors want more disaggregated information. Financial statement preparers are concerned about the costs of preparing that information. FASB Chair Richard Jones is seeking to balance those priorities.
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Tips for avoiding trouble with non-GAAP reporting
December 7, 2021Non-GAAP measures in public company reporting continue to be scrutinized carefully by SEC staff, according to information presented at the AICPA & CIMA Conference on Current SEC and PCAOB Developments.
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Early sunset of the employee retention credit gets penalty relief
December 6, 2021The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.
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Early sunset of the employee retention credit gets penalty relief
December 6, 2021The IRS describes how employers may avoid failure-to-pay and failure-to-deposit penalties for ERC claimed or anticipated in the fourth quarter but eliminated by the Infrastructure Act.
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AICPA tax advocacy gets results in 2021
December 6, 2021The AICPA Tax Policy and Advocacy group worked with the AICPA Congressional Affairs group to represent the interests of practitioners and the public.
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AICPA tax advocacy gets results in 2021
December 6, 2021The AICPA Tax Policy and Advocacy group worked with the AICPA Congressional Affairs group to represent the interests of practitioners and the public.
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Revenue recognition: Tips for challenging circumstances
December 6, 2021Certain issues related to revenue recognition are causing enough application problems that the Financial Accounting Standards Board may choose to adjust the standard. But in the meantime, financial statement preparers need to apply the current rules correctly.
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What auditors need to know about ESG issues
December 6, 2021Regulators and standard setters are making ESG disclosures a bigger area of emphasis. But even current standards require ESG-related risks to be considered, and auditors need to know how to audit this information.
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3 key points from the new ‘gold rush’ for intellectual property
December 3, 2021Navigating complex deals in rapidly changing markets is a high-pressure challenge. Due diligence remains essential, and it may need to be conducted in a compressed time frame.
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Finance experts’ outlook softens amid supply chain, labor challenges
December 2, 2021The CPA Outlook Index dipped slightly but remained in positive territory.
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SEC increases scrutiny of issuers whose auditors aren’t PCAOB-inspected
December 2, 2021The SEC issued rules that create new disclosure requirements for companies that issue public securities in the US but are audited by firms that are not subject to inspection by the PCAOB.
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Quiz: Check your knowledge of fraud considerations in an audit
December 2, 2021How familiar are you with AU-C Section 240, which describes an auditor’s responsibilities relating to fraud in an audit of financial statements? Take this quiz to test what you know.
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E-signing for forms, tax compliance documents extended
December 1, 2021Temporary pandemic-related procedures are reauthorized through October 2023 for certain paper returns and forms and documents in exams and similar taxpayer interactions.
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E-signing for forms, tax compliance documents extended
December 1, 2021Temporary pandemic-related procedures are reauthorized through October 2023 for certain paper returns and forms and documents in exams and similar taxpayer interactions.
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Revenue, SPACs, and LIBOR pose year-end accounting challenges
December 1, 2021Some new and complex accounting issues are facing financial statement preparers as 2021 draws to a close.
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FASAB clarifies federal accounting rules for debt cancellation
November 30, 2021Debt cancellation is a nonexchange activity that should be reported by federal entities on the statement of changes in net position, according to an interpretation issued by FASAB.
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Spring-loaded awards merit accounting scrutiny, SEC staff says
November 29, 2021“Spring-loaded” awards are share-based compensation that companies award to executives shortly before announcing market-moving information. The SEC staff says that when measuring compensation, companies must consider the impact that the information will have upon release.
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Commemorating 100 years of Black CPAs and looking forward
November 29, 2021The Black CPA Centennial celebration highlighted the inspiring stories of Black CPAs who broke through barriers and paved a path for others to join the accounting profession. Against the backdrop of the commemoration, work continues to be needed to improve recruiting, retention, and advancement of Black CPAs.
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IRS official: New R&D credit documentation applies to amended returns
November 24, 2021The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.
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IRS official: New R&D credit documentation applies to amended returns
November 24, 2021The deputy commissioner of the IRS Large Business and International Division hears AICPA tax committee’s feedback on new requirements.
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Automatic extension for furnishing health coverage statements proposed
November 23, 2021Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
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Automatic extension for furnishing health coverage statements proposed
November 23, 2021Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
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FASB reconsiders accounting for troubled debt restructuring by creditors
November 23, 2021FASB’s accounting guidance for troubled debt restructuring by creditors would be eliminated for organizations that have adopted its credit losses standard, under a proposal the board issued Tuesday.
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6 lessons from audit experts who adopted AI early
November 23, 2021Machine learning is within reach for many audit firms.
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SBA clarifies COVID-19 EIDL application deadlines
November 19, 2021The US SBA provided updated guidance Friday on various COVID-19 Economic Injury Disaster Loan program application deadlines.
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AICPA, NASBA publish revised CPA Evolution Model Curriculum
November 19, 2021In response to feedback, the AICPA and the National Association of State Boards of Accountancy on Friday updated the curriculum resource that was launched in June to help faculty align their programs with the new Core + Disciplines licensure model created by the CPA Evolution initiative.
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Tax provisions in the Build Back Better Act
November 19, 2021The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.
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Tax provisions in the Build Back Better act
November 19, 2021The Build Back Better Act contains a large number of tax provisions, ranging from an extension of the advance child tax credit, to a wide variety of green energy tax incentives, and a minimum tax on corporations.
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House passes Build Back Better Act with universal paid leave
November 19, 2021The US House of Representatives passed a nearly $2 trillion spending bill Friday that includes a number of provisions of note for CPAs.
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Diving deeper into smaller frauds due to COVID-19
November 19, 2021The coronavirus pandemic has created special challenges for practitioners to consider related to fraud. In the current environment, smaller instances of fraud, many times immaterial to an audit, are now becoming significant and need additional attention.
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Apprenticeship: A new route to CGMA
November 19, 2021A new program will create an on-the-job training path to a Chartered Global Management Accounting credential for aspiring accounting professionals.
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Further guidance issued on tax treatment of PPP loan forgiveness
November 18, 2021Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).
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Further guidance issued on tax treatment of PPP loan forgiveness
November 18, 2021Forgiveness amounts are excluded from gross income but included in gross receipts for purposes including determining “small business taxpayer” status under Sec. 448(c).
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What it takes to become a top-performing CAS practice
November 18, 2021Top-performing client advisory services practices are more likely to follow certain best practices, the CPA.com and AICPA PCPS CAS Benchmark Survey found.
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New user verification for IRS online accounts to be required by mid-2022
November 17, 2021Tax professionals and taxpayers will have to create an account with a third-party provider, ID.me, which requires uploading an image of a government-issued ID and a selfie, in order to access certain IRS online tools and portals.
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New user verification for IRS online accounts to be required by mid-2022
November 17, 2021Tax professionals and taxpayers will have to create an account with a third-party provider, ID.me, which requires uploading an image of a government-issued ID and a selfie, in order to access certain IRS online tools and portals.
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New FASB standard requires businesses to disclose government aid
November 17, 2021Businesses that receive certain forms of government assistance will be required to disclose that aid in the notes to their annual financial statements under a standard the Financial Accounting Standards Board issued Wednesday.
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Credit losses: 4 things you need to know
November 17, 2021Here’s what private company finance personnel need to know about CECL as the time for implementation approaches.
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IRS commissioner: We’re hiring
November 16, 2021Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.
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Meal portion of per diem allowance can be treated as attributed to a restaurant
November 16, 2021An IRS notice provides a special rule for the temporary 100% deduction.
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Meal portion of per diem allowance can be treated as attributed to a restaurant
November 16, 2021An IRS notice provides a special rule for the temporary 100% deduction.
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IRS commissioner: We’re hiring
November 16, 2021Commissioner Charles Rettig and other IRS officials tell the AICPA & CIMA National Tax Conference about their administrative challenges and plans.
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New FAQs cover interplay of unemployment income exclusion and credits
November 15, 2021The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.
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New FAQs cover interplay of unemployment income exclusion and credits
November 15, 2021The IRS advises on the effects on tax credits and the Free Application for Federal Student Aid and what taxpayers should do.
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Changing ways of working call for changing employment and tax policy
November 12, 2021Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”
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Changing ways of working call for changing employment and tax policy
November 12, 2021Annette Nellen examines possible tax policy implications as more people shed tradition work roles and become “digital nomads.”
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Rethinking real estate: The benefits of workforce segmentation
November 12, 2021Balancing business goals with employee experience can provide the best path forward as hybrid working becomes commonplace.
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FASB issues risk-free rate rule to cut costs for nonpublic lessees
November 11, 2021Nonpublic lessees such as private companies, not-for-profits, and employee benefit plans will be permitted to elect risk-free rates for lease accounting by class of underlying asset rather than at the entitywide level under a new rule issued Thursday by FASB.
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FASB declines to extend nonpublic lease accounting effective date
November 10, 2021Private companies and not-for-profits will not see further relief from the effective date of FASB’s new lease accounting standard after the board voted Wednesday to reject a request for a two-year extension.
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IRS issues inflation adjustments for 2022 returns
November 10, 2021The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
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IRS issues inflation adjustments for 2022 returns
November 10, 2021The IRS issued updated income tax brackets and other inflation-adjusted amounts under 62 Code sections, including a new standard deduction amount.
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A bright future ahead for young CPAs
November 10, 2021AICPA leaders highlight the profession’s opportunities for CPAs from diverse backgrounds.
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Audit committee cybersecurity disclosures on the rise
November 10, 2021The number of public company audit committees that disclose their role in cybersecurity risk oversight has grown dramatically over the past five years, according to a Center for Audit Quality report.
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Companies embrace unusual new strategies to survive a labor crunch
November 10, 2021With millions of jobs vacant, company leaders are being tested. Here are some ways smaller businesses are coping with multiple openings and trying to recruit new talent.
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FAQ guidance on income change reporting for advance child tax credit
November 9, 2021The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.
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FAQ guidance on income change reporting for advance child tax credit
November 9, 2021The IRS updated its FAQs to explain whether and how to report changes to projected 2021 income for taxpayers receiving advance child tax credit payments.
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Employee retention credit: Opportunities remain
November 9, 2021The employee retention credit was created in March 2020, but changing requirements have caused some confusion over eligibility. It’s important for businesses and their tax preparers to know who can take the credit and how much relief they can receive.
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Tax treatment of COVID-19 homeowner relief payments clarified
November 9, 2021A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
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Tax treatment of COVID-19 homeowner relief payments clarified
November 9, 2021A revenue procedure clarifies Homeowner Assistance Fund payments are excluded from gross income and gives a safe harbor for computing certain itemized deductions.
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PCAOB gets new chairperson, board members
November 8, 2021Erica Williams has been named chairperson of the Public Company Accounting Oversight Board. She will be joined on the board by Christina Ho, Kara Stein and Tony Thompson. Duane DesParte will continue his service on the board and will serve as acting chairperson until Williams is sworn in.
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Infrastructure bill tax provisions include ERC termination
November 6, 2021The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.
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Infrastructure bill tax provisions include ERC termination
November 6, 2021The infrastructure bill that passed the House on Friday and is headed to President Joe Biden’s desk will terminate the employee retention credit early and require broker reporting of cryptoasset transfers.
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Serving cannabis clients: Understand the risks
November 5, 2021Practicing due diligence and understanding state and local laws are keys to success for firms that choose to engage with this industry.
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IRS makes retirement account inflation adjustments for 2022
November 4, 2021The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.
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IRS makes retirement account inflation adjustments for 2022
November 4, 2021The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.
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FASAB amends lease accounting requirements
November 4, 2021Lease accounting requirements for federal agencies were amended and clarified Thursday when FASAB issued new guidance.
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Lessons in career and business development during times of disruption
November 4, 2021Forensic accounting and valuation professionals offer advice on how to leverage career and business development at a time of uncertainty.
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House approves resolution to boost financial transparency
November 4, 2021A concurrent resolution with an objective of providing more transparency to Congress about the fiscal state of the US government passed the House by a voice vote. The Senate has yet to vote on the resolution, which has the AICPA’s backing.
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Carried interest reporting FAQs and guidance posted
November 4, 2021The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.
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Carried interest reporting FAQs and guidance posted
November 4, 2021The IRS posted FAQs with sample worksheets and instructions for taxpayers to use when calculating and reporting certain net long-term capital gains from partnership interests held in connection with the performance of services that must be recharacterized as short-term capital gains.
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Quality management: ARSC pursues consistency with proposed ASB standards
November 3, 2021The quality management standard for accounting and review services would achieve consistency, where appropriate, with that proposed for audit services under a proposal issued by the AICPA Accounting and Review Services Committee.
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Say ‘yes’ to saying ‘no’
November 2, 2021Turning down requests isn’t easy, but it’s necessary for protecting your time.
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When seniors are targeted in schemes
November 1, 2021Practitioners need to understand elder fraud and what to do when they find it.
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FASB proposal would amend interim disclosure requirements
November 1, 2021Interim disclosure requirements would be changed and clarified under a proposal issued by the Financial Accounting Standards Board.
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Building DEI for the future profession
November 1, 2021Both accomplished leaders and young professionals are among the many people working to advance the accounting profession’s diversity, equity, and inclusion efforts for the future. Read insights and experiences from DEI leaders as well as some 40 Under 40 Black CPA Award winners on how to expand Black CPA representation in the profession.
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FASB addresses contract assets, liabilities acquired in a business combination
October 28, 2021Acquiring entities are required to measure contract assets and liabilities acquired in a business combination in accordance with FASB’s Topic 606 revenue recognition guidance, according to a new FASB standard.
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How investors can protect against inflation
October 28, 2021CPA financial planners discuss this year’s nearly 6% inflation rate and what it could mean for investment portfolios.
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FASB provides new private company practical expedient
October 25, 2021Private companies that issue equity-classified share-based awards will be able to elect a practical expedient and use the reasonable application of a reasonable valuation method to determine the current price input of these awards offered as compensation, according to a new standard issued by FASB.
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Guidance issued for LLCs seeking tax-exempt recognition
October 22, 2021The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).
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Guidance issued for LLCs seeking tax-exempt recognition
October 22, 2021The IRS clarified the standards that an LLC must satisfy to obtain a determination letter that it is exempt from taxation under Sec. 501(c)(3).
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AI in manufacturing: Optimizing costs and enabling the workforce
October 22, 2021Manufacturing leaders can use artificial intelligence to improve efficiency and drive growth. But taking full advantage of the technology requires upskilling the workforce.
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How CPAs can rise above a polarized political climate
October 20, 2021A severely polarized political climate doesn’t have to stop CPAs from achieving their ambitions. Instead, a little empathy can go a long way, according to AICPA governing Council guest speaker Amy Walter, publisher and editor-in-chief of The Cook Political Report.
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Government fiscal path, cybersecurity among US comptroller’s concerns
October 20, 2021An unsustainable long-term fiscal path and cybersecurity concerns heightened by aging systems are among the biggest challenges the federal government faces, US Comptroller General Gene Dodaro said Tuesday at the fall AICPA governing Council meeting.
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Videoconferencing with IRS now an option for all LB&I taxpayers
October 19, 2021The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.
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Videoconferencing with IRS now an option for all LB&I taxpayers
October 19, 2021The IRS announced it is expanding the availability of videoconference meetings for large business taxpayers for examinations and appeals.
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PCAOB inspections show some improvement in 2020
October 18, 2021Some improvement in audit performance was identified during 2020 PCAOB inspections compared with the previous year, according to a board staff report.
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Creating the right visuals for your data
October 18, 2021Two leading figures in the field of data visualization explain how CPAs can best use visual depictions of numbers and how history’s “heroes of visual thinking” transformed numbers into images that carry ideas and meaning.
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6 ways to make the entire organization care about anti-fraud efforts
October 18, 2021Recent conference speaker John Hall, CPA, discusses tangible steps to build a “defensive wall” against fraud and ethics breaches.
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Time has come for firms to cull clients
October 18, 2021Accounting firms see many opportunities in the marketplace but with an already stretched workforce, they are struggling to find the capacity to take on new challenges.
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IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
October 15, 2021Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
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IRS addresses taxpayer reliance on FAQs, will save copies of old FAQs
October 15, 2021Taxpayers who reasonably rely on FAQs posted by the Internal Revenue Service will have a reasonable-cause penalty defense under a new policy announced by the agency on Friday. The IRS will also keep original versions of FAQs on its site after it updates them.
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The long-term-care quandary: Helping clients prepare
October 14, 2021Long-term care is a critical topic when discussing retirement plans with aging clients.
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5 tips for maintaining audit quality today and in the future
October 13, 2021Amid continuing pandemic-related challenges, auditors have opportunities to maintain and improve the quality they deliver to clients and the public.
