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The Internal Revenue Service proposed regulations Thursday to offer guidance for estates and trusts clarifying that some deductions of estates and non-grantor trusts are not considered to be miscellaneous itemized deductions. The Tax Cuts and Jobs Act of 2017 prohibited individual taxpayers from claiming miscellaneous itemized deductions for any taxable year starting after Dec. 31, […]
The U.S. Bureau of Labor Statistics reported Friday that the unemployment rate rose to 14.7 percent in April, the highest level since the BLS began keeping records in January 1948, as employers shed 20.5 million jobs in the wake of the COV-19 pandemic. The unemployment rate increased by 10.3 percentage points to 14.7 percent last […]
Right Networks acquires Rootworks; Hancock Askew launches new information security entity; and more CPA news.
Do I have to use this? How long will it take to learn this? I have to remember another password? If you’re an accountant, you’ve probably heard these sentiments or ones like these when introducing clients to new software. Many accounting firms understand how the right technologies help them better retrieve and analyze financial information, […]
The Governmental Accounting Standards Board is postponing the effective dates of many of its pronouncements and implementation guides for 12 to 18 months to provide some breathing room for accountants who work for state and local governments and have to deal with the impact of the novel coronavirus pandemic. GASB issued Statement No. 95, Postponement […]
The Internal Revenue Service is urging taxpayers who want to receive their economic impact payments by direct deposit to register their information by next Wednesday, May 13, at noon, or else they will have to wait longer to receive the payment by check. Taxpayers can visit the Get My Payment tool on IRS.gov to check […]
As I write this, individuals, businesses governments and communities around the world are contending with the COVID-19 pandemic. Despite this unprecedented crisis, organizations are responding with determination, purpose and compassion — to protect the health of employees, ensure continued service to clients and customers, and “harden” their operations against economic contagion. While all organizations are […]
The Treasury Department is bowing to requests from lawmakers on both sides of the aisle and allowing employers to remain eligible for claiming the Employee Retention Credit on their tax returns while continuing to provide health insurance to their furloughed employees. Earlier this week, three leaders of Congress’s tax-writing committees asked the IRS to reverse […]
HR Block is introducing a consulting service to help small businesses navigate the CARES Act stimulus options, including loan programs and tax credits. The Recovery Action Plan service includes up to an hour-long one-on-one phone consultation for $99 with a Block expert to discuss relief options, eligibility requirements and potential actions. After the session, the […]
Right Networks, provider of cloud hosting solutions, has acquired Rootworks, a firm improvement membership organization co-founded and run by Darren Root. The move adds a suite of new ways Right Networks can support firm clients, which is part of their strategy of services.Rootworks will continue to operate as an independent line of business within Right […]
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