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PPP borrowers can use gross income, SBA rules

Offer Details: March 3, 2021. The U.S. Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net profit. The change opens the door for larger loans to self-employed

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AICPA asks for guidance on S corp. and partnership PPP

Offer Details: AICPA asks for guidance on S corp. and partnership PPP loan forgiveness - Journal of Accountancy. In a letter dated March 15, the AICPA asked for IRS guidance on how S corporations and partnerships should treat tax-exempt income from PPP loan forgiveness, especially when it …

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When a client leaves or loses a job

Offer Details: CPAs’ timely and proactive advice can help clients who leave their job or are laid off manage their finances as they weather a period of uncertainty. Maintaining adequate cash during such a period may entail refinancing a home or taking out a home equity line of credit, provided the client has resources for repayment. Or, if eligible, the client may want to take a qualified distribution from a 401(k) or other …

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IRS explains which meals qualify for temporary 100%

Offer Details: Individual Income Taxation. The IRS released guidance on Thursday explaining when the temporary 100% deduction for restaurant meals is available and when the 50% limitation on the deduction for food and beverages continues to apply for Sec. 274 purposes ( Notice 2021-25 ). Under Sec. 274 (n) (1), a deduction for any expense for food or beverages is

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Settling a Debt Guarantee

Offer Details: For the taxpayer. IRC section 1001 requires all taxpayers to report gains on the excess of the amount received for transferred property over the property’s basis. Under Treasury regulations section 1.1001-2 (a) (1), the release of a liability is treated as additional sale proceeds.

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Make Excel Stop Talking

Offer Details: Now, here is where Excel provides incomplete clues about turning it off. If you click on the far right icon ( Speak On Enter ), you’ll see it acts like a toggle switch. Each click on the icon toggles the speaking function on or off. But the only alert you get that it’s on or off is Excel’s spoken message

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Self-Employment or Other Income

Offer Details: The trade-off, of course, is that ordinary and necessary expenses of producing other income can be deducted only up to the amount of the income. By Jennifer Spiesz, MBA, of Fargo, N.D., and Charles Harter, CPA, Ph.D., professor of accounting, Georgia Southern University, Statesboro, Ga.

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Accounting Method Changes

Offer Details: The IRS has stepped up its review of accounting methods in various types of businesses and professions, requiring some to change methods. (See " IRS Focuses on Accounting Methods, " JofA, Feb98, page 30.) In particular, the IRS has attacked the overall use of …

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Timing Is of the Essence

Offer Details: One of them is fraud in timing differences, also called cut-off fraud. It normally involves one of two basic techniques: recording revenues early and/or recording expenses and liabilities late. The schemes for late recording of liabilities mirror those of early revenue recognition, so we will cover only the latter topic.

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AICPA issues guidance on accounting for forgivable PPP

Offer Details: AICPA issues guidance on accounting for forgivable PPP loans. A nongovernmental entity may account for a Paycheck Protection Program (PPP) loan as a financial liability in accordance with FASB ASC Topic 470, Debt, or under other models, if certain conditions are met, according to new guidance for borrowers issued Wednesday by the AICPA.

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IRS explains new treatment of excess premium tax credits

Offer Details: The IRS announced on Friday that taxpayers who may have had excess Sec. 36B premium tax credits to report for the 2020 tax year are not required to file Form 8962, Premium Tax Credit, or report an excess advance premium tax credit (APTC) repayment on their 2020 Form 1040, U.S. Individual Income Tax Return, or Form 1040-SR, U.S. Tax Return for Seniors, Schedule 2, line 2, …

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15 things you need to know when clients owe taxes to the IRS

Offer Details: For this reason, any agreement that doesn’t pay off the balance before the statute of limitation expires always requires taxpayers to file detailed financial statements and other documents with the IRS to prove that they can’t pay the IRS with assets and income. 8. Don’t forget to …

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Virtual accounting: How to succeed remotely

Offer Details: To build rapport, adapt your communication style to the person you are connecting to, Bhargava said. Determine which method garners the quickest response, and use that mode for that specific person. However, be cognizant that misinterpretation can occur if you send something off too quickly without much thought. “Be aware of the potential for misunderstanding in digital communications, and address …

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Asset Impairment and Disposal

Offer Details: TO ESTABLISH A SINGLE MODEL BUSINESSES CAN follow, FASB issued Statement no. 144, Accounting for the Impairment or Disposal of Long-Lived Assets. FASB intends it to resolve implementation issues that arose from its predecessor, Statement no. 121, Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of.