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Social Security wage base, COLA set for 2022
October 13, 2021The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
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Social Security wage base, COLA set for 2022
October 13, 2021The Social Security Administration announced the maximum amount of wages subject to Social Security tax in 2022 and a cost-of-living adjustment for Social Security benefits.
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CAS practices see 20% growth rate
October 13, 2021Client advisory services practices saw a 20% growth rate in terms of net client fees per professional, according to the latest CPA.com & AICPA PCPS Client Advisory Services Benchmark Survey.
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New standard sharpens focus on risk-based auditing
October 12, 2021The AICPA Auditing Standards Board issued a new standard designed to help auditors determine the areas that pose the greatest risks of material misstatement in an audit engagement and spend more of their time performing procedures in those areas.
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PCAOB issues staff guidance on audit evidence from other sources
October 7, 2021Advances in technology have resulted in the availability of volumes of new information to companies and their auditors. PCAOB staff guidance discusses the implications of this new information for the audit.
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Private equity’s push into accounting
October 6, 2021TowerBrook Capital Partners’ purchase of an ownership stake in EisnerAmper marked the first private-equity deal with a top 20 accounting firm. In a Q&A with the JofA, accounting firm consultant and M&A broker Allan D. Koltin discusses the mechanics of such a deal and the likelihood that there will be more PE forays into large accounting firms in the future.
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Revisions proposed to AICPA ethics code address certain SEC rule changes
October 5, 2021The AICPA Professional Ethics Executive Committee issued a proposal Tuesday that addresses provisions in the recently amended SEC independence rules.
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CPAs continue to lead with trust, competence, and integrity
September 30, 2021This is the first in an occasional series featuring Sue Coffey, CEO–Public Accounting for AICPA & CIMA, discussing trends affecting the profession.
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PCAOB moves to strengthen lead auditor’s oversight of other auditors
September 28, 2021The PCAOB issued a second supplementary request for comment on a proposal designed to enhance the lead auditor’s role in overseeing other auditors outside the firm that issues the auditor’s report.
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Final regulations establish a user fee for estate tax closing letters
September 27, 2021The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.
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Final regulations establish a user fee for estate tax closing letters
September 27, 2021The letters, which the IRS provides as a courtesy to executors and other authorized estate representatives, will now cost $67.
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Quiz: Practice choosing the right word from these pairs
September 27, 2021This quiz will help you distinguish the better choice in 10 word pairs.
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Final regs. issued on qualified improvement property under FDII, GILTI
September 22, 2021Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years.
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Final regs. issued on qualified improvement property under FDII, GILTI
September 22, 2021Final regulations clarify the treatment of qualified improvement property in FDII and GILTI, and foreign tax credit transition rules address post-2017 NOL carrybacks to pre-2018 tax years.
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Places and job candidates don’t always match in government finance
September 21, 2021Remote work grows in popularity for these public-sector finance jobs.
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Ethics proposals address unpaid fees, standards implementation services
September 20, 2021The AICPA Professional Ethics Executive Committee published two exposure drafts on the issues of unpaid fees and accounting standards implementation services for attest clients.
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Peer review proposal changes, clarifies standards
September 17, 2021The proposal is designed to clarify peer review standards and make them easier for practitioners to read, understand, and apply
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How to use COSO to implement and scale AI projects
September 15, 2021The COSO enterprise risk management framework can help leaders manage risks associated with their AI strategies.
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Early Black-owned CPA firms spurred diversity efforts
September 15, 2021Built by Black CPAs who succeeded despite adversity, these firms continue to play an important role in the profession’s recruitment and advancement initiatives, and with the clients they serve.
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FASB proposal addresses fair value and equity security sale restrictions
September 15, 2021A new FASB proposal intends to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the security and therefore is not considered in measuring fair value.
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Transcript Delivery System down for some Form 941 transcripts
September 14, 2021The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.
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Transcript Delivery System down for some Form 941 transcripts
September 14, 2021The IRS reports that its Transcript Delivery System is down for business taxpayers who reported information related to COVID-19 employment tax relief on Form 941, Employer’s Quarterly Federal Tax Return.
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How climate risks are reflected in current financial statements
September 14, 2021The Center for Audit Quality has published a resource that describes management and auditors’ responsibilities related to climate-related risk reporting.
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Ways and Means releases list of tax provisions for budget bill
September 13, 2021The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.
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Ways and Means releases list of tax provisions for budget bill
September 13, 2021The proposal would raise tax rates for corporations and individuals and make many other changes to the Internal Revenue Code.
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SBA quadruples COVID-19 EIDL limit to $2 million
September 9, 2021The SBA unveiled a menu of COVID-19 EIDL program modifications designed to make it easier for restaurants and other businesses particularly hard hit by the pandemic to take out EIDL loans.
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Lease accounting: Private companies on the clock after delay
September 9, 2021Following a pandemic-related delay, the new standard takes effect for entities within the “all other entities” category for fiscal years starting after Dec. 15, 2021, and for interim periods within fiscal years beginning after Dec. 15, 2022.
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Guidance issued on 2021 qualified sick and family leave wage reporting
September 8, 2021Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.
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Guidance issued on 2021 qualified sick and family leave wage reporting
September 8, 2021Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.
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IRS updates business travel per-diem rates
September 3, 2021The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.
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IRS updates business travel per-diem rates
September 3, 2021The allowances for determining deductions for lodging, meals, and incidental costs are slightly higher than before.
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EBP audits set for major changes, more transparency
September 2, 2021Employee benefit plan audit procedures and reporting will undergo a significant shift as SAS No. 136, as amended, is implemented.
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COVID-19 resurgence, tight labor market lead to drop in optimism
September 2, 2021Although finance professionals are optimistic about their own businesses’ economic prospects, the delta variant’s spread and scarcity of job seekers caused concerns that were reflected in a modest drop in the CPA Outlook Index in the AICPA Business and Industry Economic Outlook Survey.
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Shuttered Venue Operators Grant program enters supplemental phase
August 30, 2021The SBA is sending out invitations for Shuttered Venue Operators Grant (SVOG) recipients to apply for supplemental funding from the $16.25 billion program.
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AICPA recommends QBI improvements
August 26, 2021The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.
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AICPA recommends QBI improvements
August 26, 2021The AICPA recommended in a letter to Senate tax-writing leaders eight ways to improve the deduction for qualified business income under Sec. 199A.
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FASB report describes investor outreach
August 26, 2021FASB engaged in more than 430 investor interactions in the year ended June 30, 2021, according to a new report.
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Staffing and COVID-19 relief programs are firms’ top concerns in 2021
August 26, 2021Hiring qualified staff emerged as the No. 1 concern of firms employing six or more people in the 2021 AICPA Private Companies Practice Section CPA Firm Top Issues survey.
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PCAOB’s Jurata, Zietsman to resign as transition continues
August 23, 2021Rebekah Goshorn Jurata and Megan Zietsman said that they plan to resign from the Public Company Accounting Oversight Board on Oct. 1 or the date of appointment of new board members, whichever comes first.
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Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief
August 23, 2021Global 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.
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Interruption of LIFO inventories due to COVID-19 and Sec. 473 relief
August 23, 2021Global 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.
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ESG assurance an elusive but promising opportunity for auditors
August 19, 2021Although just 31 of the S&P 500 companies use public company auditors for environmental, social and governance assurance, increased regulation and investor focus may lead to more opportunities for practitioners in the future.
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Driving DEI change in the states
August 19, 2021State CPA society leaders are among those spearheading diversity, equity, and inclusion efforts in the profession. See what successful steps they and their organizations have taken to enhance the recruitment and advancement of Black CPAs.
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Revenue, lease accounting still challenge private companies
August 19, 2021After the pandemic-related delay provided some relief, private companies are implementing major accounting standards that take a great deal of effort to adopt.
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Updated single audit guidance provided by OMB in 2021 Compliance Supplement
August 17, 2021Some requirements for single audits were clarified with the issuance of the 2021 Compliance Supplement by the Office of Management and Budget. Some questions remain, though, and OMB is expected to issue two addenda with additional guidance.
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How to retain staff amid surging turnover
August 16, 2021Experts 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.
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Automatic accounting method change procedures updated
August 12, 2021The IRS updated the list of accounting method changes to which automatic change procedures apply.
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Automatic accounting method change procedures updated
August 12, 2021The IRS updated the list of accounting method changes to which automatic change procedures apply.
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Single audits: Using Compliance Supplements for success
August 12, 2021Single audits are especially challenging amid a pandemic-related surge in government aid. Understanding how to apply guidance in the Office of Management and Budget’s Compliance Supplements is critical for delivery of a high-quality engagement.
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Closing date set for new Shuttered Venue Operator Grant applications
August 11, 2021The 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.
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Certification deadline extended for work opportunity tax credit
August 11, 2021Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.
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Certification deadline extended for work opportunity tax credit
August 11, 2021Certain employers have until Nov. 8 to submit a required worker certification request to a designated local agency for purposes of the work opportunity credit.
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New safe harbor for ERC gross receipts calculation
August 11, 2021Under 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.
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New safe harbor for ERC gross receipts calculation
August 11, 2021Under 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.
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AICPA guidance addresses SVOG, RRF accounting questions
August 10, 2021Shuttered 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.
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Infrastructure bill would end ERC, increase cryptoasset reporting
August 10, 2021The 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.
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Infrastructure bill would end ERC, increase cryptoasset reporting
August 10, 2021The 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.
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Board diversity disclosures mandated for Nasdaq-listed companies
August 9, 2021Nasdaq-listed companies will be required to provide new information on the diversity of their boards as a result of a new rule approved by the Securities and Exchange Commission.
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IRS updates car and truck depreciation limits
August 9, 2021The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.
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IRS updates car and truck depreciation limits
August 9, 2021The IRS issued its annual inflation-adjusted update of depreciation limitations for passenger automobiles (including passenger vans and trucks) placed in service in 2021.
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Guidance on claiming the ERC for third and fourth quarters of 2021
August 5, 2021New 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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Guidance on claiming the ERC for third and fourth quarters of 2021
August 5, 2021New 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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M&A activity in accounting on the rebound in 2021, expert says
August 2, 2021Merger-and-acquisition activity for CPA firms is surging in 2021 after dropping in 2020 due to the COVID-19 pandemic, Joel Sinkin, president of Transition Advisors LLC said in a session at AICPA & CIMA ENGAGE 2021.
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SBA streamlines forgiveness process for most PPP loans
July 28, 2021The SBA issued new guidance intended to speed up and simplify the forgiveness process for Paycheck Protection Program loans of $150,000 or less, which represent 93% of the outstanding loans in the $800 billion program.
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COSO provides guidance on application of ERM to cloud computing
July 28, 2021New guidance from the Committee of Sponsoring Organizations of the Treadway Commission (COSO), provides a detailed road map for incorporating cloud computing into an organization’s enterprise risk management.
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COBRA premium assistance credit clarified further
July 27, 2021The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.
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COBRA premium assistance credit clarified further
July 27, 2021The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.
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Shuttered Venue Operator Grant awards top $7.5 billion, SBA says
July 27, 2021The SBA has awarded more than $7.5 billion in Shuttered Venue Operator Grants to about 10,000 live entertainment venues and other eligible entities.
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Why CPA firms need to know about restricted top-level web domains
July 27, 2021New top-level web domains, such as .cpa, are one way for firms to modernize their digital front door. Here’s what you need to know about these new top-level domains (TLDs) and why you may want to consider using them.
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Ease staff’s fears about returning to the office
July 26, 2021Firm leaders can address staff’s anxieties by discussing the rationale for returning to in-person work, communicating transparently about the safety measures they are taking, implementing employee feedback and, when possible, giving staff control over when they return.
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Learning from Black CPA career role models
July 26, 2021A century after John W. Cromwell Jr. became the nation’s first Black CPA, Black role models continue to open doors in the profession.
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Single audit rules clarified for Provider Relief Fund recipients
July 23, 2021Over the last several weeks, HHS has established in its PRF FAQs that the reporting in the PRF Reporting Portal will be based on when PRF payments were received.
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IRS launches 'Tax Pro Account' feature
July 20, 2021A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
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IRS launches 'Tax Pro Account' feature
July 20, 2021A new online portal automates the submission of powers of attorney and tax information authorizations, and there are plans to expand its functionality over time.
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GASB revises proposed approach to financial statement notes
July 20, 2021GASB issued a revised proposal that describes concepts that would guide the board when it establishes requirements for notes to financial statements for state and local governments.
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FASB alters accounting for certain leases with variable lease payments
July 19, 2021FASB issued guidance that’s designed to help lessors more faithfully account for the underlying economics of leases that would have been classified as a sales-type lease or a direct financing lease and would have recognized a day-one loss.
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GASB proposal addresses a variety of governmental accounting issues
July 19, 2021Various issues that have been identified as worthy of attention by the Governmental Accounting Standards Board are addressed in an omnibus proposed standard issued Monday.
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NFTs come with big valuation challenges
July 15, 2021Nonfungible token sales have commanded eye-popping prices in the past year, leaving CPAs with many questions related to valuation of these digital assets.
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Restaurant Revitalization Fund recipients revealed
July 14, 2021The US Small Business Administration has published a database of the more than 100,000 approved grants from the $28.6 billion Restaurant Revitalization Fund.
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SBA officially drops PPP Loan Necessity Questionnaire requirement
July 12, 2021The SBA has formally notified lenders that it is no longer requiring a Loan Necessity Questionnaire to be submitted with forgiveness applications for Paycheck Protection Program loans of $2 million or more.
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Quality management proposal provides opportunity to consider risks
July 8, 2021Proposed quality management standards presented by the AICPA Auditing Standards Board would require audit firms to customize their processes in accordance with their individual risks.
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Restaurant industry recovery aided by CPAs, 2 leaders with longtime ties
July 7, 2021CPAs and restaurant owners have worked together closely to overcome the devastating consequences of the coronavirus pandemic. Bill Pirolli, CPA/CFF/PFS, CGMA, and Brian Casey, who are Rhode Island natives and chair their respective association boards, endeavor to help the industry recover.
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Content for redesigned CPA Exam takes shape
July 7, 2021The AICPA released a survey seeking feedback on the preliminary content proposed for the redesigned CPA Exam, which would be assessed in three sections that will comprise the Core of the Exam, plus material that would assess candidates’ knowledge in one of three Disciplines they choose under the new CPA Evolution licensure model.
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SBA officially closes Restaurant Revitalization Fund
July 6, 2021The SBA announced the closure of the Restaurant Revitalization Fund with a final tally of how it awarded the program’s $28.6 billion in funding.
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Last of the 'Dirty Dozen': Schemes peddled by tax promoters
July 1, 2021The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.
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Last of the 'Dirty Dozen': Schemes peddled by tax promoters
July 1, 2021The IRS warns taxpayers of unscrupulous tax promoters in the fourth installment of its annual list of common tax scams.
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Farm businesses receive guidance on tax treatment of losses
July 1, 2021The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
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Farm businesses receive guidance on tax treatment of losses
July 1, 2021The IRS in Rev. Proc. 2021-14 specifies procedures regarding limitation and carryback of net operating losses from farming in light of CARES Act provisions.
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Bank information can now be updated on child tax credit portal
July 1, 2021The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.
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Bank information can now be updated on child tax credit portal
July 1, 2021The IRS announced that is has added a new feature to its Child Tax Credit Update Portal to allow individuals to enter bank information so they can receive advance child tax credit payments by direct deposit.
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Proposed bill to regulate tax preparers has AICPA support
June 30, 2021A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.
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Proposed bill to regulate tax preparers has AICPA support
June 30, 2021A bill recently proposed in Congress would authorize Treasury to regulate paid tax return preparers, and the AICPA strongly supports it.
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More ‘Dirty Dozen’: Fake charities, ‘ghost’ preparers, and other ploys
June 30, 2021The IRS warns of tax-related scams in a third of four installments.
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More 'Dirty Dozen': Fake charities, 'ghost' preparers, and other ploys
June 30, 2021The IRS warns of tax-related scams in a third of four installments.
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ASB addresses agreed-upon procedures for asset-backed securities
June 30, 2021The AICPA Auditing Standards Board issued a statement of position Wednesday on performing agreed-upon procedures related to third-party due diligence services on rated Exchange Act asset-backed securities.
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Next batch of 'Dirty Dozen' warns of personal info scams
June 29, 2021In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.
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Next batch of 'Dirty Dozen' warns of personal info scams
June 29, 2021In the second installment of this year’s “Dirty Dozen” list of tax scams, the IRS warns taxpayers to be vigilant for fraudulent schemes in the form of emails, text or social media messages, and phone calls.
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Supreme Court declines to take up remote worker taxation case
June 28, 2021The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.
