Monthly Archives: November 2020

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Centralized partnership audit regime changes proposed

The IRS issued rules on two special enforcement matters for purposes of the unified partnership audit rules.
Source: JOA News
Read More here – Centralized partnership audit regime changes proposed


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Final regs. govern computation of UBTI for separate businesses

The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
Source: Tax News
Read More here – Final regs. govern computation of UBTI for separate businesses


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Final regs. govern computation of UBTI for separate businesses

The IRS has posted final regulations governing how tax-exempt organizations determine if they have more than one unrelated trade or business for purposes of unrelated business income tax.
Source: JOA News
Read More here – Final regs. govern computation of UBTI for separate businesses


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CPA Exam gets refresh after practice analysis

Understanding of business processes and data analytics will receive greater focus while other topics will be de-emphasized on the CPA Exam.
Source: JOA News
Read More here – CPA Exam gets refresh after practice analysis


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IRS doubles down on nondeductibility of PPP-funded expenses

The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
Source: Tax News
Read More here – IRS doubles down on nondeductibility of PPP-funded expenses


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IRS doubles down on nondeductibility of PPP-funded expenses

The IRS issued guidance for taxpayers who pay otherwise deductible expenses with PPP loan funds, stating that even if the payment and PPP loan forgiveness happen in different tax years, the expenses are not deductible.
Source: JOA News
Read More here – IRS doubles down on nondeductibility of PPP-funded expenses


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PCAOB amends independence requirements to align with SEC changes

The Public Company Accounting Oversight Board issued amendments that are designed to align its independence requirements with SEC rules that were updated in 2019 and 2020.
Source: JOA News
Read More here – PCAOB amends independence requirements to align with SEC changes


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SEC amends guidance on MD&A, other disclosures

The SEC has voted to adopt amendments that are intended to modernize, simplify and enhance management’s discussion and analysis and other required financial disclosures.
Source: JOA News
Read More here – SEC amends guidance on MD&A, other disclosures


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How CPAs help clients reinvent struggling businesses during COVID-19

As the COVID-19 pandemic has changed the business environment, clients have turned to CPAs for help keeping their businesses afloat. CPAs serving restaurant, medical and real estate clients discuss how they’ve used client advisory services to help their clients stabilize and reposition their businesses.
Source: JOA News
Read More here – How CPAs help clients reinvent struggling businesses during COVID-19


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Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires

The AICPA is among 80 organizations that have signed a pair of letters to SBA, Treasury and congressional leaders calling on the agencies to temporarily suspend use of the new Paycheck Protection Program Loan Necessity Questionnaires.
Source: JOA News
Read More here – Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires