Monthly Archives: August 2020

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Records-request duties clarified in AICPA ethics proposal

AICPA members’ responsibilities when responding to client requests for client-provided records would be clarified under a proposal issued by the AICPA Professional Ethics Executive Committee that would amend the “Records Requests” interpretation in the AICPA Code of Professional Conduct.
Source: JOA News
Read More here – Records-request duties clarified in AICPA ethics proposal


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New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs

The SBA and Treasury published an interim final rule that provides clarity on Paycheck Protection Program loan forgiveness issues related to owner-employee compensation calculations and the eligibility of nonpayroll costs related to certain lease and property ownership scenarios.
Source: JOA News
Read More here – New PPP forgiveness guidance addresses owner-employee compensation, rent-related costs


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Final regs. address new dividends received deduction and reporting rules

The IRS finalized regulations and withdrew temporary regulations on the Sec. 245A dividend rules, as well as Sec. 954 and the reporting requirements for those new rules under Sec. 6038, which were all amended by the law known as the Tax Cuts and Jobs Act.
Source: Tax News
Read More here – Final regs. address new dividends received deduction and reporting rules


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Final regs. address new dividends received deduction and reporting rules

The IRS finalized regulations and withdrew temporary regulations on the Sec. 245A dividend rules, as well as Sec. 954 and the reporting requirements for those new rules under Sec. 6038, which were all amended by the law known as the Tax Cuts and Jobs Act.
Source: JOA News
Read More here – Final regs. address new dividends received deduction and reporting rules


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IRS stops sending balance-due notices, corrects payroll tax penalties

The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.
Source: Tax News
Read More here – IRS stops sending balance-due notices, corrects payroll tax penalties


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IRS stops sending balance-due notices, corrects payroll tax penalties

The IRS has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.
Source: JOA News
Read More here – IRS stops sending balance-due notices, corrects payroll tax penalties


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Video interview tips for forensic accountants and auditors

Social distancing rules designed to stunt the growth of the COVID-19 pandemic have made it impossible, or at least impractical, to conduct in-person interviews for forensic and auditing engagements.
Source: JOA News
Read More here – Video interview tips for forensic accountants and auditors


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AICPA urges firms to schedule peer reviews as off-site deadline is extended

The AICPA Peer Review Board voted to continue permitting remote system reviews for CPA firms without prior approval of the administering entity for system reviews commencing before June 30, 2021.
Source: JOA News
Read More here – AICPA urges firms to schedule peer reviews as off-site deadline is extended


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Promoting resilience helps firms and people in turbulent times

Amid the coronavirus pandemic and social upheaval, taking a fresh look at your practice and leading with emotional intelligence can lead to improvements in business results and employee welfare.
Source: JOA News
Read More here – Promoting resilience helps firms and people in turbulent times


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Proposed regs. govern qualified plan loan rollovers

The IRS issued proposed regulations explaining the extended rollover period that applies to qualified plan loan offsets after the rules were amended by the law known as the Tax Cuts and Jobs Act.
Source: Tax News
Read More here – Proposed regs. govern qualified plan loan rollovers