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Supreme Court declines to take up remote worker taxation case
June 28, 2021The US Supreme Court declined to allow New Hampshire to sue Massachusetts over a pandemic-related regulation that allows Massachusetts to continue to collect state income tax from remote workers who normally work in Massachusetts.
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IRS warns of pandemic-related tax scams in ‘Dirty Dozen’ for 2021
June 28, 2021Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.
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IRS warns of pandemic-related tax scams in 'Dirty Dozen' for 2021
June 28, 2021Hijacking of economic impact payments and unemployment checks are spotlighted in the IRS’s annual alert, which warns taxpayers of the most prevalent scams and schemes the Service has identified.
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Fighting fraud with business continuity planning
June 28, 2021Preparation may be the best defense against fraud when disaster strikes.
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SBA may be dropping PPP Loan Necessity Questionnaire requirement
June 25, 2021Indications are that businesses with Paycheck Protection Program loans of $2 million or more will not have to submit a Loan Necessity Questionnaire when applying for forgiveness of their loans.
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Tax consequences of nonfungible tokens (NFTs)
June 24, 2021These new blockchain-created digital assets may be treated as intangibles for tax purposes, but a dearth of guidance leaves questions.
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FASB asks for feedback on standard-setting agenda
June 24, 2021FASB is seeking comment on what the board’s future standard-setting priorities should be. Stakeholders are asked to provide feedback by Sept. 22 to help FASB identify areas where there’s a pervasive need to improve generally accepted accounting principles (GAAP).
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Cultivate good online shopping habits
June 24, 2021An AICPA survey shows two in five Americans struggle to stick to their monthly budget due to online shopping.
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Business travel resuming for many after pandemic-related cuts
June 24, 2021More than one-third of finance leaders say their organizations are resuming customary business travel or plan to do so by the end of the year.
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ESG assurance: An emerging opportunity for CPAs
June 23, 2021As momentum grows for environmental, social and governance disclosures, ESG assurance opportunities are expected to present themselves for CPAs, who currently are performing a small fraction of these engagements in the US.
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Child tax credit: New portal for opting out of advance payments
June 22, 2021A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.
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Child tax credit: New portal for opting out of advance payments
June 22, 2021A new IRS online portal lets taxpayers unenroll from receiving advance payments of the 2021 child tax credit.
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Professional services tax proposals discussed in multiple states
June 21, 2021Proposed legislation in several places sought to tax accounting services but was opposed by the AICPA and others.
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CPAs and the historic Paycheck Protection Program
June 21, 2021It’s a good time to reflect on the CPA profession’s role in making this historic business relief program a success and to consider what comes next, especially in four key areas.
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Coming together to advance Black CPAs
June 18, 2021Leaders whose organizations focus on promoting the advancement of Black CPAs, both on their own and as a part of the Black CPA Centennial, offer insights on where the profession stands and where it needs to go.
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Supreme Court lets health care law stand
June 17, 2021The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
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Supreme Court lets health care law stand
June 17, 2021The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
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FASB proposes discount rate relief for nonpublic lessees
June 16, 2021FASB proposed guidance that would permit nonpublic lessees to use a risk-free rate as the discount rate for leases by class of underlying asset rather than at the entitywide level.
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AICPA, NASBA launch CPA Evolution Model Curriculum
June 15, 2021The AICPA and the National Association of State Boards of Accountancy (NASBA) have launched the CPA Evolution Model Curriculum (CPAEMC), a recommended blueprint for an accounting program designed to help educators prepare graduates for the changing demands of the CPA profession.
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Top tax cases practitioners should know
June 15, 2021A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice.
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Top tax cases practitioners should know
June 15, 2021A session at AICPA & CIMA ENGAGE 2021 shows how bedrock tax cases can help practitioners understand and resolve common issues that arise in practice.
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Online sign-up now available for advance child tax credit payments
June 14, 2021The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15.
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Online sign-up now available for advance child tax credit payments
June 14, 2021The IRS opened an online site that allows taxpayers who are not required to file a 2019 or 2020 individual income tax return to sign up to receive advance child tax credit (advance CTC) payments, which will begin July 15.
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AICPA, CAQ support SEC’s exploration of climate change disclosures
June 14, 2021The AICPA and the Center for Audit Quality sent letters to the SEC supporting its exploration of disclosures related to climate change and environmental, social and governance issues.
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Delegation is the key to Sir Richard Branson’s success
June 14, 2021Entrepreneur Sir Richard Branson, founder of Virgin Group, speaking at an exclusive online event prior to AICPA & CIMA ENGAGE 2021, gave listeners advice for hiring and managing the right people.
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Pandemic still complicates going concern disclosures
June 14, 2021The businesses the COVID-19 pandemic has pushed to the brink of failure still face some unprecedented challenges regarding compliance with the going concern disclosure guidance.
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IRS posts ARPA credit FAQs
June 11, 2021The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.
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IRS posts ARPA credit FAQs
June 11, 2021The IRS has posted two sets of FAQs that explain changes to the child and dependent care credit and to the sick and family leave credits made by the American Rescue Plan Act.
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Regs. on postponing tax deadlines due to federally declared disasters
June 10, 2021New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines.
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Regs. on postponing tax deadlines due to federally declared disasters
June 10, 2021New IRS final regulations clarify when a federally declared disaster will lead to mandatory 60-day postponement of certain tax-related deadlines.
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FinREC addresses EBP revenue recognition implementation
June 10, 2021Revenue recognition issues for employee benefit plans are addressed in proposed implementation guidance issued by the AICPA Financial Reporting Executive Committee.
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What CPAs must do at the first financial planning meeting
June 9, 2021Experienced CPA financial planners share best practices to help you establish yourself as a trusted adviser and ensure a successful and productive engagement.
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We’re Hiring!
June 8, 2021Our top ranked firm is seeking a Senior Healthcare Accountant.
Job Description:
Position will prepare Medicare and Medicaid cost reports from start to finish under the training and supervision of a manager and partner. Special reimbursement projects will also be under the training and supervision of a partner.READ MORE
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New standard addresses investments, specialist matters
June 8, 2021A new standard issued by the AICPA Auditing Standards Board provides guidance on auditing the fair value of financial instruments, with a focus on the use of pricing services. The ASB also modernized its standards related to the use of specialists by management and auditors.
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Internal audit has pivotal role in ESG reporting
June 7, 2021Reporting on environmental, social and governance information is becoming increasingly important. Internal audit’s independent advisory and assurance work can help organizations get it right.
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What is a global minimum tax and what will it mean?
June 5, 2021Finance ministers for the G7 reached an agreement on Saturday supporting a global minimum tax rate of at least 15%. Here’s how it would work and what might happen next.
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Duhnke removed as PCAOB chair as transition to new board begins
June 4, 2021PCAOB Chair William Duhnke III was removed from his position on the board as the SEC named Duane DesParte as acting chair. The SEC announced that it intends to seek candidates to fill all five positions on the PCAOB.
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SBA reports first 50 Shuttered Venue Operator Grants
June 4, 2021The US Small Business Administration reported its first set of grants from the $16.25 billion Shuttered Venue Operator Grants program.
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Rising optimism outweighs concerns about labor shortages, inflation
June 3, 2021U.S. finance decision-makers are mainly positive for the coming year for their businesses and the domestic economy, according to a quarterly survey.
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GASB publishes implementation guidance on various issues
June 2, 2021Derivative instruments, fiduciary activities, leases and nonexchange transactions are among the accounting issues discussed in an implementation guide issued by GASB.
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GASB addresses accounting changes and error corrections
June 1, 2021Accounting and financial reporting requirements that have been followed since the 1970s would change under guidance for accounting changes and error corrections proposed by the Governmental Accounting Standards Board.
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Use this formula to build trust with clients
June 1, 2021Accountants can position themselves as more trustworthy by working through the classic “trust equation” developed by David Maister, Charles Green, and Robert Galford. Angie Grissom, owner of The Rainmaker Companies, illustrates how to do so.
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President’s budget contains many tax proposals
May 28, 2021The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden Administration includes a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.
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President's budget contains many tax proposals
May 28, 2021The proposed $6 trillion fiscal year 2022 budget unveiled by the Biden Administration includes a host of tax items, including proposals to raise the corporate tax rate, raise the top tax rate for high-income individuals, limit like-kind exchanges, and make permanent recent temporary changes to various tax credits.
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Auditors may see increased demand for ESG attestation
May 28, 2021Regulators and standard setters are promulgating new requirements for environmental, social and governance information, and that may lead many companies to call upon external auditors to examine their ESG disclosures.
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Draft employer’s payroll tax return incorporates ARPA changes
May 27, 2021A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.
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Draft employer’s payroll tax return incorporates ARPA changes
May 27, 2021A proposed new version of Form 941, Employer’s Quarterly Federal Tax Return, reflects relief provisions of the American Rescue Plan Act.
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5 trends to watch during the pandemic recovery
May 26, 2021Inflation fears, labor shortages and real estate issues all are top-of-mind as the US appears to be emerging from the COVID-19 pandemic. Former CNBC Chief Economist Marci Rossell provided AICPA Council members with advice Wednesday on what to expect in the weeks and months ahead.
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AICPA & CIMA issue new nonauthoritative guidance for auditing digital assets
May 25, 2021AICPA & CIMA released additional nonauthoritative guidance addressing issues related to the auditing of digital assets such as bitcoin and ether. The material covers topics such as risk assessment; processes and controls; laws and regulations; and related parties.
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Accounting profession continues to zero in on DEI issues
May 24, 2021After a year of heightened focus on diversity, equity and inclusion issues, leaders of the accounting profession are continuing in their commitment to make strides in this area. Accountability and transparency related to these issues will be pivotal in the coming years.
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Sorting out tax exempts’ UBTI painlessly
May 24, 2021To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.
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Sorting out tax exempts’ UBTI painlessly
May 24, 2021To help exempt organizations “silo,” or separately compute, their unrelated business or trade income, three experts who will be giving a presentation on the topic at the upcoming Not-for-Profit Industry Conference offer their thoughts.
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Helpful feedback: Give it. Receive it. Encourage it.
May 24, 2021Providing and receiving professional critiques can be challenging. Operating with empathy and authenticity can help.
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Advice for building trust when everything’s changing
May 20, 2021Examples from finance professionals show how they’ve found a way to lead amidst major change.
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COBRA premium assistance credit under ARPA clarified
May 19, 2021The IRS answered questions concerning COBRA continuation coverage premium assistance and the corresponding tax credit that employers, plan administrators, and insurers may claim under the American Rescue Plan Act.
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COBRA premium assistance credit under ARPA clarified
May 19, 2021The IRS answered questions concerning COBRA continuation coverage premium assistance and the corresponding tax credit that employers, plan administrators, and insurers may claim under the American Rescue Plan Act.
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Restaurant Revitalization Fund to stop accepting applications Monday
May 19, 2021Restaurants and other eating establishments have until Monday, May 24, at 8 p.m. ET to submit applications to the Restaurant Revitalization Fund (RRF), the SBA announced.
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Diverse faculty attracts diverse students
May 19, 2021Professors can shape a student’s experiences, influencing whether students take a course or pursue a career because the person at the front of the classroom looks like them. The first Black CPA Ph.D.s have played an important role in attracting generations of future Black CPAs.
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How nonfilers can claim advance child tax credit payments
May 18, 2021The IRS explained in a revenue procedure how individuals can claim advance child tax credit payments and stimulus payments if they are not required to file 2020 federal income tax returns.
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How nonfilers can claim advance child tax credit payments
May 18, 2021The IRS explained in a revenue procedure how individuals can claim advance child tax credit payments and stimulus payments if they are not required to file 2020 federal income tax returns.
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How to ask for a raise when the pandemic nears its end
May 18, 2021Picking the right time and being ready to communicate your value can help you get to “yes.”
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A new road map for risk assessment, audit work
May 17, 2021Careful analysis and thought-provoking discussion contribute to high-quality risk assessment in auditing. A proposed new standard is designed to lead to improvement in this area.
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Supreme Court: Microcaptive reporting challenge may go forward
May 17, 2021Reversing the Sixth Circuit, the Supreme Court held that an injunction sought against an IRS notice is not barred by the Anti-Injunction Act because it challenges a reporting requirement and not a tax.
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Supreme Court: Microcaptive reporting challenge may go forward
May 17, 2021Reversing the Sixth Circuit, the Supreme Court held that an injunction sought against an IRS notice is not barred by the Anti-Injunction Act because it challenges a reporting requirement and not a tax.
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Taxpayers deserve pandemic penalty relief, AICPA says
May 17, 2021In a letter to the IRS and Treasury, the AICPA recommended, in light of the ongoing COVID-19 pandemic, that the IRS implement fair, reasonable and practical penalty relief measures, including targeted relief from both the underpayment-of-estimated-tax penalty and the late-payment penalty for the 2020 tax year.
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Taxpayers deserve pandemic penalty relief, AICPA says
May 17, 2021In a letter to the IRS and Treasury, the AICPA recommended, in light of the ongoing COVID-19 pandemic, that the IRS implement fair, reasonable and practical penalty relief measures, including targeted relief from both the underpayment-of-estimated-tax penalty and the late-payment penalty for the 2020 tax year.
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PCAOB proposal addresses international oversight challenges
May 13, 2021The Public Company Accounting Oversight Board proposed a framework that would guide its actions when its oversight activities are stymied by authorities in other jurisdictions.
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Tips for lease accounting amid financial uncertainty
May 13, 2021Many private companies and not-for-profits are adopting new lease accounting standards, and public companies that have adopted the guidance are applying it amid a pandemic-fueled surge in lease renegotiations.
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Restaurant Revitalization Fund faces huge funding shortfall
May 12, 2021Restaurants and other hard-hit providers of on-site food and beverage have flooded the Restaurant Revitalization Fund (RRF) with $65 billion in grant requests, more than double the amount of money allocated to the program.
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6 key areas of paid tax preparer regulation highlighted in AICPA letter to Congress
May 12, 2021The Biden administration says the IRS should be given the authority to regulate paid tax return preparers who are currently unregulated, and the AICPA offers its recommendations in six key areas.
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6 key areas of paid tax preparer regulation highlighted in AICPA letter to Congress
May 12, 2021The Biden administration says the IRS should be given the authority to regulate paid tax return preparers who are currently unregulated, and the AICPA offers its recommendations in six key areas.
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IRS clarifies pandemic relief for dependent care assistance programs
May 11, 2021Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.
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IRS clarifies pandemic relief for dependent care assistance programs
May 11, 2021Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.
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SBA sending first $2 billion in Restaurant Revitalization Fund payments
May 10, 2021A week after opening the Restaurant Revitalization Fund, the US Small Business Administration is sending out a first round of payments totaling $2 billion to more than 16,000 restaurants and other eligible food and beverage providers.
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2022 HSA, excepted-benefit HRA amounts increase slightly
May 10, 2021Maximum health savings account annual contributions will increase by $50 to $3,650 for self-only and $100 to $7,300 for family coverage for 2022. Inflation adjustments in Rev. Proc. 2021-25 also increase maximum out-of-pocket expenses for high-deductible health plans.
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2022 HSA, excepted-benefit HRA amounts increase slightly
May 10, 2021Maximum health savings account annual contributions will increase by $50 to $3,650 for self-only and $100 to $7,300 for family coverage for 2022. Inflation adjustments in Rev. Proc. 2021-25 also increase maximum out-of-pocket expenses for high-deductible health plans.
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Pandemic government relief: Details, allocations provided
May 10, 2021Treasury on Monday provided details and allocations for state, local, territorial and tribal government pandemic relief totaling $350 billion that was established under the American Rescue Plan Act.
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3 ways to defeat imposter syndrome — and build executive presence
May 10, 2021Feelings of “intellectual fraud” could affect an estimated 70% of the U.S. population. For finance leaders, adopting a questioning style and making a specific plan can help.
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AICPA seeks exemption for CPA firms from expected beneficial ownership registry
May 6, 2021The AICPA is requesting that all licensed or registered CPA firms be exempted from forthcoming rules that require beneficial ownership information to be reported by small businesses to the Financial Crimes Enforcement Network (FinCEN).
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SBA unveils initial Restaurant Revitalization Fund results
May 6, 2021The Restaurant Revitalization Fund received more than 186,000 applications from restaurants and other eligible businesses the first two days after its application window opened May 3.
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Single audit: Pandemic aid and major program determinations
May 6, 2021As pandemic relief adds to funding that needs to be considered in a single audit, it’s important to remember that the rules in the Uniform Guidance still prevail.
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AI presents opportunities for cost optimization in manufacturing
May 5, 2021Artificial intelligence and machine learning can drive more efficient operations and more effective growth for manufacturers. Here’s how the technology is being used to monitor for defects, schedule preventive maintenance and improve forecasting accuracy.
