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CARES changes; payroll or not payroll; what to think of the IRS; and other highlights from our favorite tax bloggers. A marvelous modern age Taxable Talk (http://www.taxabletalk.com/): It Should Happen to Them Dept.: “When the IRS Adds a Digit…” relates the merry mix-up of finding an extra numeral in a direct-deposited federal refund just as […]
The International Federation of Accountants has published a roadmap for transforming small and medium-sized accounting practices in the midst of the novel coronavirus pandemic and moving them into the future. IFAC’s ‘‘Practice Transformation Action Plan – A Roadmap to the Future’’ focuses on four main areas for firms: embrace change, leverage technology, focus on talent […]
Accountants are facing unique challenges during the coronavirus pandemic — but the profession is rising to the meet them at all levels, according to leaders from the American Institute of CPAs. “This is a defining time for the AICPA and our firms,” said Erik Asgeirsson, president and CEO of CPA.com, the technology arm of the […]
President Donald Trump has fixed his sights on getting a payroll tax cut in the next coronavirus stimulus bill, but it’s unclear whether he can get Republicans — much less Democrats — to go along with such a high-cost item that likely would have only a modest impact on the economy. Trump has been pushing […]
“With challenge comes opportunity.” This saying has never been truer. The COVID-19 global pandemic and the potential economic downturn have created an unprecedented level of business disruption. Navigating the challenges created by this disruption and turning them into opportunities will determine what our firms will look like after this crisis is over. He said: We […]
It’s common for media and general conversationalists to refer to the COVID-19 pandemic as “unprecedented.” In some senses, it is: Almost no living American has lived through such an event. The world saw the deadly global spread of the “Spanish flu” over 100 years ago — but today’s world requires a whole new set of […]
As if tax season isn’t already stressful enough for accounting firms, the coronavirus pandemic is making things that much harder. With the tax filing deadline extended into July, numerous small-business loan and forgiveness programs being rolled out, businesses struggling with cash flow and payroll, and a myriad of other challenges, there’s no shortage of fires […]
Think about how much time you and your colleagues are spending keeping abreast of all the new deadlines and stimulus programs. Imagine how hard it must be for your clients to keep up. Just because a client hasn’t called you specifically about the dizzying changes in this pandemic economy, don’t assume they fully understand what’s […]
Small businesses that manage to get their Paycheck Protection Program loans forgiven may find themselves losing valuable tax breaks, according to new guidance from the Internal Revenue Service. Companies that qualify for loan forgiveness under legislation Congress approved won’t be able to deduct the wages or other businesses expenses they paid for using the loan, […]
Rich Americans are taking advantage of an unprecedented opportunity, made possible by the coronavirus pandemic, to transfer money to their children and grandchildren tax-free. Thanks to the 2017 Republican tax overhaul, it was already easier than ever to avoid the U.S. estate and gift tax, a 40 percent levy on the biggest fortunes. Now, plunging […]
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