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We’re now over a month into 2021, but in many ways, it feels like an extension of 2020. The pandemic has yet to subside in any meaningful way, and that means a certain level of uncertainty remains across industries, including accounting. Controllers are taking center stage in keeping their companies afloat, and other effects continue […]
Expensify offers $100K in matching funds to ten grassroots movements; Avalara launches its “Standing with Black-Owned Businesses” promotion; and Anders CPAs and Advisors releases its 2020 Community Impact Report.
MNP, one of the largest accounting firms in Canada, struck a deal Friday with Deloitte to acquire a significant portion of Deloitte’s business in Canada by March 1. As part of the deal, approximately 70 Deloitte partners and senior leaders, nearly 900 team members and close to 25 offices will join MNP, formerly known as […]
Hopes among millions of upper-income and middle-class taxpayers for a repeal of the Trump administration’s limits on their federal deductions will likely be on hold for now, as an effort to include the measure in the COVID-19 aid package is poised to fail. The House Ways and Means Committee is slated to clear the tax […]
The Internal Revenue Service is girding for the official start of tax season Friday as taxpayers and preparers deal with tax breaks related to COVID-19 and questions about stimulus payments. The IRS recently updated its annual Publication 17 guide to preparing individual tax returns with the latest information on all the tax changes in 2020, […]
Off the top; bad Solutions; and we quote; and other highlights of recent tax cases. Final opportunities New Windsor, New York: Preparer Eversley Barrett, owner of the prep business Eversley Tax, has been sentenced to six months in prison after pleading guilty to charges of preparing false and fraudulent individual income tax returns for his […]
Nonprofit and for-profit organizations that received Paycheck Protection Program loans could unexpectedly find themselves confronting the “single audit” requirement for the first time, even though PPP loans are supposedly exempt. A single audit is an organization-wide audit of the financial statements and federal awards of a non-federal entity that spends $750,000 or more in federal […]
With blacked out or blank television screens, front pages and web portals, Poland’s private media companies protested against plans to implement a new advertising tax they say is a disguised government attempt to muffle criticism. During the protest on Wednesday, the U.S. embassy in Warsaw tweeted that a “free media is the cornerstone of democracy.” […]
It’s hard enough for preparers to keep up with tax changes — clients are completely at sea, and often enough end up relying on very odd notions about taxes. Attempted deductions from recent years (the Minnesota Society of CPAs produces one of the most famous lists) always evince taxpayers strangest ideas about what’s deductible under […]
The Texas Society of CPAs announced the recipients its 2020-21 academic scholarships. Fifty-one students across the state awarded academic accounting scholarships this year. Approximately $136,000 in scholarships is annually given to students in accounting programs throughout the state. The TXCPA’s Accounting Education Foundation has distributed more than $5.8 million in scholarships to promote accounting education […]
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