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FASB proposes hedge accounting changes
May 5, 2021FASB issued a proposal that would expand the current single-layer hedging model and is intended to better align hedge accounting with an organization’s risk management strategy.
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SBA stops accepting new PPP applications from most lenders as general funds run out
May 5, 2021The SBA has informed lenders that it is no longer accepting new applications from most lenders for the Paycheck Protection Program because the $292 billion program’s general fund is nearly exhausted.
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What auditors and audit committees need to know about SPACs
May 4, 2021Interest in special-purpose acquisition companies is growing among investors and regulators. The Center for Audit Quality has considerations for auditors and audit committees to keep in mind regarding SPACs.
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4 reopening mistakes employers must avoid
May 4, 2021As firm leaders prepare for a post-pandemic work world, they should take care to plot a path that steers clear of potential pitfalls — four of which are explored in this article.
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CPA Evolution Model Curriculum FAQs
May 4, 2021Jan Taylor-Morris, academic in residence at the Association of International Certified Professional Accountants, representing AICPA & CIMA, gives answers to some of the most frequently asked questions about the CPA Evolution Model Curriculum launching this June.
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Tax returns are underrated financial planning tools
May 4, 2021Tax time provides an excellent opportunity to create or update a financial strategy. By examining your tax returns, you can glean information that can help you build a financial plan.
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FASB clarifies accounting for certain call option modifications
May 3, 2021FASB issued a standard that is intended to clarify an issuer’s accounting for certain modifications of freestanding equity-classified written call options that remain equity-classified after modification or exchange.
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Leading and managing amid disruptive demographics
April 29, 2021Paying attention to demographic trends can help organizational leaders make wise, forward-looking decisions. Those who ignore these statistics risk being left behind.
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A new risk matrix for blockchain implementation
April 29, 2021A new joint publication from AICPA & CIMA and ISACA provides a risk matrix that identifies risk in five key domains — governance, infrastructure, data, key management and smart contracts.
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Registration opens for Restaurant Revitalization Fund
April 27, 2021Registration for the Restaurant Revitalization Fund (RRF) will begin at 9 a.m. ET on Friday, April 30, and the SBA will begin accepting applications on Monday, May 3, at noon ET.
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Resilience lessons for women accountants
April 27, 2021Fortitude, mentoring and lifelong learning can help women navigate their careers in the accounting profession, according to three women leaders who shared their stories.
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Financial fears spike for young adults amid pandemic
April 27, 2021More than half of Americans said their financial situation caused them stress during the pandemic, according to an AICPA survey. Younger Americans were particularly affected, with three-quarters of 18- to 24-year-olds reporting financial anxiety.
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2021 child tax credit, EITC, and premium tax credit limits updated
April 26, 2021The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.
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2021 child tax credit, EITC, and premium tax credit limits updated
April 26, 2021The IRS issued guidance on the amount of and limitations on the child tax credit, earned income tax credit, and premium tax credit available for taxpayers for the 2021 tax year as a result of changes to those provisions enacted by the American Rescue Plan Act of 2021, P.L. 117-2.
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How a church can prevent fraud without compromising its values
April 23, 2021Religious organizations are vulnerable to fraud precisely because of the tenets of trust and forgiveness that define them, and the pandemic has led to increased risks. CPAs are in a position to advise churches on steps they can take to reduce fraud risk without compromising their principles.
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Shuttered Venue Operators Grant portal begins accepting applications
April 23, 2021The Shuttered Venue Operators Grant (SVOG) program officially opened Monday, with venue operators reporting successful uploads of applications for funding from the $16.25 billion program.
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Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns
April 22, 2021The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.
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Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns
April 22, 2021The IRS issued guidance on a safe harbor permitting qualifying taxpayers who have PPP loans, who did not deduct expenses related to those loans paid or incurred in 2020 on their 2020 returns, to deduct the expenses on their returns for the immediately subsequent tax year, instead of on an amended return or administrative adjustment request for the 2020 tax year.
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Can accounting firms mandate vaccines?
April 21, 2021There are many legal and human resources considerations firms must weigh before crafting a vaccine policy for their staff.
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IRS extends e-signature authorization for 6 months
April 20, 2021In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.
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IRS extends e-signature authorization for 6 months
April 20, 2021In response to the coronavirus pandemic, the IRS issued guidance extending the temporary authorization to issue a number of IRS forms using electronic signatures from June 30, 2021, through Dec. 31, 2021.
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House passes bill protecting banking services for legal cannabis
April 19, 2021The US House of Representatives passed a bill that would prevent federal prosecution of a depository institution providing banking services to a legitimate cannabis business. Protections also would be provided to provision of ancillary services that are expected to be interpreted to include CPA services.
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Restaurant Revitalization Fund details come into focus
April 19, 2021The Restaurant Revitalization Fund aid program’s application portal will be tested in a seven-day pilot ahead of the application’s launch. The SBA revealed key details for the program, including funding calculations.
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Tips for for-profits applying NFP accounting rules for PPP funds
April 19, 2021For-profit entities are permitted to use the not-for-profit conditional contribution accounting model to account for Paycheck Protection Program loans. The accounting requires reasoned judgment, careful evaluation of barriers and thorough documentation.
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SBA aims to reopen Shuttered Venue Operators Grant portal this week
April 19, 2021The SBA has targeted the end of this week for reopening the application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program. Technical problems forced the SBA to close the portal for repairs only hours after it opened on April 8.
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Legislative threat to CPA licensure stalls in West Virginia
April 16, 2021A bill that would have weakened requirements for occupational licensing stalled in West Virginia, but the work to maintain appropriate licensing standards is not finished for CPAs.
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How nonfungible tokens work and where they get their value
April 15, 2021A cryptocurrency expert explains the basics of NFTs and the business and buzz behind them.
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EBP audits: Document so your steps can be retraced
April 15, 2021Thorough documentation demonstrates the quality that a practitioner has delivered in any audit. Amid the coronavirus pandemic, documentation provides auditors an opportunity to show they are on top of the many changes that plans may have undergone.
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Quiz: More deduction limitations for business meals and entertainment
April 15, 2021Test your knowledge of the rules for deductibility for business-related food and beverages and/or entertainment and how much, if any, of a given expenditure can be claimed as an ordinary and necessary expense of conducting a trade or business under Sec. 162.
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IRS extends penalty relief for pandemic payroll credits
April 14, 2021The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.
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IRS extends penalty relief for pandemic payroll credits
April 14, 2021The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.
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Breaking a barrier: The first Black partner of Big Eight firm
April 14, 2021In 1971, 50 years after the first Black CPA received his license, Elmer J. Whiting Jr. became the first Black partner of one of the nation’s largest accounting firms. His achievement helped to influence and inspire his firm, his community and ambitious professionals following his footsteps.
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Offensive acronym leads to GASB's name change proposal
April 13, 2021The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”
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IRS explains new treatment of excess premium tax credits
April 12, 2021The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.
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IRS explains new treatment of excess premium tax credits
April 12, 2021The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.
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EBP tax compliance testing tips
April 12, 2021Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.
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ASB extends comment period for quality management ED
April 9, 2021The AICPA Auditing Standards Board has extended the comment period through Aug. 31 for an exposure draft of three interrelated proposed standards that would change the way firms manage quality in their accounting and auditing practices.
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How hiring practices have shifted as a result of the pandemic
April 9, 2021Companies should consider benefits and challenges of hiring workers outside their geographic area.
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AICPA recommendations on Q1 estimates and 2020 Form 709 extensions
April 8, 2021The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.
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AICPA recommendations on Q1 estimates and 2020 Form 709 extensions
April 8, 2021The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.
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Shuttered Venue Operators Grant program closes for repairs on its opening day
April 8, 2021The SBA opened its new application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program, but shut it down for repairs due to “technical difficulties” that prevented the platform from accepting applications.
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IRS explains which meals qualify for temporary 100% expense deduction
April 8, 2021The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
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Bill to postpone estimated tax due date to be introduced in Congress
April 8, 2021Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.
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PCAOB's 2021 inspections target pandemic concerns, predictability
April 6, 2021The effects of the coronavirus pandemic on companies’ financial reporting will be a focus of the PCAOB’s inspections in 2021. The board also will strive to become less predictable in the audits and subject areas reviewed by inspectors.
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How to claim the employee retention credit for the first half of 2021
April 5, 2021The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.
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GAO: Guidance for single audits should be more timely, responsive
April 1, 2021A US Government Accountability Office report has concluded that yearly federal guidance provided to single audit practitioners should be more timely and more responsive to auditors’ input and needs.
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Members of Congress request estimated tax deadline postponement
April 1, 2021A bipartisan group of 60 members of Congress wrote the IRS, urging that the deadline for first quarter 2021 federal estimated tax payments be postponed until May 17.
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IRS to automatically issue refunds on tax-free unemployment benefits
April 1, 2021To help taxpayers who might otherwise have been required to file amended income tax returns, the IRS announced that, beginning in May and continuing into the summer, it will automatically issue to eligible taxpayers refunds of income tax paid on 2020 unemployment benefits.
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IRS provides details on April 15 postponement
March 29, 2021The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.
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PCAOB establishes new advisory group for standard setting
March 29, 2021The Public Company Accounting Oversight Board has formed a new, 18-person advisory group that will provide insights for the board’s standard-setting activities.
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NOCLAR: Proposals aim to help CPAs find the right balance
March 29, 2021It can be difficult for a CPA to decide how to proceed if they identify or suspect a client’s or employer’s noncompliance with laws or regulations. New proposals are designed to help CPAs fulfill their ethical responsibilities.
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Amounts paid for personal protective equipment qualify for medical deduction
March 26, 2021The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.
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Biden signs PPP deadline extension into law
March 25, 2021The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law.
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PPP quiz: 5 frequently asked questions
March 25, 2021Businesses and the CPAs who serve them have many questions about the administration and implementation of the Paycheck Protection Program. See if you can answer some of the questions most often asked of the AICPA’s PPP experts.
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Deadline for certain single audits delayed because of pandemic
March 25, 2021The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.
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Number of US companies planning space reduction grows slightly
March 25, 2021Questions asked as part of a quarterly economic sentiment survey show that more companies expect to cut back on office space in the coming year.
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SBA eyes early April to begin Restaurant Revitalization Fund rollout
March 25, 2021The SBA is targeting early April to launch a phased rollout of the $28.6 billion Restaurant Revitalization Fund.
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SBA raises COVID-19 EIDL loan limit to $500,000
March 24, 2021The SBA announced that starting the week of April 6 it will more than triple the maximum amount that small businesses and nonprofits can borrow under the COVID-19 Economic Injury Disaster Loans (EIDL) program.
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Tax filing postponement doesn't go far enough, AICPA says
March 23, 2021The IRS has postponed individual returns’ due date to May 17, but June 15 remains a more appropriate date for many reasons, the AICPA says.
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Shuttered Venue Operators Grant program to open April 8
March 19, 2021The SBA will begin accepting Shuttered Venue Operators Grant applications on April 8. Entities interested in applying can sign up for updates via a splash page for the new SVOG application portal.
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LinkedIn tips for accountants and finance professionals
March 19, 2021Accountants should rethink their approach to virtual networking in a post-COVID-19 landscape.
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New PPP guidance implements changes from American Rescue Plan Act
March 18, 2021The SBA issued an interim final rule incorporating revisions to the Paycheck Protection Program made by the American Rescue Plan Act. The new guidance also rules that entities that receive a Shuttered Venue Operators Grant cannot subsequently receive a PPP loan.
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Vacation and sick day accruals during the pandemic
March 18, 2021Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.
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IRS postpones April 15 deadline
March 17, 2021The IRS announced that it is postponing the April 15 deadline for individual tax returns and payments. The postponement applies only to individual taxpayers. Formal guidance is expected in the near future.
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Federal aid could hobble new state tax cuts and credits
March 17, 2021The American Rescue Plan Act’s $350 billion in “fiscal recovery” aid to states comes with a big string attached — the states may not use the money to offset new tax credits or other revenue reductions.
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Cybersecurity requirements provide new opportunity for CPAs
March 17, 2021CPAs can be engaged as third-party assessors of US defense contractors’ compliance with new cybersecurity requirements.
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House passes PPP deadline extension in 415-3 vote
March 17, 2021The U.S. House of Representatives voted 415-3 Tuesday night to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 moves the PPP application deadline from March 31 to May 31 and allots an additional 30 days for processing applications received by May.
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AICPA asks for guidance on S corp. and partnership PPP loan forgiveness
March 16, 2021In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it occurs during a different tax period.
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Climate change disclosure comments sought by SEC
March 15, 2021The Securities and Exchange Commission is seeking public comment on its disclosure rules and guidance related to climate change disclosures.
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SBA defers EIDL payments until 2022
March 15, 2021The SBA extended deferral periods for all disaster loans, including those made through the COVID-19 Economic Injury Disaster Loan (EIDL) program. With the deferral, small businesses that received a COVID-19 EIDL loan won’t have to make a first payment on the loan until next year.
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Opening doors for others: The first Black woman to become a CPA
March 15, 2021In 1943, Mary T. Washington Wylie became the nation’s first Black woman to earn the CPA license. Her life illustrates the difference that one enterprising professional can make for many future generations.
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SBA targets early April for Shuttered Venue Operators Grant launch
March 12, 2021The SBA expects to begin accepting Shuttered Venue Operators Grant applications early next month, an agency spokesperson confirmed. The SBA also released an updated pre-application checklist clarifying the requirements for applicants to submit audited financial statements and single audits.
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Wanted: More systems and analytics training for accounting students
March 12, 2021College and university accounting departments should update their curricula to meet the demands of practice, an AICPA-NASBA gap analysis survey found.
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Buyer beware: Celebrity-endorsed SPACs
March 11, 2021Investors shouldn’t base investing decisions on celebrity involvement in a special-purpose acquisition company, the SEC warned.
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American Rescue Plan Act passes with many tax components
March 10, 2021The $1.9 trillion coronavirus relief bill that passed Congress contains many tax provisions, including changes to the child tax credit and many other credits, making certain unemployment benefits tax-free in 2020, and a $1,400 recovery rebate credit for many individuals.
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House gives final approval to $1.9 trillion pandemic aid bill
March 10, 2021The bill contains numerous tax provisions, including a $1,400 rebate for individuals. It also extends federal unemployment benefits and provides funds for small businesses, COVID-19 vaccination and testing, K-12 schools and colleges and universities, and state and local governments.
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AICPA’s Simpson pushes for PPP deadline delay at congressional hearing
March 10, 2021The AICPA’s vice president for Firm Services, Lisa Simpson, CPA, CGMA, told a congressional committee during a hearing that Congress should push back the application deadline for the Paycheck Protection Program by at least 60 days.
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PEEC addresses ‘Records Requests,’ limits on loaning staff to attest clients
March 10, 2021The AICPA Professional Ethics Executive Committee issued an amendment that clarifies the responsibilities of AICPA members responding to client requests for client-provided records. PEEC also limited firms’ ability to loan staff to attest clients.
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AICPA takes case for PPP deadline delay to Congress
March 9, 2021The AICPA sent a letter encouraging congressional leaders to push back the Paycheck Protection Program’s March 31 application deadline at least 60 days.
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SBA issues guidance but no start date for Shuttered Venue Operators Grant program
March 9, 2021The SBA recently released fresh guidance for the Shuttered Venue Operators Grant (SVOG) program, but the agency still cannot say when the $15 billion program will start accepting applications.
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CPAs urged to be voice of calm in PPP storm
March 8, 2021Rule changes, deadline pressures, and ongoing processing problems with the Paycheck Protection Program are causing high levels of frustration and anxiety among many small businesses. This creates an opportunity for CPAs to provide calm guidance for stressed clients.
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Senate passes amended $1.9 trillion COVID-19 stimulus bill
March 6, 2021The Senate approved a $1.9 trillion pandemic economic relief bill on Saturday. The bill will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.
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AICPA calls on SBA to change 'unfair' PPP guidance, deadline
March 5, 2021The AICPA reiterated its recommendation that the SBA delay the end of the Paycheck Protection Program (PPP) application period by at least 60 days and also urged the SBA to make retroactive new rules issued this week changing the formula sole proprietors use to calculate their maximum loan amounts.
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AICPA recommends Circular 230 changes
March 5, 2021In response to a request for comments about planned revisions to Circular 230, Regulations Governing Practice Before the IRS, the AICPA sent a letter making recommendations to the director of the IRS’s Office of Professional Responsibility.
