CPA Never under estimate the value
The IRS issued final regulations allowing regulated investment companies (RICs) to report qualified real estate investment trust (REIT) dividends as Sec. 199A dividends to their shareholders.
Source: JOA News
Read More here – RIC shareholders can take Sec. 199A deduction for REIT dividends
Recent changes to Medicare due to the pandemic include COVID-19 testing coverage, telemedicine coverage and a requirement that Part D plans provide a 90-day supply of covered drugs upon request. Medicare will also cover a vaccine if one is developed.
Source: JOA News
Read More here – Medicare changes in response to COVID-19
On average, only 30% of CPA financial planners’ clients have made changes to their financial plans due to the pandemic, according to the latest AICPA Personal Financial Planning Trends survey.
Source: JOA News
Read More here – Amid uncertainty, financial planning clients stick with long-term plans
Public companies need to carefully consider their obligations in disclosing the coronavirus pandemic’s effect on their operations, liquidity, and capital resources, according to staff guidance issued by the SEC Division of Corporation Finance.
Source: JOA News
Read More here – SEC staff guidance addresses pandemic-related disclosures
New Paycheck Protection Program (PPP) guidance declares that PPP recipients can apply for loan forgiveness early but that doing so could cost them money.
Source: JOA News
Read More here – PPP recipients can apply early for loan forgiveness, SBA says
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
Source: Tax News
Read More here – Rollover relief for required minimum distributions
The IRS provides relief for taxpayers who had already taken required minimum distributions (RMDs) in 2020 before the CARES Act suspended the RMD requirement for 2020 in response to the coronavirus pandemic and its effect on taxpayers and the stock market.
Source: JOA News
Read More here – Rollover relief for required minimum distributions
GASB issued a standard that is designed to reduce costs and make reporting on state and local governments’ fiduciary component units more consistent.
Source: JOA News
Read More here – GASB addresses component units, deferred compensation plans
CPA firms with certain peer review deadlines were granted an extension amid the havoc caused by the coronavirus pandemic. Some firms are nonetheless staying on schedule, and others are urged to at least schedule their delayed reviews so they don’t fall too far behind.
Source: JOA News
Read More here – Your peer review has been extended — now what?
FASB staff issued Q&As designed to clarify the application of the US GAAP Financial Reporting Taxonomy to disclosures related to the effects of the coronavirus pandemic and relief efforts.
Source: JOA News
Read More here – FASB Q&As address application of taxonomy to pandemic disclosures
