News

Employee Retention Credit Under COVID-19 Relief

January 20, 2021

Here is a recap of the Employee Retention Credit under the CARES Act and the higher-impact modifications under the latest COVID-19 Relief Package.

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

Evaluating Technology to Drive Firm Efficiency

January 20, 2021

I have long embraced the latest and greatest technology tools and viewed them as the way to make our lives easier and give us more freedom. So, having this belief from the onset of my firm’s existence clarified that my firm would be tech forward from the start. I know that I was fortunate enough to have a head start on this ideal when the pandemic hit.

  • coronavirus
  • practice management
  • technology and cybersecurity

Partner capital account reporting gets transition penalty relief

January 20, 2021

The IRS provided transition penalty relief Tuesday to partnerships in complying with new rules for reporting partners’ capital account balances.

  • coronavirus
  • federal tax

5 ways the future of work can make our lives better

January 19, 2021

This year has taught us all valuable lessons that will shape the future of work in profound ways – from finding new ways to connect virtually, to leading with empathy. The employee experience is about more than ping-pong tables and snacks: It’s about creating and maintaining a meaningful culture for employees, no matter where they sit.

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

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

2021 tax filing season begins Feb. 12; IRS outlines steps to speed refunds during pandemic

January 15, 2021

The Internal Revenue Service announced that the nation's tax season will start on Friday, February 12, 2021, when the tax agency will begin accepting and processing 2020 tax year returns.

  • coronavirus
  • federal tax

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

Connecticut officials forecast budget surplus of $70 million this year after earlier predictions of $2B deficit; Wall Street records boost tax revenue

January 15, 2021

In a stunning turnaround, state budget officials predicted Friday that Connecticut will end the fiscal year with a small surplus of $70 million — despite financial problems related to the ongoing COVID-19 pandemic.

  • coronavirus
  • advocacy - state

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

Refund delays, stimulus check errors foreshadow rough tax season

January 13, 2021

Tax-refund delays and stimulus-payment hiccups could spill into the upcoming tax season as the Internal Revenue Service continues to face challenges related to the coronavirus pandemic and as Congress considers yet another round of direct payments.

  • coronavirus
  • state tax
  • federal tax

Stimulus payments and tax returns: What tax pros need to know

January 13, 2021

2020 introduced a number of unprecedented situations that have required some massive adjustments. And now, with the tax filing season upon us, a raft of brand new challenges await ahead of the April 15 deadline. Chief among them: uncertainty around the economic stimulus given to American taxpayers as part of the Coronavirus Aid, Relief and Economic Security, or CARES Act.

  • coronavirus
  • federal tax

Rocky Hill deli receives financial support from Barstool Fund

January 12, 2021

Another Connecticut restaurant is getting some much-needed help from a social media giant. The New York Pickle Deli, in Rocky Hill, is the next CT establishment to be selected to receive financial support from The Barstool Fund, created by Barstool Sports. The Barstool Fund has raised more than $22 million in an effort to help restaurants all across the country.

  • coronavirus
  • member news

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

PPP application forms released

January 09, 2021

The US Small Business Administration and Treasury released borrower loan application forms Friday night for the rebooted Paycheck Protection Program (PPP), which will launch Monday, initially for select lenders and borrowers before a broader opening takes place a few days later

  • coronavirus
  • federal tax

New PPP guidance issued by SBA, Treasury

January 07, 2021

The U.S. Small Business Administration (SBA) and Treasury issued guidance late Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance came in the form of two interim final rules (IFRs).

  • coronavirus
  • federal tax

Guidance permits change in vehicle use valuation during pandemic

January 05, 2021

In response to the COVID-19 pandemic, the IRS is allowing employers to switch from the vehicle lease valuation method to the cents-per-mile method (57.5 cents for 2020, 56 cents for 2021) for determining the value of an employee’s personal use of a vehicle during the pandemic (Notice 2021-7). Because many businesses have either closed or switched to telecommuting, employers have noticed that using the Regs. Sec. 1.61-21(d) automobile lease valuation rule has resulted in an increase in the lease value required to be included in an employee’s income for personal use of a vehicle in 2020 compared with earlier years. In contrast, the cents-per-mile method produces a more accurate income inclusion.

  • coronavirus
  • 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

2020’s Best Advice for CFOs

January 01, 2021

CFO publishes more than 200 columns from experts, consultants, and finance chiefs of operating companies each year. Of the wealth of advice our authors dispensed during 2020, we assembled some of the best from 10 articles published during the year. These pieces not only struck a chord with readers, but they have also aged well as we enter 2021.

  • business and industry
  • coronavirus

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