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FASAB reappoints Scott for second term as chair
March 5, 2021The Federal Accounting Standards Advisory Board’s sponsors reappointed George Scott, CPA, CGMA, for a second term as the board’s chair.
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AICPA requests tax deadline postponements until June 15
March 4, 2021In a letter, the AICPA asked the IRS to postpone until June 15, 2021, all 2020 federal income tax and information returns and payments (e.g., extension and estimated payments) originally due April 15, 2021.
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New SEC enforcement task force to focus on climate, ESG compliance
March 4, 2021The Securities and Exchange Commission announced that it is creating a new Climate and ESG Task Force to identify compliance problems related to environmental, social and governance issues.
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Economic confidence recovers to near pre-pandemic levels for finance leaders
March 3, 2021Sentiment has risen for three consecutive quarters in a quarterly survey of CPA executives in business and industry. Revenue and profit are projected to increase in the next year.
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PPP borrowers can use gross income, SBA rules
March 3, 2021Paycheck Protection Program rules released by the SBA allow self-employed individuals who file a Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit.
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GASB proposes new guidance on compensated absences
March 3, 2021Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.
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Will states be able to extend their tax filing seasons?
March 3, 2021An AICPA expert details some of the factors that could affect changes to filing dates.
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AICPA urges Congress to extend PPP deadline
March 2, 2021The American Institute of CPAs, citing ongoing processing problems with the Paycheck Protection Program, called on Congress to extend the program’s application deadline past the current March 31 date. The AICPA is recommending an extension of at least 60 days.
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IRS issues employee retention credit guidance
March 2, 2021The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.
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Assessing goodwill impairment amid COVID-19
March 2, 2021Goodwill impairment has become an area of increased focus since the beginning of the coronavirus pandemic. Here’s what CPAs need to know about goodwill impairment at this challenging time.
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Quiz: Tax deduction limitations for business meals and entertainment
March 1, 2021Here’s a chance to test your knowledge of the rules for deductibility for business-related food and beverages and/or entertainment and how much, if any, of a given expenditure can be claimed as an ordinary and necessary expense of conducting a trade or business under Sec. 162.
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House passes $1.9 trillion stimulus bill with a variety of small business relief
February 27, 2021The $1.9 trillion economic relief bill passed by the House of Representatives includes $25 billion for restaurants as well as additional funding for EIDL advance payments and the PPP. The bill also includes $1,400 stimulus payments to individuals and extends unemployment insurance supplements.
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Tax provisions in the American Rescue Plan Act
February 27, 2021The stimulus bill passed by the House contains many tax provisions, including a new round of economic stimulus payments, tax credits for COBRA continuation coverage, and expansions of the child tax credit, the earned income credit, and the child and dependent care credit.
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Automation to drive big shifts in corporate reporting
February 25, 2021A smarter and more automated operating model for corporate reporting is on the horizon, according to results of a new EY survey.
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New proposals would provide guidance on CPAs' NOCLAR duties
February 25, 2021Complementary proposals by the AICPA Professional Ethics Executive Committee and the AICPA Auditing Standards Board would provide guidance for CPAs on their responsibilities related to noncompliance with laws and regulations.
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Alaska, Maine, and Oklahoma weigh CPA firm mobility bills
February 25, 2021Alaska, Maine, and Oklahoma are the latest states to consider CPA firm mobility legislation, which allows CPA firms that meet certain licensing requirements to provide their services across state lines in order to serve clients without the need to obtain an additional license.
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SEC places new focus on climate-related disclosures
February 24, 2021The SEC’s Division of Corporation Finance will place greater focus on climate-related disclosures in public company filings after a directive issued by SEC Acting Chair Allison Herren Lee.
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AICPA seeks certainty on filing deadline and relief for 2020 tax year
February 24, 2021The AICPA has written to Treasury and the IRS, calling for certainty about the April 15 tax filing and payment deadline and for underpayment and late-payment penalty relief during the COVID-19 pandemic.
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Value of licensure reaffirmed by new research report
February 23, 2021As the pandemic continues, and licensing issues keep getting prioritized on legislative agendas, the AICPA is monitoring occupational licensing bills to ensure they do not harm the profession and the public.
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New PPP changes attempt to ease smallest businesses' access
February 22, 2021The White House said it will allow only businesses with fewer than 20 employees to apply for PPP loans during a two-week period starting Wednesday. The administration also will change the PPP loan calculation formula to help sole proprietors, independent contractors and self-employed individuals receive more financial support.
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PPP processing delays continue
February 21, 2021Anti-fraud screenings by the SBA are delaying the processing of Paycheck Protection Program loan applications, sometimes for weeks, AICPA executives said during an online Town Hall.
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IRS provides cafeteria plan relief for the pandemic
February 19, 2021The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.
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Black CPA Centennial celebrates first Black CPA
February 18, 2021John W. Cromwell Jr., the son of a former slave, overcame many obstacles in his life to earn his place in history as the nation’s first Black CPA in 1921. His story is an inspiration and lesson in tenacity for future generations of Black accountants.
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From the filings: Supply chain lessons from the pandemic
February 18, 2021Industrial giants 3M, Arrow Electronics, and Caterpillar explain how they navigated disruptions.
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A road map for ESG disclosures and assurance
February 17, 2021As interest grows in environmental, social and governance information, a new resource provides insights for auditors to assist their clients with ESG disclosures and assurance.
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Single audits: Deliver high quality in a challenging time
February 11, 2021The federal funding surge that accompanied the coronavirus pandemic has made single audits more challenging than ever. But now that the rules have been released, practitioners need to focus on delivering high-quality single audits in this difficult time.
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SBA announces PPP process changes
February 10, 2021The US Small Business Administration said that it is updating the Paycheck Protection Program’s processes and application platform to speed up the flow of funds to small businesses.
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FASB approves private company and NFP goodwill triggering event alternative
February 10, 2021Private companies and not-for-profits will have an option to perform goodwill impairment triggering event assessments at the reporting date (versus on the date of a triggering event as currently required), under an accounting alternative FASB voted to approve.
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Virtual accounting: How to succeed remotely
February 10, 2021Founders of a fully virtual accounting firm share how accountants can succeed at working remotely now and after the pandemic is over.
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Senate shows bipartisan support for mobile workforce tax legislation
February 5, 2021The Senate voted to make room in the FY 2021 budget resolution for mobile workforce legislation. Details of the budget still must be negotiated, but the vote creates the possibility that mobile workforce legislation, which the AICPA strongly supports, will be enacted this year.
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5 steps for reliable ESG reporting amid growing demand
February 5, 2021The demand for environmental, social, and governance reporting is increasing. CPAs have a critical role in meeting that demand, and companies can take action now to enable enhanced ESG reporting.
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Eligible educators may deduct personal protective equipment expenses
February 5, 2021The IRS issued guidance providing a safe harbor under which eligible educators who have unreimbursed expenses for personal protective equipment, disinfectant, and other supplies used to prevent the spread of COVID-19 in the classroom can deduct those expenses as educator expenses.
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New standards continue drive toward better audits
February 5, 2021With new quality management standards, standard setters are providing opportunities for audit firms to drive continuous improvement in their engagements.
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New approach to quality management proposed by ASB
February 4, 2021The AICPA Auditing Standards Board proposed a new approach to quality management that will include scalable, risk-based assessments that can be tailored to the circumstances of an individual firm.
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AICPA raises PPP concerns with SBA
February 4, 2021The AICPA sent a letter urging the US Small Business Administration to address problems small businesses are encountering when trying to apply for Paycheck Protection Program forgivable loans.
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Why it’s romantic to talk about money
February 4, 2021Nearly three-quarters (73%) of US adults living with a spouse or partner said financial decisions have caused tension in their relationship, an AICPA survey found.
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IRS requires corrected information returns for certain SBA loans
February 2, 2021The IRS issued guidance requiring lenders who mistakenly sent Forms 1099-MISC reporting loan payments that are permitted to be excluded from the taxpayer’s gross income under the Consolidated Appropriations Act, 2021, to send corrected forms.
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PPP advice for firms: Preach patience to clients
February 1, 2021Accounting firms are juggling competing client demands thanks to tax season coinciding with the reopening of the Paycheck Protection Program. How can firms keep from dropping the ball? It starts with taking the time to do the job right.
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Maryland’s Tom Hood joins the Association of International Certified Professional Accountants
February 1, 2021Tom Hood, the longtime CEO of the Maryland Association of CPAs (MACPA), has joined the leadership team of the Association of International Certified Professional Accountants as executive vice president of business growth and engagement.
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SBA issues FAQs for Shuttered Venue Operators Grants
February 1, 2021New guidance from the US Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant program but does recommend actions potential applicants should be taking now while the SBA builds the application platform for the $15 billion COVID-19 relief initiative.
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Beware of identity theft scam involving unemployment benefits
January 29, 2021The IRS warned taxpayers that identity thieves are fraudulently claiming state unemployment benefits using stolen taxpayer identities. Here is what taxpayers should do if they receive a Form 1099-G reporting state unemployment benefits they did not receive.
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FASB simplifies revenue recognition for private company franchisors
January 28, 2021FASB issued a standard that simplifies revenue recognition for pre-opening activities for private company franchisors.
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Employee retention credit changes leave practitioners with questions
January 28, 2021The IRS issued guidance on two aspects of the employee retention credit — how to claim the credit when filing the fourth quarter Form 941 when the taxpayer knows its loan under the PPP will not be forgiven and how the newly extended and amended employee retention credit will apply.
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Identity theft a risk to consumers as online purchases increase
January 28, 2021Amid a pandemic-related surge in online shopping, identity theft poses a more significant risk to consumers. Nearly 1 in 5 Americans experienced identity theft attempts, according to a new AICPA survey.
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Not-for-profit auditors face new challenges amid pandemic
January 27, 2021Remote auditing, new risks, going concern issues and changes in internal controls give not-for-profit auditors a long list of challenges to meet as a result of the pandemic. Here’s what practitioners should keep in mind.
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SBA announces steps to improve PPP review process
January 26, 2021The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.
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6 tips for CPAs on newest round of PPP funding
January 21, 2021A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.
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Partner capital account reporting gets transition penalty relief
January 20, 2021Errors by partnerships in reporting partners’ tax capital accounts under new rules for 2020 may be excused, the Internal Revenue Service outlined.
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IRS explains extended payroll tax due dates
January 20, 2021The IRS issued updated procedures for the deferred employee portion of employment tax payments, which were further extended from April 30, 2021, to Dec. 31, 2021, by year-end legislation.
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Updated PPP loan forgiveness applications and rules unveiled
January 20, 2021The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.
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Some individual taxpayers get relief from underpayment penalty
January 19, 2021The IRS granted individual taxpayers a waiver from the penalty for underestimated tax due solely to the amendment to Sec. 461(l)(1)(B) in the CARES Act repealing the excess business loss limitations for years before 2021.
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Taxpayers need clarity on coordination of ERC and PPP loans
January 19, 2021The AICPA asked the IRS and Treasury to clarify that the filing of a Paycheck Protection Program loan forgiveness application is not an election by the taxpayer to forgo the employee retention credit for wages reported on the application exceeding the amount of wages necessary for loan forgiveness.
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PPP calculations guidance released
January 19, 2021The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.
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Tax filing season to start Feb. 12, IRS announces
January 15, 2021The IRS announced that it will start accepting 2020 tax returns on Feb. 12, a later date than usual. The delay stems from programming changes needed to account for year-end tax legislation.
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Individual CPAs can apply for .cpa web domain Friday
January 14, 2021Licensed CPAs can apply for individual .cpa domains beginning Jan. 15, the AICPA announced. Thousands of firms and approved organizations applied for the top-level domain during their application window, which was open from Sept. 1.
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Guidance issued for PPP first-draw loan increases, reapplications
January 14, 2021New procedural guidance from the SBA outlines the processes Paycheck Protection Program borrowers and their lenders must follow to reapply for a first-draw PPP loan or request an increase to a loan approved by Aug. 8, 2020, which is when the first iteration of PPP stopped accepting applications.
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PPP application dates announced
January 13, 2021Lenders with $1 billion or less in assets can start making Paycheck Protection Program loans on Friday, the U.S. Small Business Administration and Treasury announced. The application window will open for all lenders Jan. 19.
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AICPA encourages firms to aggressively advance PPP applications
January 13, 2021The AICPA said Wednesday that it expects SBA and Treasury to open the Paycheck Protection Program’s application window to all lenders by Friday. The AICPA is also encouraging firms to advance the application process for small business clients seeking relief.
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Deterring and detecting fraud at a time of heightened risk
January 12, 2021Fraud risks have increased as a result of the coronavirus pandemic. A new report by the Anti-Fraud Collaboration provides strategies for mitigating those risks.
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Final regs. govern deductibility of fines and penalties
January 12, 2021The IRS issued final regulations on when fines and penalties paid to a government are not deductible by a taxpayer, including defining when a payment counts as restitution, which may be deductible.
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Final rules on exempt organization excess remuneration
January 12, 2021The IRS issued final regulations on the excise tax on excess remuneration over $1 million paid by tax-exempt organizations, finalizing proposed regulations with a few changes in response to comments.
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PEEC reviewing AICPA Code in response to new SEC independence rules
January 12, 2021The AICPA Professional Ethics Executive Committee is evaluating whether the AICPA Code of Professional Conduct needs to be revised in light of new SEC rules related to auditor independence requirements.
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New AICPA TQAs address third-party assessment engagements
January 12, 2021Technical Questions and Answers released by the AICPA describe the characteristics of a third-party assessment program and the standards a member is required to apply to a third-party engagement.
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PPP application forms released
January 9, 2021The new forms are Form 2483 for first-draw PPP loans and Form 2483-SD for second-draw PPP loans, which are available for previous PPP borrowers that need further assistance and meet eligibility requirements.
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Date set for limited PPP reopening
January 8, 2021The US SBA and Treasury announced that community financial institutions that serve minority- and women-owned businesses exclusively will be able to make first-draw PPP loans starting Monday and second-draw PPP loans starting Wednesday.
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Carried interests regulations are finalized
January 8, 2021The IRS finalized proposed regulations on certain carried interests to account for changes made by the Tax Cuts and Jobs Act (TCJA). The TCJA extended from one year to three years the holding period for making carried interests eligible for capital gain treatment.
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New PPP guidance issued by SBA, Treasury
January 7, 2021The US SBA and Treasury released guidance for the revived and reconstituted Paycheck Protection Program. The guidance came in the form of two interim final rules, including one that details the guidelines for new PPP loans to businesses that previously received PPP funding.
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FASB clarifies scope of reference rate relief
January 7, 2021FASB clarified which derivatives are eligible for optional expedients and exceptions under the new standard that provides accounting relief for reference rate reforms.
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Final regs. address certain Sec. 163(j) rules
January 6, 2021The IRS issued final regulations containing rules on the Sec. 163(j) interest expense limitation, including rules for specific passthrough entities and regulated investment companies.
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Guidance permits change in vehicle use valuation during pandemic
January 5, 2021In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method for determining the value of an employee’s personal use of a vehicle during the pandemic.
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Final rules govern income inclusion and advance payments
January 4, 2021The IRS issued final regulations on Sec. 451 income inclusion rules and advance payments, as those rules were amended by the law known as the Tax Cuts and Jobs Act.
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PPP expense deductibility and forgiveness raises basis, other issues
December 24, 2020The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
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Simplified accounting rules for small businesses allow annual election
December 24, 2020The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).
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AICPA tax policy and advocacy recommendations deliver results in 2020
December 24, 2020Amid challenging circumstances, the AICPA’s tax policy and advocacy efforts provided successful results that benefited the accounting profession and taxpayers in 2020.
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Financial fraud risks to watch for amid the pandemic
December 23, 2020CPAs need to be especially watchful for fraud amid the severe financial pressures associated with the coronavirus pandemic.
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Guidance for single audits provided in OMB compliance addendum
December 23, 2020The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.
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Many tax provisions appear in year-end coronavirus relief bill
December 22, 2020The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.
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2021 standard mileage rates decrease
December 22, 2020The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
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AICPA white paper tackles blockchain and SOC for Service Organization reports
December 22, 2020The AICPA has published a white paper designed to help practitioners perform SOC for Service Organization reports on companies that use blockchain to deliver services to customers.
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Circular 230 update planned for 2021
December 22, 2020Updating the rules governing practice before the IRS is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says.
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COVID-19 relief bill addresses key PPP issues
December 21, 2020The $900 billion COVID-19 relief package passed Monday provides $284 billion for a revised Paycheck Protection Program (PPP) and clarifies that businesses can claim tax deductions for expenses paid for with forgiven PPP loans.
