CPA Never under estimate the value
Private companies and not-for-profits have the option to perform goodwill impairment triggering assessments at the end of an interim or annual reporting period under an accounting alternative issued by FASB.
Source: JOA News
Read More here – FASB provides goodwill triggering relief for private companies, not-for-profits
The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.
Source: Tax News
Read More here – IRS provides details on April 15 postponement
The IRS issued a notice providing more details and clarification of its previously announced postponement of the April 15 tax deadline for individuals. The notice extends the date for making 2020 IRA contributions; however, it does not extend the date for estimated tax payments.
Source: JOA News
Read More here – IRS provides details on April 15 postponement
The Public Company Accounting Oversight Board has formed a new, 18-person advisory group that will provide insights for the board’s standard-setting activities.
Source: JOA News
Read More here – PCAOB establishes new advisory group for standard setting
It can be difficult for a CPA to decide how to proceed if they identify or suspect a client’s or employer’s noncompliance with laws or regulations. New proposals are designed to help CPAs fulfill their ethical responsibilities.
Source: JOA News
Read More here – NOCLAR: Proposals aim to help CPAs find the right balance
The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.
Source: Tax News
Read More here – Amounts paid for personal protective equipment qualify for medical deduction
The IRS announced that purchases of personal protective equipment used to combat the COVID-19 pandemic qualify for the Sec. 213 medical expenses deduction to the extent they exceed 7.5% of a taxpayer’s adjusted gross income and have not been compensated for by insurance or otherwise.
Source: JOA News
Read More here – Amounts paid for personal protective equipment qualify for medical deduction
The PPP Extension Act of 2021 shifts the PPP application deadline from March 31 to May 31 and provides an additional 30 days for processing applications received by May.
Source: JOA News
Read More here – Senate passes PPP deadline extension
Businesses and the CPAs who serve them have many questions about the administration and implementation of the Paycheck Protection Program. See if you can answer some of the questions most often asked of the AICPA’s PPP experts.
Source: JOA News
Read More here – PPP quiz: 5 frequently asked questions
The Office of Management and Budget is permitting a six-month delay beyond the normal due date for recipients and subrecipients with fiscal year ends through June 30, 2021, that have not yet filed their single audits with the Federal Audit Clearinghouse.
Source: JOA News
Read More here – Deadline for certain single audits delayed because of pandemic
