High Quality Work…Great Customer Service.
The Treasury and the IRS have issued final regulations clarifying the reporting requirements generally applicable to tax-exempt organizations. Among other provisions, the regs incorporate the existing exception from having to file an annual return for certain organizations that normally have gross receipts of $50,000 or less. The regulations also provide that the requirement to report […]
On May 15, 2020, the SBA published the Paycheck Protection Program Loan Forgiveness Application (SBA Form 3508). While the application clears up several of the outstanding questions that borrowers may have with regards to forgiveness eligibility, there are still some questions left unaddressed. As a crisis management professional, I have been immersed in all things […]
The National Association of State Boards of Accountancy has proposed a set of revisions to the Uniform Accountancy Act Model Rules for CPAs, including the addition of more course content on data analytics and digital acumen, and the ability to take courses outside a school of business. Other proposals involve recognition of accrediting organizations by […]
The Public Company Accounting Oversight Board released a document Tuesday with information for auditors and audit committees about audits involving cryptoassets, such as Bitcoin and other digital currencies. The Spotlight document, Audits Involving Cryptoassets – Information for Auditors and Audit Committees, is part of the PCAOB’s Strategic Plan to monitor the development and implementation of […]
Waiting for refunds; EIP debit cards; using state-level OICs; and other highlights from our favorite tax bloggers. Good examples Taxable Talk (http://www.taxabletalk.com/): The tale of two clients waiting for refunds this turbulent season, with the apt title “Patiently.” The Income Tax School (http://www.theincometaxschool.com/blog/): A few technology tools to help make remote teamwork and management that […]
This is the time of year when most firms that have retreats or strategic planning meetings finalize their plans. These meetings are more necessary and important than ever, and should be scheduled if you haven’t yet done so. If circumstances don’t much change (hopefully they will), the meetings would be done virtually. Here are some […]
As state finances across America are upended by the coronavirus, almost all of them face the same, self-imposed, problem: how to balance their budgets. Forty-nine out of 50 U.S. states have adopted some kind of balanced-budget requirement that forces them to raise taxes or cut spending if revenues fall short of projections — in theory. […]
How long should tax professionals hold onto the e-file signature authorizations of their clients? It depends on where they and their clients reside. Form 8879, “IRS e-file Signature Authorization,” is signed by 1040 taxpayers to, among other things, authorize the electronic return originator to electronically file the taxpayer’s federal tax return. EROs must retain the […]
Grant Thornton appoints leaders of 14 offices; Clayton McKervey introduces PPP consulting services; and more CPA news.
A bipartisan group of senators has introduced legislation to prevent private debt collectors from seizing the economic impact payments provided to taxpayers under the CARES Act. The CARES Act, the $2.2 trillion package passed by Congress in late March to provide relief to individuals and businesses suffering from the economic fallout of the novel coronavirus […]
Powered by WordPress. AwesomeOne theme by Flythemes