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5 accounting considerations for divestitures and carveouts
December 21, 2020Divestitures, spinoffs and carveouts are business strategies that may be pursued by more companies amid the economic fallout from the coronavirus pandemic. These tips can assist in the accounting for these moves.
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IRS regs. govern misdirected refund claims
December 21, 2020The IRS announced procedures for identifying and recovering direct deposit refunds that a taxpayer did not receive in the designated account.
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FASB proposes goodwill evaluation relief for some private companies, NFPs
December 21, 2020FASB issued a proposal that would permit certain private companies and not-for-profits to elect not to perform goodwill assessments related to triggering events.
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Forecasting and impairment tips for an unprecedented time
December 21, 2020The economic slump resulting from the pandemic has increased the risk of asset write-downs and added to the pressure on auditors to scrutinize impairment models. Company boards also are paying more attention to forecasting and impairment.
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Executive compensation regulations finalized
December 18, 2020The IRS issued final rules on the $1 million executive compensation limits enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments.
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New SEC rules require extraction companies to disclose payments
December 16, 2020The SEC issued new rules requiring disclosure of payments to governments by certain resource extraction companies. Critics say the rules don’t go far enough.
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Quiz: Are you prepared to audit fraud risk during a pandemic?
December 16, 2020With so many organizations financially affected by the COVID-19 pandemic and making an abrupt shift to remote working, there’s a perfect storm for increased fraud in financial statements. Take this quiz to see if you know your responsibilities for auditing fraud risks in your engagements.
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Temporary e-signature authorization for IRS forms extended
December 15, 2020The IRS announced that it was extending taxpayers’ ability to file a number of forms using electronic signatures due to the pandemic. The limited relief extends the authorization through June 30, 2021.
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FASB addresses revenue contracts with customers acquired in a business combination
December 15, 2020FASB proposed a standard that is intended to drive consistency in accounting for revenue contracts with customers acquired in a business combination.
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FAQs on SOC 2 and SOC 3 engagements issued by AICPA staff
December 15, 2020The AICPA staff has posted new FAQ guidance on issues related to System and Organization Controls 2 and 3 (SOC 2 and SOC 3) engagements.
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Some teleworkers could be hit with surprise tax bills
December 11, 2020With many workers unaware of the implications when remote work crosses state lines, CPAs may face frustration and confusion in clients.
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US finance leaders wary as pandemic impacts continue
December 10, 2020Optimism is higher than in the third quarter, but plenty of obstacles remain, according to the AICPA’s quarterly economic outlook.
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Final rules govern disallowed transportation fringe benefits
December 10, 2020The IRS finalized proposed rules on the disallowance of deductions for transportation fringe benefits, which was enacted by the law known as the Tax Cuts and Jobs Act.
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Q&A: FASAB reaches milestone amid pandemic
December 10, 2020After celebrating its 30th anniversary, the Federal Accounting Standards Advisory Board is continuing to move forward in its mission to deliver transparency in federal accounting, says board Chair George Scott, CPA, CGMA.
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What to know about holiday travel policies during COVID-19
December 10, 2020Firms share the approaches they are using to keep employees safe, and HR experts advise firms to stay current with their state’s guidance, know their rights as employers and communicate policies clearly to staff.
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Tips for auditing in a COVID-19 environment
December 9, 2020The coronavirus pandemic has dramatically disrupted the focus and procedures involved in many audits. These tips provide best practices, fraud considerations and new procedures practitioners may wish to use.
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Assessing audit risks during the pandemic
December 9, 2020The coronavirus pandemic has caused the risks of material misstatement and fraud to change substantially for many audit clients. Here’s how practitioners can continue delivering high-quality audits in this environment.
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New attestation standard clarifies work effort of review engagements
December 9, 2020The limited assurance obtained by a practitioner in a review engagement is clarified in a standard issued by the AICPA Auditing Standards Board.
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Several tax provisions set to expire at end of 2020
December 8, 2020Among the expiring provisions are the lower 7.5% AGI floor for medical expense deductions and the deduction for qualified tuition and related expenses.
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FASB to seek input on its standard-setting agenda
December 8, 2020FASB will undergo a comprehensive project starting this month to determine its future standard-setting priorities, FASB Chair Richard Jones said at the AICPA Conference on Current SEC and PCAOB Developments.
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IRS finalizes qualified plan loan rollover rules
December 8, 2020The IRS finalized proposed regulations on the qualified plan loan rollover rules amended by the law known as the Tax Cuts and Jobs Act with just one change in response to a comment.
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New Form W-4 slow to gain traction with taxpayers
December 8, 2020Only 26% of taxpayers have changed their withholding since Form W-4 was revised in 2019, an AICPA survey found.
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Why the best critical audit matter disclosures use entity-specific info
December 8, 2020Critical audit matters have more value when they provide entity-specific language and avoid boilerplate, experts say.
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PCAOB changes 2021 inspection focus areas as a result of COVID-19
December 7, 2020PCAOB inspectors will focus more in 2021 on industries and audit areas that have experienced disruption as a result of the coronavirus pandemic. Inspectors also will try to become more unpredictable in the audits and areas they examine.
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Internal control focus critical as a result of pandemic changes
December 7, 2020The coronavirus pandemic has led to changes in operations that require increased attention to internal controls, Securities and Exchange Commission staff said at the AICPA Conference on Current SEC and PCAOB Developments.
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Emergence through fresh-start reporting
December 7, 2020As an entity moves through the bankruptcy process, it must meet certain criteria to qualify, upon emergence, for fresh-start reporting under FASB ASC Topic 852, Reorganizations.
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Answering clients’ estate planning questions this December
December 4, 2020This 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
December 3, 2020In 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.
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Threats to licensing remain a concern for CPAs amid pandemic
December 3, 2020The 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.
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Expenses used for PPP loan forgiveness: Deductible or not?
December 3, 2020Two experts look at the issue of the deductibility of expenses paid with PPP loan funds and conclude that they should be deductible.
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Practitioners provide new transparency through critical audit matters
December 2, 2020New 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.
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IP PINs to be available to all individuals in 2021
December 2, 2020The 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.
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Auditing fraud risk during a pandemic
December 2, 2020Fraud 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.
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Succession issues surge at accounting firms
December 2, 2020According 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.
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New report highlights digital transformation during COVID-19 and beyond
December 2, 2020Get 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.
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AICPA urges SBA and OMB to reconsider PPP Loan Necessity Questionnaires
November 25, 2020An 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.
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Low demand leads to shrinking energy industry valuations
November 25, 2020The 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.
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Challenges, opportunities await energy sector after pandemic disruption
November 25, 2020Energy producers are focusing on balance sheet strength and free cash flow as they recover from a severe blow dealt by the coronavirus pandemic.
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Like-kind exchange rules define real property, incidental personal property
November 24, 2020The 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.
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Final rules coordinate Sec. 245A and Sec. 951A
November 23, 2020The 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.
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AICPA mobilizes members to push for deductibility of PPP-funded expenses
November 23, 2020The 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.
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Centralized partnership audit regime changes proposed
November 20, 2020The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.
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Final regs. govern computation of UBTI for separate businesses
November 20, 2020The 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.
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CPA Exam gets refresh after practice analysis
November 20, 2020Understanding of business processes and data analytics will receive greater focus while other topics will be de-emphasized on the CPA Exam.
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IRS doubles down on nondeductibility of PPP-funded expenses
November 19, 2020The 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.
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PCAOB amends independence requirements to align with SEC changes
November 19, 2020The 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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SEC amends guidance on MD&A, other disclosures
November 19, 2020The SEC has voted to adopt amendments that are intended to modernize, simplify and enhance management’s discussion and analysis and other required financial disclosures.
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How CPAs help clients reinvent struggling businesses during COVID-19
November 19, 2020As the COVID-19 pandemic has changed the business environment, clients have turned to CPAs for help keeping their businesses afloat. CPAs serving restaurant, medical and real estate clients discuss how they’ve used client advisory services to help their clients stabilize and reposition their businesses.
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Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires
November 18, 2020The AICPA is among 80 organizations that have signed a pair of letters to SBA, Treasury and congressional leaders calling on the agencies to temporarily suspend use of the new Paycheck Protection Program Loan Necessity Questionnaires.
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How to apply COSO’s ERM framework to compliance risk management
November 18, 2020A new publication provides guidance on how to apply the Committee of Sponsoring Organizations of the Treadway Commission’s enterprise risk management framework to manage and mitigate compliance risks.
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FASB pursues impairment-triggering relief for certain private companies, NFPs
November 18, 2020FASB added a project to its technical agenda that would give certain private companies and not-for-profits the option to perform goodwill triggering event evaluation only on the annual reporting date.
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IRS commissioner: Penalty relief will not be 'blanket'
November 17, 2020IRS Commissioner Charles Rettig told attendees at the AICPA National Tax & Sophisticated Online Tax Conference not to expect blanket penalty relief in response to the COVID-19 pandemic, and he addressed other effects of the pandemic on the agency.
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New SEC rules enable electronic submissions
November 17, 2020The Securities and Exchange Commission voted to permit the use of electronic signatures in authentication documents and to facilitate electronic service and filing in the commission’s administrative proceedings.
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GASB proposes new implementation guidance
November 17, 2020The Governmental Accounting Standards Board proposed Q&A guidance on the implementation of its standards for state and local governments.
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It’s a tough year for year-end tax planning
November 16, 2020Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate.
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Quiz: Are you ready for year-end planning during a pandemic?
November 16, 2020When it comes time to put on your year-end planning hat, will you be prepared to provide the best tax and financial planning advice to clients? Take this quiz to see if you’re ready to tackle year-end planning for 2020.
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IRS will mask business tax transcript identifying information
November 13, 2020The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it took two years ago for individual tax transcripts.
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Partnerships and S corps. can deduct state and local taxes
November 10, 2020The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.
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Taxpayers allowed choice of bonus depreciation rules
November 9, 2020The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.
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SBA to require PPP loan necessity form from large borrowers
November 6, 2020Businesses and not-for-profits that received $2 million or more in PPP loans must complete one of two new loan necessity questionnaires the SBA is sending to lenders for distribution to borrowers.
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New lease accounting guidance proposed for federal entities
November 5, 2020The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.
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FASB provides implementation relief for insurance companies
November 5, 2020FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.
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ASB proposal addresses auditing of fair value estimates of financial instruments
November 4, 2020A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.
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Companies rethink the office, but they’re not ready to say goodbye
November 4, 2020Most plan to keep their current real estate, but they are reimagining what that space could look like.
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9 tips for successful auditing of revenue recognition
November 3, 2020A new standard and the disruption caused by the coronavirus pandemic make auditing revenue recognition difficult. These tips can help.
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IRS announces help with tax debt
November 3, 2020The IRS said it was revising its procedures to help taxpayers who cannot pay their taxes because of the pandemic. The new program is called the Taxpayer Relief Initiative.
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Fed opens up Main Street loans to smaller businesses
October 30, 2020The Federal Reserve board announced that it lowered the minimum loan size for three of its Main Street Lending Program facilities in an effort to make the program available to more and smaller businesses.
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Guidance on deferred employee payroll tax issued
October 30, 2020The IRS issued guidance to employers and employees on reporting deferred Social Security tax on Form W-2, Wage and Tax Statement, under the Aug. 8 Presidential Memorandum authorizing the deferral.
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FASB issues minor codification changes
October 29, 2020FASB published a new standard that describes a series of incremental changes to accounting rules that are designed to improve its codification.
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FASAB proposal would clarify presentation requirement
October 29, 2020A proposal issued by the Federal Accounting Standards Advisory Board would clarify how an advance should be presented in component entity financial statements.
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FASB proposes scope clarification for reference rate relief
October 29, 2020Accounting relief from reference rate reform would be extended to a modification known as the “discounting transition” under a proposal issued by the Financial Accounting Standards Board.
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Companies seek ways to report diversity progress
October 29, 2020Investors are looking for actions that back up statements about equity.
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FASB staff weighs in on debt modifications and restructurings
October 28, 2020FASB staff issued a paper that educates borrowers on accounting for debt modifications and restructurings, which have surged as a result of the coronavirus pandemic.
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Template for requesting penalty abatement available from AICPA
October 28, 2020The AICPA has created a template for members to use when requesting a penalty abatement from the IRS. Many taxpayers are receiving penalty notices after COVID-19 hampered their ability to meet tax filing obligations.
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Cybersecurity provides opportunities for auditors to serve
October 27, 2020Practitioners can provide services to clients related to cybersecurity beyond their financial statement auditing role, according to a newly published report from the Center for Audit Quality.
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2021 inflation adjustments and tax tables issued
October 26, 2020The IRS issued the 2021 inflation adjustment amounts and tax tables for use in preparing 2021 tax returns in the 2022 filing season. Many of the over 60 items increased from 2020.
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Inflation-adjusted income ranges for 2021 IRA and 401(k) plans
October 26, 2020The IRS announced that the income ranges for employee participation in workplace 401(k) plans and IRA contributions will increase from 2020 to 2021. Most of the other retirement plan contribution limits stayed the same, however.
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FASB proposes clarifying forwards and options accounting
October 26, 2020FASB would clarify an issuer’s accounting for certain modifications or exchanges of freestanding equity-classified forwards and options under a proposal issued Monday.
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Gauging risk assessment and response processes
October 23, 2020How well do auditors perform in assessing and responding to risks of material misstatement? New research provides some answers.
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Draft instructions for partnership capital account reporting released
October 22, 2020The IRS released draft instructions for Form 1065, U.S. Return of Partnership Income, to calculate partner capital accounts using the tax-basis method.
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Americans’ personal financial satisfaction sees record rebound
October 22, 2020The AICPA’s Personal Financial Satisfaction Index (PFSi) rose 99% in the third quarter, setting a new record for quarterly growth. This finding underscores this year’s economic volatility, as last quarter the PFSi saw its largest-ever quarterly decline.
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UAA Model Rules updated to support evolution of CPA licensure
October 22, 2020The National Association of State Boards of Accountancy’s board of directors approved changes to the Uniform Accountancy Act Model Rules that create a clear path for the CPA Evolution project.
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Pandemic resilience starts with compassion, accountants say
October 21, 2020Panelists at an AICPA fall Council presentation on resilience explained how basic values can drive success during troubled times such as the coronavirus pandemic.
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Diversity and inclusion: Tips for moving the needle
October 20, 2020Building on a commitment to diversity with efforts to promote inclusion can make a difference in the accounting profession, according to panelists at the AICPA’s fall Council.
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FASB proposes 3 targeted lease accounting changes
October 20, 2020FASB proposed three targeted changes to its lease accounting guidance. The proposal is a response to feedback the board received during its post-implementation process for the lease accounting standard.
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Tips for single audits amid pandemic uncertainty
October 20, 2020An avalanche of new federal awards has left practitioners who perform single audits working under uncertain circumstances and awaiting regulators’ guidance. Here’s how practitioners can give themselves a chance to succeed under challenging conditions.
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Unclaimed property distributions allowed as self-certified rollovers
October 19, 2020The IRS issued guidance adding state unclaimed property fund distributions to the list of reasons that taxpayers may self-certify that they missed the 60-day deadline to roll over funds to a qualified retirement plan.
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FBAR deadline extended to Oct. 31 after confusion
October 19, 2020After a misworded posting caused confusion about the 2020 deadline to file FBARs (i.e., FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR)), Treasury’s Financial Crimes Enforcement Network has extended the deadline to Oct. 31.
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Inflation-adjusted limit for 2021 HRAs issued
October 16, 2020The IRS issued the 2021 limit for excepted benefit health reimbursement arrangements using the Chained Consumer Price Index for All Urban Consumers inflation-adjustment method.
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SEC aims to reduce unnecessary auditor independence red flags
October 16, 2020The SEC adopted amendments that are designed to reduce situations that trigger independence rule violations in situations that don’t necessarily impair an auditor’s objectivity or impartiality.
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Government reporting and the future: A Q&A with GASB Chairman Joel Black
October 16, 2020With state and local governments facing serious pandemic-related concerns, the Governmental Accounting Standards Board is providing relief and resources while also working on its “big three” high-impact projects for the future. GASB Chairman Joel Black explains in this Q&A.
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Report supports established interstate mobility principles
October 16, 2020A report released by the Alliance for Responsible Professional Licensing examines successful mobility and reciprocity practices in state licensure that permit professionals to practice across state lines.
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FinCEN pulls announcement of extended FBAR deadline
October 15, 2020Treasury’s Financial Crimes Enforcement Network briefly announced, but then rescinded, an extension of this year’s deadline to e-file FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR).
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FASB clarifies callable debt securities accounting
October 15, 2020FASB published a new standard that clarifies accounting requirements for callable debt securities.
