CPA Never under estimate the value
The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
Source: Tax News
Read More here – PPP expense deductibility and forgiveness raises basis, other issues
The potential for the deductibility of PPP-funded expenses raises some practice questions, and traps for the unwary lurk in the details.
Source: JOA News
Read More here – PPP expense deductibility and forgiveness raises basis, other issues
The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).
Source: Tax News
Read More here – Simplified accounting rules for small businesses allow annual election
The IRS finalized regulations for simplified accounting rules for small businesses, which are defined as businesses with inflation adjusted average annual gross receipts of $25 million ($26 million for 2020 and 2021).
Source: JOA News
Read More here – Simplified accounting rules for small businesses allow annual election
Amid challenging circumstances, the AICPA’s tax policy and advocacy efforts provided successful results that benefited the accounting profession and taxpayers in 2020.
Source: JOA News
Read More here – AICPA tax policy and advocacy recommendations deliver results in 2020
CPAs need to be especially watchful for fraud amid the severe financial pressures associated with the coronavirus pandemic.
Source: JOA News
Read More here – Financial fraud risks to watch for amid the pandemic
The Office of Management and Budget released its 2020 Compliance Supplement addendum, providing single audit practitioners with information they were eagerly awaiting on how to audit federal economic relief programs related to the coronavirus pandemic.
Source: JOA News
Read More here – Guidance for single audits provided in OMB compliance addendum
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
Source: Tax News
Read More here – 2021 standard mileage rates decrease
The IRS issued the 2021 standard mileage rates for use in computing the deductible costs of operating an automobile for business, charitable, medical or moving expense purposes. The rates all decreased from 2021 to 2020.
Source: JOA News
Read More here – 2021 standard mileage rates decrease
The year-end coronavirus relief and spending bill passed by Congress includes many tax provisions, including pandemic-related relief, extensions of expired provisions, and a large number of miscellaneous items, including temporary 100% deductibility for business meals.
Source: Tax News
Read More here – Many tax provisions appear in year-end coronavirus relief bill
