CPA Never under estimate the value
The IRS announced that beginning Dec. 13 it will mask sensitive data on business tax transcripts, a step it took two years ago for individual tax transcripts.
Source: JOA News
Read More here – IRS will mask business tax transcript identifying information
The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.
Source: Tax News
Read More here – Partnerships and S corps. can deduct state and local taxes
The IRS said it would issue proposed regulations allowing S corporations and partnerships to deduct “specified income tax payments” paid to state and local governments above the line and not as passthrough items for partners and shareholders.
Source: JOA News
Read More here – Partnerships and S corps. can deduct state and local taxes
The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.
Source: Tax News
Read More here – Taxpayers allowed choice of bonus depreciation rules
The IRS issued rules for taxpayers to follow in applying recently issued bonus depreciation regulations, including how to make several elections.
Source: JOA News
Read More here – Taxpayers allowed choice of bonus depreciation rules
Businesses and not-for-profits that received $2 million or more in PPP loans must complete one of two new loan necessity questionnaires the SBA is sending to lenders for distribution to borrowers.
Source: JOA News
Read More here – SBA to require PPP loan necessity form from large borrowers
The Federal Accounting Standards Advisory Board and the Accounting and Auditing Policy Committee issued a joint exposure draft related to lease accounting for federal entities.
Source: JOA News
Read More here – New lease accounting guidance proposed for federal entities
FASB issued a standard that provides a delayed effective date to its long-duration insurance standard for companies adversely affected by the pandemic. The standard also eases requirements for early adopters.
Source: JOA News
Read More here – FASB provides implementation relief for insurance companies
A proposed standard issued by the AICPA Auditing Standards Board would give practitioners more guidance on auditing management’s estimates of fair value, including on the use of pricing services.
Source: JOA News
Read More here – ASB proposal addresses auditing of fair value estimates of financial instruments
Most plan to keep their current real estate, but they are reimagining what that space could look like.
Source: JOA News
Read More here – Companies rethink the office, but they’re not ready to say goodbye