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Costs and benefits: A Q&A with FASB Chair Richard Jones
October 14, 2020The chair of the Financial Accounting Standards Board describes his vision for standard setting and his dedication to making sure the costs of new rules don’t exceed the benefits.
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2021 Social Security wage base announced
October 14, 2020The Social Security Administration announced that the maximum amount of wages subject to the old age, survivors, and disability insurance tax will increase to $142,800 in 2021 from $137,700 in 2020.
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SBA settles confusion over PPP forgiveness application due date
October 13, 2020Fears of a late-October PPP surprise came to the SBA’s attention because the program’s loan forgiveness application forms display an expiration date of “10/31/2020” in the upper-right corner.
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Consolidated group NOL rules are finalized
October 13, 2020The IRS finalized regulations governing the treatment of net operating losses by consolidated groups after recent legislation changed the rules.
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Several states provide one-month filing relief for corporate deadlines
October 12, 2020With the Oct. 15 corporate tax filing deadline looming and the global pandemic still affecting taxpayers and practitioners, several states have provided one-month filing relief for their corporate Oct. 15 deadlines.
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Audit committee cybersecurity disclosures rising in proxy statements
October 12, 2020Disclosures around oversight of cybersecurity risk by audit committees are increasing in public company proxy statements, according to a yearly analysis released by the Center for Audit Quality and Audit Analytics. But other disclosures have leveled off in recent years.
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PPP forgiveness simplified for loans of $50,000 or less
October 9, 2020PPP borrowers of $50,000 or less will have the opportunity to apply for forgiveness using a simplified application. Under the new process, these borrowers will be exempted from penalties for reduction of full-time employees or employees’ salary or wages.
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Rules govern withholding on transfers of partnership interests and ECI
October 8, 2020The IRS finalized proposed regulations on withholding from transfers of partnership interests to foreign persons and the definition of effectively connected income for those purposes.
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Fair value, stablecoins addressed in new AICPA guidance
October 8, 2020Nonauthoritative set of 13 Q&As also touches on how investment companies and broker-dealers should account for digital assets.
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SBA clarifies deferral period for PPP loan payments
October 7, 2020The SBA released guidance clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral.
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With Oct. 15 looming, some practitioners face daunting challenges
October 7, 2020Tax practitioners have expressed concerns that they will not be able to meet upcoming Oct. 15 tax filing deadline for a variety of reasons related to the global pandemic.
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Nonfilers have until Nov. 21 to apply for economic impact payment
October 6, 2020The IRS announced that it was extending the deadline from Oct. 15 to Nov. 21 at midnight for certain individuals to enter their information on the Non-Filers: Enter Payment Info Here tool on the IRS website to receive the $1,200 stimulus payment due to individual taxpayers.
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PPP borrowers, lenders get change-in-ownership guidance from SBA
October 5, 2020The US SBA issued a procedural notice designed to help PPP borrowers and their lenders understand their responsibilities when a borrower undergoes a change in ownership.
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Health coverage reporting deadline extended
October 5, 2020The IRS extended the due date for furnishing Form 1095-B and 1095-C health care coverage information returns to individuals from Jan. 31, 2021, to March 2, 2021. The date for filing them with IRS has not been extended.
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ABLE account final rules provide wide-ranging guidance
October 2, 2020Eligible individuals with disabilities received guidance from the IRS on the rules regarding ABLE accounts. Tax-favored ABLE accounts allow eligible individuals to save money to meet qualified disability expenses.
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IRS releases final rules on business meals and entertainment
October 1, 2020The IRS finalized rules implementing provisions of the law known as the Tax Cuts and Jobs Act, P.L. 115-97, disallowing deductions for most business entertainment expenses and distinguishing them from business food and beverage expenses that remain deductible.
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Employers get guidance on income tax withholding from wages
October 1, 2020The IRS issued final regulations providing guidance on withholding federal income tax from employees’ wages under changes enacted in the Tax Cuts and Jobs Act.
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'Direct examination' engagement created by SSAE No. 21
September 30, 2020Practitioners will be able to perform a new engagement known as a direct examination for clients under a new standard published by the AICPA Auditing Standards Board (ASB).
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Foreign tax credit allocation and apportionment rules finalized
September 30, 2020The IRS issued final and proposed regulations covering a wide variety of issues involving deductions and credits for foreign taxes.
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What COVID-19 has taught corporate boards
September 30, 2020Boards were meeting more regularly, more virtually, and getting more into the details on topics previously addressed only at a high level.
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How auditors can enhance the reliability of non-GAAP reporting
September 29, 2020Practitioners are not required to provide an opinion on non-GAAP measures during a financial statement audit, but they can be engaged to perform additional procedures related to this information, according to a new Center for Audit Quality report.
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Small business accounting regulations and tax shelter implications
September 28, 2020New simplified accounting rules for small businesses do not apply to tax shelters — and the definition of a tax shelter can cause problems for businesses with large deductions or losses during a tax year.
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Companies use full array of tools to navigate the pandemic
September 28, 2020Companies have used various means to expand credit, conserve cash and reduce tax burdens to combat the devastation of the pandemic. Here are some of the tactics that large public companies have used.
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A data revolution, from hot dogs to fastballs
September 25, 2020The director of accounting for the San Diego Padres explains how teams are adopting technology to improve the on-field product and the customer experience.
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Returns affected by e-filing outage will be timely if filed by Sept. 17
September 25, 2020For tax returns with a Sept. 15 due date that were affected by an e-filing software outage, the IRS will treat a return and any elections that were filed with that return as timely filed if the taxpayer successfully e-filed the return and any elections by Sept. 17, 2020.
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Safety of employees, customers ranks as top pandemic-related concern
September 24, 2020A survey of U.S. finance decision-makers sheds light on the precautions businesses are taking and how they plan to address future office space needs.
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SEC amends rules for whistleblowers, shareholder proposals
September 23, 2020The SEC voted to amend rules that govern its whistleblower program and the amount a shareholder must hold to have a proposal included in a company’s proxy statement.
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PPP loan forgiveness: What CPAs should be doing now
September 23, 2020The forgiveness aspect of the Paycheck Protection Program remains a source of uncertainty for CPAs. This collection of facts and frequently asked questions can help CPAs understand what to do amid the confusion.
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New FAQs address health care entity pandemic accounting
September 23, 2020Pandemic-related accounting issues for health care entities are addressed in new AICPA guidance that has been added to a list of previously posted frequently asked questions.
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Lenders will not file Form 1099-C for forgiven PPP loans
September 22, 2020The IRS issued guidance telling lenders they should not file Form 1099-C, Cancellation of Debt, or furnish a payee statement to the borrower when a Paycheck Protection Program loan is forgiven.
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Final regs. outline trust and estate expenses still deductible under TCJA
September 22, 2020The IRS issued final regulations for distinguishing trusts’ and estates’ allowable deductions from miscellaneous itemized deductions currently suspended by the law known as the Tax Cuts and Jobs Act.
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New ESG reporting metrics released by World Economic Forum
September 22, 2020Environmental, social and governance measures and disclosures released by the World Economic Forum are designed to make it easier for companies to benchmark their sustainable business performance.
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IRS issues more bonus depreciation rules
September 22, 2020The IRS issued final bonus depreciation regulations and withdrew proposed regulations.
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AICPA ethics proposal would limit firms' loaning of staff to attest clients
September 22, 2020CPA firms’ ability to loan staff to attest clients would be limited to rare circumstances under a newly proposed AICPA ethics interpretation.
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Final regs. govern CFC downward attribution
September 21, 2020The IRS issued final regulations on the downward attribution rules of controlled foreign corporations, whose treatment had been changed by the law known as the Tax Cuts and Jobs Act.
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FASB proposes expedient for private company franchisors
September 21, 2020FASB issued a proposal that would provide a practical expedient for private company franchisors in how they analyze certain activities when determining their performance obligations in a franchise agreement under the board’s new revenue recognition standard.
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Corporate governance in COVID-19: Cybersecurity and technology considerations
September 18, 2020The coronavirus pandemic has resulted in a realignment of company strategies to enable success during these disruptive times. Some of these decisions — such as the sudden shift to remote work due to stay-at-home orders — have created additional risk corporate boards must consider.
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AICPA urges passage of 'PPP 2' legislation
September 17, 2020The AICPA issued a news release renewing the organization’s call for the swift passage of legislation to extend and expand the Paycheck Protection Program (PPP).
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Treasury report on CECL standard is inconclusive
September 17, 2020The coronavirus pandemic and current market conditions prevent a definitive assessment of the impact of the FASB’s new standard on accounting for credit losses, according to a new report released by Treasury.
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FASB alters not-for-profit accounting rules for gifts-in-kind
September 17, 2020Not-for-profit financial statements will include more information on contributed nonfinancial assets, also known as gifts-in-kind, under a new standard issued by FASB.
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E-filing problems plague some Sept. 15 tax returns
September 16, 2020Some practitioners who attempted to file returns on Sept. 15 ran into technical difficulties that prevented them from e-filing returns by the midnight deadline. The AICPA is talking to the IRS about relief for the problem.
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Premium tax credit unaffected by zeroing of personal exemptions
September 16, 2020The IRS makes clear in final regulations that the health care premium tax credit calculation is unaffected by the personal exemption decrease to zero.
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Final regulations define 'qualifying relative'
September 16, 2020The IRS finalized proposed regulations defining “qualifying relative” for tax years 2018–2025, in which the personal exemption amount is zero.
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Final regs. govern eligible terminated S corporation rules
September 15, 2020The IRS finalized proposed regulations on eligible terminated S corporations, a new provision enacted under the Tax Cuts and Jobs Act that provided favorable treatment for corporations that wished to terminate their S elections.
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IRS issues 2020–2021 per-diem rates
September 11, 2020The IRS issued the 2020-2021 per-diem rates for business travelers who incur expenses while traveling away from home.
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Consistency sought in sustainability, corporate reporting through global effort
September 11, 2020The IFRS called for the creation of a new sustainability accounting standards board, and five global organizations committed to working together toward unified corporate reporting.
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Returning to work: Prioritizing mental health
September 11, 2020As employees are welcomed back to work or back to the office amid the coronavirus pandemic, the most successful employers will help them care for their mental, physical, and emotional well-being.
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SEC changes disclosure rules for banks
September 11, 2020The SEC announced rule changes that will change the disclosures bank and savings and loan registrants are required to provide investors.
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Pandemic makes meeting Sept. 15 filing deadline difficult
September 11, 2020Tax practitioners have expressed concerns that they will not be able to meet looming Sept. 15 tax filing deadlines for a variety of reasons related to the global pandemic.
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6 more IRS forms can be filed with e-signatures
September 10, 2020The 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
September 9, 2020The 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.
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Finance leaders search for opportunities as outbreak drags on
September 2, 2020While some companies find pockets of success, overall sentiment is neutral regarding the next 12 months, according to a quarterly survey.
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Additional BEAT regs. finalized
September 2, 2020The 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.
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COVID-19 decisions create data dilemma for businesses
September 2, 2020The 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?
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Regulations coming on S corporations with accumulated E&P and GILTI
September 2, 2020The 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.
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TQAs discuss nongovernmental health care entities’ pandemic-related issues
September 2, 2020Technical Questions and Answers issued by the AICPA address nongovernmental health care entities’ accounting for governmental assistance related to the coronavirus pandemic.
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TQAs address lease accounting for retirement communities
September 1, 2020Background 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.
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How to get Black female leadership talent into the C-suite
September 1, 2020Women, 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.
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A new internet domain for the CPA profession: .cpa
September 1, 2020The 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.
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IRS temporarily allows e-signatures on some forms
August 31, 2020The 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.
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Blockchain not seen transforming accounting processes — yet
August 31, 2020Blockchain 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.
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Guidance issued on payroll tax deferral
August 28, 2020The 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.
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How lenders should account for forgivable PPP loans
August 28, 2020The 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.
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Proposal aims to enhance auditors’ risk assessment process
August 27, 2020A 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.
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Tools to help nonfilers receive economic impact payments
August 27, 2020The 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.
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SEC changes disclosure rules, redefines 'accredited investors'
August 26, 2020The 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.”
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Records-request duties clarified in AICPA ethics proposal
August 26, 2020AICPA 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.
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New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs
August 25, 2020The 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.
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Final regs. address new dividends received deduction and reporting rules
August 24, 2020The 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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IRS stops sending balance-due notices, corrects payroll tax penalties
August 24, 2020The 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
August 21, 2020Social 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.
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AICPA urges firms to schedule peer reviews as off-site deadline is extended
August 20, 2020The 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.
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Promoting resilience helps firms and people in turbulent times
August 20, 2020Amid 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.
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Proposed regs. govern qualified plan loan rollovers
August 18, 2020The 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.
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IRS begins accepting e-filing of amended individual tax returns
August 18, 2020The IRS said it had launched its eagerly awaited program to accept Forms 1040-X, Amended U.S. Individual Income Tax Return, electronically.
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Auditors show resilience during pandemic, CAQ’s Lindsay says
August 17, 2020The 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.
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IRS posts information about check processing backlog and incorrect notices
August 17, 2020As 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.
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FASB addresses valuation of private company share-based awards
August 17, 2020Private 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.
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AICPA requests guidance on payroll tax deferral
August 13, 2020The 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.
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New PPP guidance addresses health insurance, EIDL, other issues
August 12, 2020Paycheck 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.
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Pandemic-related FAQs for health care entities
August 11, 2020Health care entities’ financial statement preparers and auditors can benefit from an FAQ document developed by the AICPA on issues related to the coronavirus pandemic.
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AICPA encourages COVID-19 tax relief and issues new auditing standards
August 11, 2020Recent 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.
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Final regs. issued on payments to charitable organizations
August 10, 2020The IRS issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
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Executive order delays workers’ payroll tax payments
August 10, 2020President Donald Trump issued an executive order to defer the withholding, deposit, and payment of certain payroll taxes paid from Sept. 1 through Dec. 31, 2020.
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FASB simplifies accounting for convertible instruments, contracts in own equity
August 5, 2020FASB issued a new standard that is intended to simplify accounting for convertible instruments and contracts in an entity’s own equity.
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New FAQs address PPP loan forgiveness issues
August 4, 2020The SBA and Treasury published guidance answering 23 frequently asked questions related to the forgiveness of loans issued under the Paycheck Protection Program.
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TIGTA critiques IRS’s protection of taxpayer data
August 4, 2020The 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).
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AICPA continues to ask Congress to include PPP deductibility in upcoming legislation
August 4, 2020In 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.
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Evaluating blockchain and internal control through a COSO lens
August 4, 2020Although blockchain technology creates new risks, organizations also can use it to improve risk management and create better controls.
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Proposed rules govern carried interests
August 3, 2020The Irs issued proposed regulations under Sec. 1061, enacted by the law known as the Tax Cuts and Jobs Act, which requires owners of certain partnership interests to hold them for three years to be eligible for capital gain treatment.
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Simplified accounting rules issued for small businesses
July 30, 2020The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.
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New CPA licensure model embraces core, deeper knowledge
July 30, 2020A new approach to CPA licensure that’s under development is designed to emphasize the core skills that matter most to CPAs while encouraging deeper exploration of a candidate’s passion. Laurie Tish, CPA, chair of the board of NASBA, explains what’s next in the CPA Evolution initiative.
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PPP and pandemic-related tips for not-for-profits
July 30, 2020Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can help resolve issues related to the PPP, accounting and other topics.
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IRS to allow faxing of automatic method change requests
July 30, 2020The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail.
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IRS issues business interest expense limitation guidance
July 29, 2020The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act.
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Remove roadblocks to CAS practice growth
July 28, 2020Securing more buy-in for the CAS practice at the partner level and ensuring it is properly funded and staffed can help it take off.
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Government financial reporting model would change under GASB proposal
July 27, 2020The Governmental Accounting Standards Board has proposed changes to the state and local government financial reporting model.
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Guidance on recapture of excess employment tax credits
July 27, 2020The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation.
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CPA licensure model transformation will proceed after NASBA board vote
July 27, 2020The transformation of the CPA licensure model will continue after the National Association of State Boards of Accountancy’s board of directors voted unanimously on efforts to design and implement a new approach to CPA licensure.
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Why Zoom meetings really do leave you exhausted
July 24, 2020Videoconferencing fatigue is just one of several types of technostress that have been plaguing workers since personal computers hit it big. The problem has grown worse due to the COVID-19 lockdowns, but Marc Staut of Boomer Consulting offers some remedies.
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PPP forgiveness: No need to rush, and other tips
July 24, 2020Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider.
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What women need to rise in the accounting profession
July 24, 2020Women are more likely to succeed if they have role models, are able to find sponsors, and receive opportunities for training and high-profile assignments. Panelists at ENGAGE 2020 also discussed how barriers to advancement are intensified for women of color.
