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Over half of accountants (56 percent) expect the coronavirus pandemic to end before 2021, and two-fifths of those (42 percent) think it will be wrapped up by the end of September, according to a recent Accounting Today survey. They’re less sanguine about the prospects for the economy, however: The AT study, which was conducted in […]
Root of a problem; in the pipeline; little oversight; and other highlights of recent tax cases. Gretna, Louisiana: Resident Patricia Hargis has been sentenced to 21 months of home confinement as part of a three-year probation term for charges stemming from filing a false federal income tax return. Hargis admitted to understating her income in […]
After a pilot in May, the IRS is expanding its Virtual Settlement Days program in response to the coronavirus pandemic. The Office of Chief Counsel tested the online version of its Settlement Days last month with events in Detroit and Atlanta. The Detroit office expanded its program to eight days; the Atlanta office expanded to […]
The Internal Revenue Service is giving retirement plan participants and beneficiaries some added flexibility during the COVID-19 pandemic to remotely sign or have their retirement plan elections notarized. The IRS issued a notice Wednesday offering temporary administrative relief so retirement plan participants or beneficiaries who need to make participant elections can do so with the […]
Gusto, a provider of payroll, HR, benefits and insurance services for small businesses, has been partnering with accountants to help them secure loans for their clients under the Small Business Administration’s Payroll Protection Program so they can weather the economic crisis brought on by the COVID-19 pandemic. The company has been adding more than 40 […]
The Center for Audit Quality will be premiering a new documentary Thursday following a group of aspiring young accounting students as they take a 21-day RV trip across the country and learn about the auditing and accounting profession from some of its practitioners. The documentary is part of PBS’s “Roadtrip Nation” series and features a […]
The Trump administration is starting investigations into digital services taxes considered by several trading partners from the European Union to India that could lead to tariffs being imposed on the countries’ exports to the U.S. The probe announced Tuesday encompasses digital taxes that have been either adopted or are under consideration in Austria, Brazil, the […]
The National Association of Tax Professionals is hosting its 2020 TaxCon event, held online in light of the ongoing COVID-19 pandemic, July 27-31, 2020. The event will feature live interaction with accounting instructors, attendees and exhibitors throughout the week. Attendees can earn up to 55 CPE from the event’s 39 sessions. Session topics include virtual […]
The CARES Act included several provisions allowing companies to claim net operating losses for past tax years, temporarily reversing some of the limitations in the Tax Cuts and Jobs Act. Those changes are likely to encourage more companies to pursue mergers and acquisitions once the market recovers from the economic downturn from the novel coronavirus […]
We are in the midst of a pandemic with doubtful days ahead. However, accountants are running businesses and, on some basis, need to return to business as normal. But, what is “normal” going to be? “Normal” means that we settle into a routine of performing services, assisting clients, counseling and coaching them, and looking for […]
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