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As of today, the Internal Revenue Service has ruled that expenses paid with forgiven Paycheck Protection Program loans are not deductible. But what if the loan is processed and expenses are paid in 2020, but the forgiveness determination is not made until 2021? Such circumstances are not only possible but likely to occur, according to […]
The expiration of the $600 in extra unemployment benefits at the end of July is leaving lawmakers at odds over how much and how long to extend them. The $2.2 trillion CARES Act that Congress passed in March provided an additional $600 in weekly benefits, on top of state unemployment benefits, and helped prop up […]
The Internal Revenue Service has named James Lee as its new chief of the Criminal Investigation unit, starting Oct. 1. Lee is currently deputy chief of CI and a 25-year veteran of the organization. He will succeed current IRS CI chief Don Fort, who announced last month he plans to retire on Sept. 30. “Jim […]
The six largest credit card issuers have set aside billions of dollars worth of reserves in response to the novel coronavirus as well as the adoption of the Financial Accounting Standards Board’s new credit losses standard. A report released last Friday by Moody’s Investors service examined how much American Express, Bank of America, Capital One […]
Top Five Firm RSM has announced that its RSM US Foundation has made a $1 million gift to DePaul University’s School of Accountancy Management Information Systems. DePaul alumni who now work for RSM contributed $500,000 for the gift, which was matched through the foundation’s University Giving Match Program. The donation will establish two endowed faculty […]
RSM gifts $1 million gift to DePaul University; EY appoints two office managing partners; and more CPA news.
With Joe Biden leading President Donald Trump in the polls, some investors are concerned the age of corporate tax cuts and deregulation may soon end, replaced by a Democratic administration eager to soak the rich. Those fears are unfounded, according to UBS Group AG. While Biden has proposed tax increases on high-income individuals and corporations, […]
Top 6 Firm Grant Thornton topped the list of net new Securities and Exchange Commission audit clients in the second quarter of 2020. The Chicago-based firm brought on 11 new engagements and netted eight. Big Four firm Ernst Young actually added more new clients, with 12, but netted fewer, with four. (See “Client gains losses.”) […]
Because of COVID-19, businesses and their accounting departments are going through a cycle of shock (and maybe some denial), survival, learning and adaptation. For those of you who haven’t done so yet, it’s critical to begin the shift into the learning and adaptation phases as quickly as possible so we emerge stronger as a result. […]
The Internal Revenue Service released regulations to restrict a valuable tax break that hedge fund managers were able to claim after an error in 2017 Republican tax law. The change, published Friday, bars money managers from using some types of business entities, including S corporations and passive foreign investment companies, to take advantage of an […]
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