IRS to automatically process refunds on jobless-benefit payments
The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said.]]
New PPP guidance implements changes from American Rescue Plan Act
The SBA issued an interim final rule incorporating revisions to the Paycheck Protection Program made by the American Rescue Plan Act. The new guidance also rules that entities that receive a Shuttered Venue Operators Grant cannot subsequently receive a PPP loan.
Should You Hire an Accountant?
As tax season approaches, here’s how to know if you should seek out an expert to help you navigate the numbers.
Outgoing IIA CEO Chambers pens book on internal auditors as change agents
Institute of Internal Auditors president and CEO Richard Chambers has released a book on disruption as a new IIA report examines how the internal audit profession is coping with COVID-19.]]
How data analytics can boost advisory services
Accounting firms are in a unique position when it comes to having insightful data on their clients. Too few take full advantage of that position.]]
Tax Fraud Blotter: Mistaken identifies
Tanked; lobby hobby; you’re not undercover, are you?; and other highlights of recent tax cases.]]
Senators introduce bills to amend American Rescue Plan
Senate Democrats are sponsoring legislation to safeguard stimulus payments from debt collectors, while Republicans want states to be able to use funds from the new relief package for tax cuts.]]
Vacation and sick day accruals during the pandemic
Travel restrictions related to the coronavirus pandemic have caused many employees to defer their paid time off, resulting in a buildup of liabilities for compensated absences. As a result, CPAs need to take great care in calculating, reporting, and auditing these liabilities.