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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 […]
The Securities and Exchange Commission voted to add amendments to its rules and forms to improve financial information about acquired or disposed businesses for investors, and decrease the complexity and costs of preparing such disclosures. The amendments aim to help companies make more meaningful decisions about whether a subsidiary or an acquired or disposed business […]
The COVID-19 pandemic is forcing corporate tax departments to reconsider their top priorities for this year, according to a new survey. Bloomberg Tax Accounting polled a group of corporate tax professionals before and after the outbreak of the novel coronavirus disease in the U.S. about staffing, mandates, challenges and concerns. The survey found differences in […]
With the coronavirus pandemic impacting the entire country, the IRS is moving its Nationwide Tax Forums to a virtual format this summer, with a series of live-streamed webinars beginning this July. The forums were scheduled to take place in six cities around the country; those in-person events are canceled. Initial registration for the in-person 2020 […]
There is not a person in business today who thinks we will come out of this COVID-19 crisis as we were before. We all recognize that as we slowly bring our economy back it will be through a “new normal,” and whether that “new normal” is a bridge to the “old normal” or a pathway […]
American Institute of CPAs executive vice president of firm services Mark Koziel announced that he is leaving after almost a decade-and-a-half with the institute to take the helm at international accounting association Allinial Global. Koziel will become president and CEO of the association on August 1, following the retirement of current chief Terry Snyder. He […]
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