Monthly Archives: May 2020

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COSO provides new guidance on risk appetite

The Committee of Sponsoring Organizations of the Treadway Commission has published new guidance on risk appetite and its critical links with strategy and decision-making.
Source: JOA News
Read More here – COSO provides new guidance on risk appetite


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Premium tax credit unaffected by personal exemption decrease to zero

The IRS issued long-promised proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
Source: Tax News
Read More here – Premium tax credit unaffected by personal exemption decrease to zero


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Premium tax credit unaffected by personal exemption decrease to zero

The IRS issued proposed regulations explaining how taxpayers who may qualify for the Sec 36B premium tax credit are affected by the temporary reduction of the personal exemption deduction under Sec. 151 to zero.
Source: JOA News
Read More here – Premium tax credit unaffected by personal exemption decrease to zero


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PPP forgiveness guidance issued as Congress mulls changes

The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.
Source: JOA News
Read More here – PPP forgiveness guidance issued as Congress mulls changes


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IAASB addresses pandemic issues in audit practice alert

The International Auditing and Assurance Standards Board highlighted key areas of focus for auditor reporting related to the coronavirus pandemic in an audit staff practice alert.
Source: JOA News
Read More here – IAASB addresses pandemic issues in audit practice alert


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What to do with your stimulus check

Many Americans will receive stimulus money to help them weather the pandemic, but what they do with that money will depend on whether they need it right away or can afford to set some aside. CPA financial planners offer advice on how to make the best use of stimulus funds.
Source: JOA News
Read More here – What to do with your stimulus check


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SEC amends disclosure rules for acquisitions and disposals

The SEC voted to amend its rules and forms for disclosing financial information about acquired or disposed businesses.
Source: JOA News
Read More here – SEC amends disclosure rules for acquisitions and disposals


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AICPA Council supports advancement of new CPA licensure model

The AICPA governing Council voted to support advancement of a new CPA licensure model that is designed to maintain the credential’s relevance long into the future.
Source: JOA News
Read More here – AICPA Council supports advancement of new CPA licensure model


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HSA contribution limits increase for 2021

The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
Source: Tax News
Read More here – HSA contribution limits increase for 2021


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HSA contribution limits increase for 2021

The IRS issued its annual inflation-adjusted contribution limits for contributions to health savings accounts permitted to participants in high-deductible health plans. Most of the amounts increased slightly over the 2020 amounts.
Source: JOA News
Read More here – HSA contribution limits increase for 2021