Bookkeeping and Accounting News

  • Simplified accounting rules issued for small businesses
    The IRS issued regulations on the simplified accounting method rules for small business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act. Read more »
  • New CPA licensure model embraces core, deeper knowledge
    A new approach to CPA licensure that’s under development is designed to emphasize the core skills that matter most to CPAs while encouraging deeper exploration of a candidate’s passion. Laurie Tish, CPA, chair of the board of NASBA, explains what’s next in the CPA Evolution initiative. Read more »
  • PPP and pandemic-related tips for not-for-profits
    Not-for-profits face challenges related to funding, operations and strategy as a result of the coronavirus pandemic. These tips can help resolve issues related to the PPP, accounting and other topics. Read more »
  • IRS to allow faxing of automatic method change requests
    The IRS announced that, beginning Friday, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax instead of mail. Read more »
  • IRS issues business interest expense limitation guidance
    The IRS issued a package of related guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the CARES Act. Read more »
  • Remove roadblocks to CAS practice growth
    Securing more buy-in for the CAS practice at the partner level and ensuring it is properly funded and staffed can help it take off. Read more »
  • Government financial reporting model would change under GASB proposal
    The Governmental Accounting Standards Board has proposed changes to the state and local government financial reporting model. Read more »
  • Guidance on recapture of excess employment tax credits
    The IRS issued temporary and proposed regulations on how it will recapture excess credits taken by employers under recent coronavirus relief legislation. Read more »
  • CPA licensure model transformation will proceed after NASBA board vote
    The transformation of the CPA licensure model will continue after the National Association of State Boards of Accountancy’s board of directors voted unanimously on efforts to design and implement a new approach to CPA licensure. Read more »
  • Why Zoom meetings really do leave you exhausted
    Videoconferencing fatigue is just one of several types of technostress that have been plaguing workers since personal computers hit it big. The problem has grown worse due to the COVID-19 lockdowns, but Marc Staut of Boomer Consulting offers some remedies. Read more »
  • PPP forgiveness: No need to rush, and other tips
    Borrowers and their CPA advisers may be eager to move ahead with the Paycheck Protection Program forgiveness process, but there are still many unsettled issues to consider. Read more »
  • What women need to rise in the accounting profession
    Women are more likely to succeed if they have role models, are able to find sponsors, and receive opportunities for training and high-profile assignments. Panelists at ENGAGE 2020 also discussed how barriers to advancement are intensified for women of color. Read more »
  • Provider Relief Funds included in audit determination, HHS says
    Nonfederal entities and for-profit entities are required to include Provider Relief Fund payments in the reported total annual federal fund expenditures that determine whether they meet the $750,000 threshold that triggers audit requirements, the US Department of Health and Human Services announced. Read more »
  • Underemployment spurs record drop in financial satisfaction
    The AICPA’s Personal Financial Satisfaction Index saw a record drop of 55% over last quarter. A 244% rise in underemployment was the factor most responsible for the decline, followed by drops in the CPA Outlook Index and job openings. Read more »
  • Answers to 4 common accounting and auditing questions
    New FASB rules have led to a host of new accounting and auditing questions for financial statement preparers and auditors. Some of the most frequently asked questions were answered at the AICPA’s ENGAGE 2020 virtual conference. Read more »
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  • Recent Cases Clarify Penalty Supervisory Approval Requirement
    In 2017, court decisions gave penalty relief to certain taxpayers. Since then, the courts have clarified the scope of these decisions.  Second Circuit Sets the Standard Under Code Sec. 6751(b) , certain penalties require that the immediate supervisor of the individual making the determination, or designated higher level official, personally approve “the initial determination of such assessment.” The approval must be in writing. However, Congress did not define… Read more »
  • Taxpayer Implications Regarding Coronavirus: Examining Congressional Response to COVID-19
    U.S. Congress acts to help businesses and individuals As the spread of the Coronavirus COVID-19 starts to have a greater impact on the economy, U.S. Congress is taking some initial action to help businesses and individuals. The U.S. House of Representatives has passed bi-partisan legislation to address paid sick and… Read more »
  • UBIA Limits Section 199A Deduction: What is UBIA & How Does it Work?
    UBIA is the basis in a partnership’s property, and it can work to limit a partner’s section 199A deduction. If a partner recently bought their partnership interest, the partner may find their section 199A deduction limited by a percentage of both: UBIA, and wages. This limitation will be relevant to… Read more »
  • SECURE Act Changes for Employers and Retirement Plans
    The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed in December 2019. Many of its changes are already affecting employers and plan sponsors. Some of these changes are discussed here. Small Business Tax Credits for Retirement Plans Increased The SECURE Act increases credits for small businesses with… Read more »
  • 2020 Whole Ball of Tax: Your ‘Go-To’ Tax Season Resource
    Annual collection of resources aid the preparer and taxpayer alike The annual 2020 Whole Ball of Tax (WBOT) from Wolters Kluwer Tax & Accounting is now available to help journalists, reporters, and media in general better understand the nuances of the 2020 tax filing season. Filled with valuable information, WBOT… Read more »
  • IRS Beefs Up Resources for Gig Economy Workers and Platforms
    The IRS has some new resources for taxpayers navigating the gig economy. These include: a recent Gig Economy webinar, and a new Gig Economy Tax Center page on the IRS website. IRS Gig Economy Webinar The IRS presented a webinar on the gig economy on February 20. The session was… Read more »
  • SECURE Act: IRA Contributions and Charitable Distributions by 70+ Somethings
    The SECURE Act ended the prohibition against IRA contributions after age 70½.  It also preserved the ability to make qualified charitable distributions (QCDs) at age 70½ even though the required minimum distribution age was bumped to 72.  Should post-70½-somethings start making IRA contributions?  Should those age 70½ and 71 stop… Read more »
  • How to Elect the Allocable Parental Tax for Kiddie Tax Calculation in 2018 or 2019
    The IRS has provided guidance on the election to calculate the kiddie tax for 2018 and 2019 using the child’s allocable parental tax instead of the tax rates for trusts and estates. The election is generally made on the taxpayer’s return or by attaching a statement to the return. A… Read more »
  • Exempt Organization Electronic Filing Requirements Expanded
    The 2020 tax season expands  electronic filing requirements for exempt organizations. The Taxpayer First Act requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019. Taxpayers may receive transitional relief for certain forms… Read more »
  • IRS Finalizes Form 8997, Form 8949 and Schedule D for Reporting QOF Investments
    Taxpayers must report their investments in Qualified Opportunity Funds (QOF) on new IRS Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments. Individuals who dispose of any QOF investments during the year must also report the gain or loss on Form 8949, Sales and Other Dispositions of… Read more »
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