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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 […]
A big cut in the payroll tax is high on President Donald Trump’s wish list for the next coronavirus response bill, but the idea is getting the brushoff from newly cost-conscious Republicans and Democrats who would rather send aid to people who aren’t getting a paycheck. Trump has backed a payroll tax cut since long […]
The NJCPA Scholarship Fund grants $380K in scholarships; Janover launches charitable Helping Hands Committee; and more CPA news.
Businesses are seeing their employees’ expense reports changing since the start of the coronavirus outbreak, with hotel and airline cancellation charges giving way to more requests for work-from-home charges. AppZen, a provider of artificial intelligence auditing technology for expenses and invoices, has been keeping a close watch on the expenses that its customers have been […]
The auditing profession is responding to the novel coronavirus pandemic by adjusting how it conducts audits, and that’s evident in the Center for Audit Quality, whose CEO, Julie Bell Lindsay, took over the leadership job at the organization just about a year ago when the priorities for the profession and the CAQ looked far different. […]
CPA Exam testing administrator Prometric has confirmed the re-opening of select testing sites beginning May 1, 2020, albeit on a “market by market” basis that still adheres to social distancing guidelines. Prometric previously announced test site closures through the end of April. As May 1 approaches, CPA testing sites will be eligible to re-open on […]
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