CPA Never under estimate the value
Paycheck Protection Program rules released by the SBA allow self-employed individuals who file a Form 1040, Schedule C, to calculate their maximum loan amount using gross income instead of net profit.
Source: JOA News
Read More here – PPP borrowers can use gross income, SBA rules
Employees’ vacation time and other forms of paid leave would be accounted for differently by state and local governments under a proposal issued by the Governmental Accounting Standards Board.
Source: JOA News
Read More here – GASB proposes new guidance on compensated absences
An AICPA expert details some of the factors that could affect changes to filing dates.
Source: JOA News
Read More here – Will states be able to extend their tax filing seasons?
The American Institute of CPAs, citing ongoing processing problems with the Paycheck Protection Program, called on Congress to extend the program’s application deadline past the current March 31 date. The AICPA is recommending an extension of at least 60 days.
Source: JOA News
Read More here – AICPA urges Congress to extend PPP deadline
The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.
Source: Tax News
Read More here – IRS issues employee retention credit guidance
The IRS issued guidance on the employee retention credit in effect for qualified wages paid after March 12, 2020, through Dec. 31, 2020, including how it interacts with Paycheck Protection Program loans.
Source: JOA News
Read More here – IRS issues employee retention credit guidance
Goodwill impairment has become an area of increased focus since the beginning of the coronavirus pandemic. Here’s what CPAs need to know about goodwill impairment at this challenging time.
Source: JOA News
Read More here – Assessing goodwill impairment amid COVID-19
Here’s a chance to test your knowledge of the rules for deductibility for business-related food and beverages and/or entertainment and how much, if any, of a given expenditure can be claimed as an ordinary and necessary expense of conducting a trade or business under Sec. 162.
Source: JOA News
Read More here – Quiz: Tax deduction limitations for business meals and entertainment
