News

Employers can withhold, make payments of deferred Social Security taxes from 2020

January 19, 2021

The Internal Revenue Service today released Notice 2021-11 PDF addressing how employers who elected to defer certain employees' taxes can withhold and pay the deferred taxes throughout 2021 instead of just the first four months of the year.

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

Connecticut Joins NH Remote Work Income Tax Case

January 17, 2021

New Hampshire is challenging a Massachusetts measure that continues to tax nonresidents that formerly commuted to work in the Bay State, but now work from home because of the pandemic.

  • business and industry
  • coronavirus
  • practice management
  • advocacy - state
  • advocacy - federal

AI, applied: Lessons from 2020

January 15, 2021

The year of coronavirus will go down in history not just as a time of plague, but also of crisis-driven tech adoption. Mass migration online drove the adoption of cloud-enabled technologies, and AI was one of them.

  • business and industry
  • coronavirus
  • practice management
  • technology and cybersecurity

AI, applied: What to expect from AI 2.0

January 15, 2021

Artificial intelligence is in its glory days now, with its promised applications being realized in a range of service areas for accountants. But AI is for more than just automating processes and creating efficiencies — now is the time for firms to be creative, thinking about new industry-specific applications and firm-specific pain points where AI can play a role.

  • practice management
  • technology and cybersecurity

8 Business Compliance Considerations for 2021

January 13, 2021

To avoid penalties and other headaches, one of your business clients' many responsibilities is to remain in good standing with the state they operate in. But why is this so important, and what do they need to think about for 2021? Nellie Akalp lists 8 points you should bring up in your next meeting with a business-owning client.

  • business and industry
  • practice management

AICPA encourages firms to aggressively advance PPP applications

January 13, 2021

The AICPA expects the federal government to open up the application process for all lenders participating in the latest round of the Paycheck Protection Program by Friday, and encourages CPA firms to advance the application process for small business clients seeking relief.

  • coronavirus
  • practice management

IMA CEO Thomson foresees 'megatrends' for accountants this year

January 13, 2021

Institute of Management Accountants president and CEO Jeff Thomson is predicting six megatrends in the finance and accounting profession this year.

  • accounting and auditing
  • business and industry
  • practice management
  • technology and cybersecurity

Labor Department's independent contractor rule may not stand for long

January 12, 2021

The U.S. Department of Labor’s new rule for defining an employee vs. an independent contractor is likely to be challenged in the incoming Biden administration as well as court, but it does provide some helpful guidance for companies struggling with how to adapt to the new gig economy.

  • accounting and auditing
  • business and industry
  • practice management

4 Tips for Virtually Onboarding New Employees

January 11, 2021

Thanks to COVID-19, in-person meetings are a thing of the past, at least for a while. The same goes for chatting with coworkers in the break room. This lack of personal contact creates difficulty for new employees, who are looking to make connections and find their footing. In his first article for AccountingWEB, Joe Cihak discusses a few ways to more effectively onboard new people and help new hires feel more comfortable.

  • career resources
  • practice management

SBA and Treasury reopen Paycheck Protection Program

January 11, 2021

The U.S. Small Business Administration and the Treasury Department relaunched the Paycheck Protection Program on Monday to new borrowers, prioritizing loans from community lenders. The program, funded with $284.5 billion thanks to the latest stimulus package passed by Congress late last month, opened Monday to so-called “first draw” PPP loans for those small businesses who didn’t take advantage of the program last year. “Second draw” PPP loans will be available starting Wednesday. Initially only community financial institutions will be able to make the first-draw and second-draw loans, but the SBA and the Treasury said Friday that the program would be open to other lenders shortly thereafter.

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

Labor Department finalizes rule on employee vs. independent contractor status

January 06, 2021

The U.S. Department of Labor issued a final rule Wednesday to clarify the standard for determining whether a worker should be considered an employee or an independent contractor. The rule is one of many contentious regulations that the Trump administration has been rushing to finalize in its waning days and is likely to have an impact on labor relations, pay scales and benefits for workers. It also has an impact on the taxes they pay and whether taxes need to be withheld from their paychecks or simply reported on a Form 1099 and sent to them before Jan. 31. More companies in recent decades have been classifying their workers as independent contractors as opposed to full-time employees to save on salaries and benefits, and that trend has only accelerated in recent years with the growth of the gig economy.

  • business and industry
  • career resources
  • practice management
  • advocacy - federal
  • federal tax

RSM US featured in Accounting Today Practice Profile "Showing Up in a Crisis"

January 04, 2021

When the coronavirus pandemic started shutting down offices in mid-March, Chicago-based Top Five firm RSM US was quick to transition to remote working — while also planning other ways to more broadly support its people through the pandemic. The firm began rolling out employee benefits in a range of areas, explained Katie Lamkin, RSM’s chief human resources officer. “We summarize it as caring for colleagues in a changing world,” she said. “The benefits focus on several categories. We looked at it through the lens of the employee life cycle — things to do in the short term because of COVID, quick decisions; and long term — keeping people safe and giving them the best possible experience, helping them continue to focus on the future.”

  • coronavirus
  • member news
  • practice management

5 tactics to plan your way through the pandemic in 2021

January 01, 2021

Regulators in several countries approved vaccines, and immunisation against the coronavirus started in December. The vaccines have shown to be highly effective in clinical trials, but the pandemic is not expected to subside for several months. To plan for pandemic uncertainty and risks in 2021, speakers at the Controllers Council roundtable suggested to...

  • business and industry
  • coronavirus
  • practice management

HBJ’s 2021 economic forecast

December 28, 2020

Hartford Business Journal's 2021 Book of Lists includes an economic forecast section containing outlooks for the year ahead from various economists and industry experts. Here’s a look at what they had to say.

  • coronavirus
  • diversity
  • forensic accounting and fraud
  • member news
  • not-for-profit
  • personal financial planning
  • practice management
  • state tax
  • technology and cybersecurity
  • advocacy - state

Moving Beyond Diversity to Foster Inclusion in Finance

December 22, 2020

Diversity and inclusion in finance aren’t new concepts. It’s long been a top priority for leaders in our profession, and in this year of uncertainty, we need new ideas and diversity of thought to re-imagine the path forward. The tragic events of 2020 have revealed the disparities that were hidden in plain sight — workplaces included. These events have challenged us to recognize that a checklist approach to diversity is not enough to achieve meaningful change.

  • business and industry
  • diversity
  • practice management