News

Democrat floats paying for SALT cap repeal with more tax audits

April 19, 2021

Representative Josh Gottheimer said a repeal of the $10,000 cap on state and local tax, or SALT, deductions could be offset by cracking down on tax cheats, the first proposal from Democrats as a way to pay for revival of a valuable tax break.

  • state tax
  • advocacy - federal
  • federal tax

House passes bill protecting banking services for legal cannabis

April 19, 2021

Federal prosecution of a depository institution providing banking services to a legitimate cannabis business would be prohibited under a bill that passed the U.S. House of Representatives on Monday by a 321–101 vote.

  • advocacy - federal

How to tackle the post-pandemic performance review

April 19, 2021

New workplace realities require a new way of evaluating performance.

  • business and industry
  • career resources
  • coronavirus
  • practice management

How to Thrive After Another Challenging Tax Season

April 19, 2021

This tax season will go on record as another challenging one for tax practitioners. COVID relief programs have added another layer of complexity to our normally complicated process.

  • state tax
  • federal tax

Restaurant Revitalization Fund details come into focus

April 19, 2021

The Restaurant Revitalization Fund (RRF) relief program application portal will be tested in a seven-day pilot period ahead of the application launch, the U.S. Small Business Administration (SBA) announced as it revealed key details of the program.

  • business and industry
  • coronavirus
  • practice management

There’s a plan to get rid of property tax on cars. But how would towns make up the difference?

April 19, 2021

For more than a decade, state officials have flirted with removing the property tax on motor vehicles. Sen. John Fonfara of Hartford and other Democrats have a plan to make the levy go away — it just doesn’t necessarily involve a tax cut for everyone.

  • state tax
  • advocacy - state

Tips for for-profits applying NFP accounting rules for PPP funds

April 19, 2021

When accounting for Paycheck Protection Program (PPP) loans, for-profit entities may wish to apply the conditional contribution method that has been more commonly associated with not-for-profits’ PPP accounting.

  • business and industry
  • coronavirus
  • federal tax
  • practice management

PwC tops Vault's 2022 'Accounting 50' list

April 16, 2021

Online career resource Vault.com released its 2022 Accounting 50 list, an annual ranking of the best accounting firms to work for based on accounting professionals' feedback, with Big Four firm PricewaterhouseCoopers topping the list.

  • member news
  • practice management

IRS extends penalty relief for pandemic payroll credits

April 14, 2021

To continue to allow employers to take immediate advantage of various credits enacted in response to the COVID-19 pandemic, the IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them with the IRS.

  • business and industry
  • coronavirus
  • federal tax
  • practice management

ADP releases diversity analysis tool, and more

April 13, 2021

HR and payroll tech provider ADP has added several new tools to its DataCloud platform. The new ADP DEI Dashboard and Organizational Benchmarks Dashboard help analyze diversity in a workforce, and help better allocate staff resources.

  • diversity

Breaking a barrier: The first Black partner of Big Eight firm

April 13, 2021

Fifty years after the first Black CPA received his license, Elmer J. Whiting Jr. broke an important barrier when in 1971 he became the first Black partner of a Big Eight firm, which is what the largest national accounting firms were called at the time.

  • diversity

Electing To Apply a 2020 Return Overpayment From a May 17 Payment with Extension Request to 2021 Estimated Taxes

April 13, 2021

The IRS postponed to May 17, 2021, the date to file 2020 Forms 1040 and 1040-SR and to pay any related tax. The due dates for estimated tax payments for 2021 were not postponed. The first 2021 estimated tax installment is due April 15, 2021. If an individual taxpayer has a 2020 overpayment and elects to credit the 2020 overpayment against the 2021 estimated tax, the date on which the 2020 overpayment is applied against the 2021 estimated tax depends on: (a) the date(s) of payment, and (b) the extent to which an overpayment exists as of April 15, 2021. An extension of time to file has no effect on either the date of payment or the date on which an overpayment exists.

  • state tax
  • federal tax

GASB Proposes to Rename the Comprehensive Annual Financial Report

April 13, 2021

The Governmental Accounting Standards Board (GASB) today proposed to change the “comprehensive annual financial report” to the “annual comprehensive financial report.” The proposed name change was prompted by GASB stakeholders raising concerns that the existing acronym for the report, when spoken, sounds like a profoundly offensive term.

  • accounting and auditing
  • diversity

How one accounting program introduces students to RPA

April 13, 2021

A professor explains how and why to incorporate the technology into the curriculum.

  • career resources
  • technology and cybersecurity

IRS sharpens focus on crypto transactions

April 13, 2021

Millions of taxpayers who have failed to report their use or trading of virtual currency in the recent past may find themselves the target of a new IRS initiative called Operation Hidden Treasure — and only their CPA can help, according to experts.

  • technology and cybersecurity
  • federal tax

Why Managers Are Key to D&I Success at Work

April 13, 2021

When experts make suggestions on how to improve the efficacy of diversity and inclusion initiatives in the workplace, they often focus on what firm leadership can do. But Jina Etienne says that actually might be one of the reasons why D&I programs often aren't as successful as they could be. Instead, they should include middle managers.

  • diversity
  • practice management

6 proactive steps accountants can take to get promoted in 2021

April 12, 2021

The world may have been turned upside down in 2020, but odds are you still have a clear shot at getting that promotion in 2021 if you're a CPA.

  • career resources

How the 2021 busy season is different

April 12, 2021

Across the country, some accounting firms prepared for the 2021 busy season by staffing up and offering more flexible work options for employees who are dealing with family issues during the pandemic.

  • coronavirus
  • state tax
  • federal tax

AICPA recommendations on Q1 estimates and 2020 Form 709 extensions

April 09, 2021

The AICPA on Thursday released some suggestions for practitioners regarding issues that have arisen around the postponed May 17 tax due date for individuals.

  • federal tax

AICPA recommendations regarding estimated tax and gift tax extension

April 09, 2021

The situation regarding the May 17 bifurcated filing and payment due date with IRS keeping the 1st quarter estimated payment at April 15 is extremely fluid. There is also uncertainty regarding filing an extension for gift tax returns due April 15.

  • advocacy - federal
  • federal tax