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Provider Relief Funds included in audit determination, HHS says
July 23, 2020Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced.
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Underemployment spurs record drop in financial satisfaction
July 23, 2020The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings.
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Answers to 4 common accounting and auditing questions
July 22, 2020New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference.
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How CPA financial planners can succeed with alternative fee models
July 22, 2020Financial planners who use hourly billing, subscription fees and other alternatives to the AUM billing model shared their experiences at the ENGAGE conference.
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GILTI rules address income subject to high foreign tax rate
July 21, 2020The IRS issued final regulations under the global intangible low-taxed income (GILTI) rules on the treatment of income subject to a high rate of foreign tax. At the same time, the IRS issued proposed rules conforming the GILTI high-tax exception rules with the Subpart F high-tax exception.
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AICPA urges Congress to act on PPP issues, other topics in pandemic legislation
July 20, 2020In a letter to congressional leaders on another round of pandemic aid legislation, the AICPA urged action on Paycheck Protection Program issues, tax obstacles to remote work, state and local government funding, and employer liability related to the coronavirus pandemic.
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Three Lines Model for risk management gets major update
July 20, 2020The Institute of Internal Auditors issued a major update to the Three Lines of Defense model that has been popular in risk management and governance processes for years.
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New AICPA tool automates PPP loan forgiveness process
July 20, 2020Borrowers can apply for forgiveness of Paycheck Protection Program loans by using a new, free AICPA tool that CPA firms can also use to serve their clients. The tool will produce all government-required forms automatically.
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Fed expands Main Street Lending Program to more not-for-profits
July 17, 2020The Federal Reserve board announced that it has made changes to the Main Street Lending Program to allow more participation from not-for-profits, including educational institutions, hospitals and social service organizations.
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IRS updates annual Dirty Dozen tax schemes for 2020
July 17, 2020The IRS issued its top 12 “Dirty Dozen” tax scams, warning people to be vigilant to avoid these schemes all year round. New to the list is the “offer in compromise mills.”
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The 10 elements of financial statements, according to FASB
July 16, 2020The Financial Accounting Standards Board defined 10 elements of financial statements in a proposed new chapter for its Conceptual Framework.
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IRS reinstates PTIN user fees
July 16, 2020The IRS said it would once again begin charging fees to issue preparer tax identification numbers (PTINs) to tax return preparers for 2021. The fee was reduced in response to court cases that challenged the IRS’s authority to charge a fee.
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Show clients empathy in uncertain times
July 16, 2020Two experienced CPA financial planners offer tips for reaching out to clients and helping to calm their fears.
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AICPA issues nonauthoritative guidance on auditing digital assets
July 16, 2020Accounting firms should consider many factors when considering whether to accept auditing engagements that involve digital assets such as cryptoassets. Nonauthoritative guidance published by the AICPA helps firms evaluate whether such engagements are worth the risks.
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Partnership form being redesigned for 2021
July 15, 2020The IRS proposes modifying the partnership form (Form 1065) to help standardize the format of international tax items.
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Advice for firms thinking about reopening
July 15, 2020Firms planning to reopen their offices in the near future share what steps they’re taking first, and offer advice for other organizations that have made the difficult decision to return to in-person work.
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Pandemic issues for government financial statement preparers and auditors
July 14, 2020The coronavirus pandemic has created numerous challenges for state and local government financial statement preparers and auditors. Many of these issues are addressed in FAQs published by the AICPA staff.
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Remote work after the pandemic
July 13, 2020The COVID-19 pandemic forced many businesses to rapidly ramp up their reliance on remote work, and many employees will continue to work from home even after offices reopen. Jim Boomer, CPA/CITP, and Jessica Battaglia share advice for crafting a long-term remote work strategy.
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A product pivot and PPP success in the early days of the pandemic
July 13, 2020A pivot to producing a different type of alcohol as well as successful application for a PPP loan meant that Sons of Liberty could continue to pay its staff and gave it time to reimagine its business model.
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SBA closes EIDL Advance program after granting $20 billion
July 13, 2020The U.S. SBA closed the Economic Injury Disaster Loan Advance program after exhausting the $20 billion in funding provided by Congress.
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Accounting estimates and disclosures addressed in new auditing standard
July 10, 2020New guidance issued by the AICPA Auditing Standards Board provides practitioners with guidance on one of their most difficult tasks — auditing accounting estimates and related disclosures.
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FDII and GILTI regulations finalized
July 9, 2020The IRS issued final regs. on the foreign-derived intangible income deduction and the global intangible low-taxed income provisions enacted by the TCJA.
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How to report coronavirus paid sick leave and family leave to employees
July 9, 2020The IRS issued guidance on how employers should report qualified sick and family leave paid to employees under the Families First Coronavirus Response Act.
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FASB proposes delay of insurance standard effective date
July 9, 2020FASB proposed a one-year extension to the effective date of its new standard on long-duration insurance contracts to provide relief for insurance companies affected by the coronavirus pandemic.
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New audit evidence standard recognizes evolving nature of business
July 9, 2020The AICPA Auditing Standards Board issued a new standard that recognizes the evolving nature of business, including use of technology.
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2020 depreciation limits for cars and trucks are issued
July 8, 2020The IRS issued the 2020 limits on depreciation deductions for cars and trucks first placed in service in 2020 and the income inclusion amounts for passenger automobiles first leased in 2020.
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EIDL pandemic assistance facts for CPAs
July 8, 2020Economic Injury Disaster Loans can provide small businesses with low-interest pandemic assistance over a 30-year term. To help their businesses and clients, CPAs need to understand the key terms that these loans provide.
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Strategies for CPAs to encourage positive changes in diversity
July 7, 2020A surge in passion on issues of racial justice, diversity and inclusion has led to opportunities for CPAs to lead meaningful change. Members of the AICPA National Commission on Diversity and Inclusion share best practices for CPAs who are eager to support change.
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Be the kind of boss employees want to work for
July 7, 2020Managers can improve retention by finding the right way to motivate their employees, said ENGAGE 2020 speaker Liz Mason, CPA, the CEO and founder of High Rock Accounting. Choosing the right communication style and making employees feel supported are two more ways for managers to up their game, Mason said.
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A 6-point security checkup for working from everywhere
July 7, 2020Quarantines prompted by the coronavirus pandemic have forced many organizations to deploy and configure technology to support 100% remote work and/or a mix of working remotely on certain days.
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SBA, Treasury release names of some PPP recipients
July 6, 2020The SBA and Treasury published a trove of loan-level data about the Paycheck Protection Program. The release includes the names of all PPP recipients that received loans for $150,000 or more.
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Consolidated groups get NOL guidance
July 6, 2020The IRS issued proposed and temporary regulations explaining how consolidated groups should apply the changes to the net operating loss rules enacted by the CARES Act.
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GASB issues pandemic-related accounting guidance
July 6, 2020GASB issued a technical bulletin to help state and local governments apply existing standards to transactions related to coronavirus relief legislation and certain outflows incurred in response to the pandemic.
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The art of the client email
July 2, 2020Here are nine tips from CPAs on how to get their emails noticed in clients’ inboxes and how to communicate more effectively and efficiently.
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Trump signs 5-week PPP extension
July 1, 2020President Donald Trump signed a bill Saturday re-opening the application window for Paycheck Protection Program loans until Aug. 8. The five-week extension is intended to keep assistance available to struggling small businesses while Congress works on a new, more targeted program.
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Auditors can play key role in ESG information assurance
July 1, 2020Public company auditors can play an important role in enhancing the reliability of company disclosures on environmental, social and governance information, according to a new Center for Audit Quality report.
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GASB delves into financial statement elements, revenue and expense models
July 1, 2020GASB issued a proposed concepts statement on recognition of financial statement elements and a request for comment on preliminary views on revenue and expense recognition model proposals.
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AICPA tax comment letters include pandemic-related advocacy
July 1, 2020The AICPA Tax Policy and Advocacy team produced six tax-related comment letters in June with a goal of assisting accounting professionals and taxpayers.
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PPP lender accounting issues addressed by new TQAs
June 30, 2020New Technical Questions and Answers issued by the AICPA discuss accounting issues lenders have encountered related to the Paycheck Protection Program.
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IRS will not postpone July 15 deadline
June 30, 2020The IRS announced that it will not further postpone federal tax filing and payment deadlines beyond July 15.
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PPP: Client forgiveness services Q&As for CPAs
June 30, 2020Here are tips that help CPAs understand which service they should provide as well as other important issues related to the PPP.
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How COVID-19 taught new ways to work
June 29, 2020Changes once considered radical have become the norm in the accounting profession. Firm leaders share their lessons learned.
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New PPP guidance addresses maturity dates, loan amounts
June 27, 2020Updated guidance issued by the Treasury Department and the U.S. SBA addresses PPP loan maturity dates for all borrowers as well as maximum loan amounts for certain self-employed individuals.
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How to handle the 2020 PTO backlog
June 26, 2020With few employees taking extended time off this summer due to the coronavirus pandemic, firms will inevitably face scheduling challenges as the year ends.
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Handling nondisclosure compilations amid the pandemic
June 26, 2020Compilations of financial statements that omit substantially all disclosures can provide challenges for CPAs as the pandemic hurts clients’ businesses. Here’s how CPAs can handle the challenging judgments in these engagements.
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Quiz: Are you ready to audit these areas of heightened risk?
June 24, 2020The coronavirus pandemic has increased risk in certain areas of the audit for clients with 2020 year ends. Take this quiz to see if you are ready to audit these areas.
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Strategies for addressing pandemic-related audit risks
June 24, 2020Audit risk assessments and sampling procedures may need to change as a result of the coronavirus pandemic, according to Lynford Graham, CPA, Ph.D.
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PPP recipients can apply early for loan forgiveness, SBA says
June 23, 2020New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.
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Rollover relief for required minimum distributions
June 23, 2020The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
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GASB addresses component units, deferred compensation plans
June 23, 2020GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.
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Your peer review has been extended — now what?
June 22, 2020CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.
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FASB Q&As address application of taxonomy to pandemic disclosures
June 22, 2020FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.
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Proposed regs. explain disallowed transportation fringe benefits
June 22, 2020The IRS issued proposed regulations implementing changes to Sec. 274 that disallow a deduction for the expense of any Sec. 132(f) qualified transportation fringe provided to an employee, effective for amounts paid or incurred after Dec. 31, 2017.
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SBA, Treasury to publish names of some PPP loan recipients
June 20, 2020The SBA and Treasury announced an agreement with the bipartisan leaders of the Senate Small Business Committee to publish the names and amount ranges for all recipients of Paycheck Protection Program loans of $150,000 or more.
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SBA launches tool to match underserved borrowers with PPP lenders
June 19, 2020The SBA, citing the impending June 30 deadline for Paycheck Protection Program applications, said that it has restarted an online referral program to match small businesses and not-for-profits with a select group of specialized and small lenders.
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Heading off Paycheck Protection Program fraud
June 19, 2020Accountants can play a role in making sure the money set aside to help small business goes to the right places.
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Lease accounting effective date deferred for federal entities
June 19, 2020Federal government entities will have extra time to implement a new lease accounting standard after the Federal Accounting Standards Advisory Board (FASAB) announced that it is delaying the standard’s effective date.
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Guidance on how to take CARES Act distributions from qualified plans
June 19, 2020The IRS released guidance on how taxpayers can take coronavirus-related distributions from qualified retirement plans as authorized by the CARES Act.
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17 strategic questions to answer before reopening
June 17, 2020Firms must consider strategic as well as practical issues as they reopen. These questions can help you think through some of these issues and point you toward ways to preserve positive changes made during the lockdowns.
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New PPP loan forgiveness applications released
June 17, 2020The U.S. Small Business Administration and Treasury released a revised loan forgiveness application for the Paycheck Protection Program that reflects recent changes made by Congress to make the program more borrower-friendly.
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Pandemic considerations for EBP financial statements
June 17, 2020The coronavirus pandemic has had a profound effect on employee benefit plan financial statements. Preparers and auditors need to carefully consider going concern implications, CARES Act implications and more.
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How to deliver the news of furloughs and layoffs
June 17, 2020Transparency and sensitivity are important when managers have to tell employees about job cuts, and these tips can help prepare you for that communication.
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15 questions firm leaders should ask before returning to the office
June 16, 2020Reopening your physical office is not a decision to take lightly. Here’s an overview of the many issues firm leaders need to consider when developing a plan to reopen.
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Steps to take to prepare for a recession
June 16, 2020Establishing an emergency fund is the tactic that CPA financial planners most recommend Americans take to help prepare for a downturn.
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Fed expands program to help large employers
June 15, 2020The Federal Reserve will begin buying individual corporate bonds on the secondary market in a move designed to make more credit available for large employers.
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Preparing for future health needs
June 15, 2020As trusted advisers in their clients’ lives, CPAs can play an important role in long-term health planning.
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Why accountants should embrace 'More with Less'
June 15, 2020Hard trends accelerated by the COVID-19 pandemic means that the mantra “More with Less” should become a rallying cry for the accounting profession. What does More with Less mean?
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CFOs’ top 5 lessons for handling coronavirus crisis
June 14, 2020Three experienced finance leaders share what they have learned and what they are doing to deal with turmoil and uncertainty.
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Q&A: Advocating for justice, diversity, and inclusion
June 12, 2020Amid tense and uncertain times, two leaders of the National Association of Black Accountants describe their emotions and a sense of hope that they can produce positive change in the accounting profession and their communities.
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PPP provides a lifeline, but more may be needed
June 12, 2020With new guidance and extensions on use of funds, US businesses seek and find financial boosts in overall uncertain times.
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Leave-based donation program available during pandemic
June 11, 2020The IRS announced that employers may make donations this year to charitable organizations that provide relief to COVID-19 pandemic victims in exchange for personal leave that their employees forgo.
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GASB proposes accounting guidance for CARES Act aid
June 11, 2020GASB issued a proposed technical bulletin that would help state and local governments account for funds they received from programs included in the CARES Act pandemic relief legislation.
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Take care of your staff’s mental health during COVID-19
June 11, 2020Isolation, boredom, uncertainty, stress, and anxiety can all take a toll on staff’s mental health during the pandemic. Try these tactics to support staff and boost their spirits during difficult times.
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FASB addresses insurance, convertible instruments, gifts-in-kind
June 10, 2020FASB proposed delaying the effective date of its new long-duration insurance contracts standard. The board also voted to approve standards on improving convertible instruments and contracts in an entity’s own equity and not-for-profit accounting for gifts-in-kind.
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AICPA issues guidance on accounting for forgivable PPP loans
June 10, 2020Nongovernmental entities have some options for accounting for forgivable loans under the Paycheck Protection Program, according to the AICPA’s new Technical Question and Answer guidance for borrowers.
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Together, we can make a difference: A 12-step plan to address racism and unconscious bias
June 9, 2020Increased resources and focus will be needed to address the consequences of systemic racism and unconscious bias, writes Kimberly Ellison-Taylor, CPA, CGMA, a former AICPA chairman who is executive director, Finance Thought Leadership for Oracle.
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Rules proposed for direct primary care arrangements, health care sharing ministries
June 9, 2020The IRS issued proposed regulations defining direct primary care arrangements with doctors and health care sharing ministries and how payments for them can qualify as Sec. 213 medical expenses.
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Fed expands Main Street Lending Program to more businesses
June 8, 2020The Federal Reserve Board announced revisions to the Main Street Lending Program that make it possible for more small and midsize businesses to receive financial support.
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AICPA recommends changes to e-signature requirements
June 8, 2020In a letter to the IRS, the AICPA asked the IRS to permanently amend its electronic signature procedures to make it easier for taxpayers and practitioners to e-file all types of returns.
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Partial PPP loan forgiveness remains if 60% threshold not met
June 8, 2020Paycheck Protection Program loan recipients can receive partial loan forgiveness even if they don’t spend at least 60% of their PPP funds on payroll, Treasury and the US Small Business Administration said.
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GASB addresses subscription-based technology arrangements
June 5, 2020GASB issued a standard that specifically addresses accounting and financial reporting for subscription-based technology arrangements used by state and local governments.
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4 key COVID-19 audit risks for 2020 year ends
June 5, 2020The coronavirus pandemic has created special challenges for practitioners to consider related to internal control, fraud, legal compliance, and accounting estimates. Here’s how auditors can address these risks.
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Qualified opportunity zone rules are relaxed
June 5, 2020In response to the COVID-19 pandemic, the IRS further postponed the 180-day deadline to invest in a qualified opportunity fund from July 15, 2020, to Dec. 31, 2020, extended other deadlines, and relaxed some qualified investment rules.
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