Category Archives: Uncategorized

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Quiz: More deduction limitations for business meals and entertainment

Test your knowledge of the rules for deductibility for business-related food and beverages and/or entertainment and how much, if any, of a given expenditure can be claimed as an ordinary and necessary expense of conducting a trade or business under Sec. 162.
Source: JOA News
Read More here – Quiz: More deduction limitations for business meals and entertainment


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IRS extends penalty relief for pandemic payroll credits

The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.
Source: Tax News
Read More here – IRS extends penalty relief for pandemic payroll credits


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IRS extends penalty relief for pandemic payroll credits

The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.
Source: JOA News
Read More here – IRS extends penalty relief for pandemic payroll credits


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

In 1971, 50 years after the first Black CPA received his license, Elmer J. Whiting Jr. became the first Black partner of one of the nation’s largest accounting firms. His achievement helped to influence and inspire his firm, his community and ambitious professionals following his footsteps.
Source: JOA News
Read More here – Breaking a barrier: The first Black partner of Big Eight firm


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Offensive acronym leads to GASB's name change proposal

The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”
Source: JOA News
Read More here – Offensive acronym leads to GASB's name change proposal


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IRS explains new treatment of excess premium tax credits

The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.
Source: Tax News
Read More here – IRS explains new treatment of excess premium tax credits


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IRS explains new treatment of excess premium tax credits

The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.
Source: JOA News
Read More here – IRS explains new treatment of excess premium tax credits


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EBP tax compliance testing tips

Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.
Source: JOA News
Read More here – EBP tax compliance testing tips


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ASB extends comment period for quality management ED

The AICPA Auditing Standards Board has extended the comment period through Aug. 31 for an exposure draft of three interrelated proposed standards that would change the way firms manage quality in their accounting and auditing practices.
Source: JOA News
Read More here – ASB extends comment period for quality management ED


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How hiring practices have shifted as a result of the pandemic

Companies should consider benefits and challenges of hiring workers outside their geographic area.
Source: JOA News
Read More here – How hiring practices have shifted as a result of the pandemic