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5 accounting considerations for divestitures and carveouts

Offer Details: The accounting in each is different: If selling, you will have some type of gain or loss, but if you are spinning off, the process becomes an equity transaction. As defined above, in a spinoff, the parent may transfer assets to a new legal entity and distribute the shares of the spun-off entity to its shareholders, so they now hold stock in two businesses.

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IRS provides details on April 15 postponement

Offer Details: On Monday, the IRS issued guidance with details on its postponement of the April 15 tax deadline for individuals (Notice 2021-21). The IRS had announced in a news release on March 17 that it was delaying the April 15 deadline for individuals until May 17, 2021. Monday’s notice clarifies and adds

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COVID-19 and withdrawals from retirement plans

Offer Details: In order to avoid the 10% penalty, the distribution must be (1) made to a qualified individual, (2) from an eligible retirement plan, (3) between Jan. 1, 2020, and Dec. 31, 2020, and (4) $100,000 or less in aggregate. Here is a look at the four requirements:

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Motor Fuel Tax Refund for Off-Road Use

Offer Details: EXAMPLE: OFF-ROAD USE BY A BUSINESS. ABC Quarries operates gasoline-powered rock drills, crushers, generators and other equipment and six diesel-powered front-end loaders in its limestone quarries in Texas. During 2010, ABC purchased and used in the equipment 8,000 gallons of gasoline for which excise taxes were included and 9,000 gallons of

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Guidance on how to take CARES Act distributions from

Offer Details: The individual’s spouse or a member of the individual’s household (as defined below) being quarantined, being furloughed or laid off, or having work hours reduced due to COVID-19, being unable to work due to lack of child care due to COVID-19, having a reduction in pay (or self-employment income) due to COVID-19, or having a job offer rescinded or the start date for a job delayed due to COVID-19; or

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Asset-Based Financing Basics

Offer Details: Therefore, the trade-off between the return the firm earns on its investment in production and the cost of utilizing a factor is crucial in determining the extent that factoring is used and the amount of cash the company has on hand. In other words, whether to use factoring or traditional lending is an important business decision.

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PPP advice for firms: Preach patience to clients

Offer Details: Because eligibility and benefits of each program are different, a client-by-client analysis is needed. One approach some firms are discussing with clients is to hold off on applying for PPP funding initially so that employers can maximize their ERC for the first and second quarters of 2021, with PPP funds being used after ERC wage caps are met.

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Special depreciation: 3 choices present new options

Offer Details: Automobiles are subject to special bonus depreciation rules. For passenger automobiles that are qualified property and placed in service before Jan. 1, 2020, the limit on first - year depreciation is increased by $8,000. The normal first - year depreciation limit is $3,160 (for automobiles placed in service in 2016).

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Income Tax Accounting for Trusts and Estates

Offer Details: With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.

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Make Excel Speak Faster

Offer Details: To program a cell to speak only after you press Enter, click on the fifth and final icon (see screenshot below). Caveat: Excel provides incomplete clues about turning off its voice. If you click on the far right icon ( Speak On Enter ), you’ll see it: Each click on it toggles the speaking function on or off.

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Vacation and sick day accruals during the pandemic

Offer Details: FASB has labeled these days off as compensated absences. U.S. GAAP requires accruing a liability for the cost of these future absences when all the following conditions exist: The employer’s obligation to pay for future absences arises from employees’ services already rendered; The obligation relates to rights that vest or accumulate;

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Tax Court allows business bad debt deduction

Offer Details: Issues: A taxpayer may take a deduction for the write-off of a business bad debt if (1) the debt was created in connection with the taxpayer's trade or business; (2) a bona fide creditor-debtor relationship existed; and (3) the debt became worthless in the year the deduction was claimed. Those three requirements are determined by the facts and circumstances of each situation.

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How to comply with the new AICPA ethics standards for M&A

Offer Details: To do this, Member X must apply all of the safeguards listed in paragraph .04 of the “Former Employment or Association With an Attest Client” interpretation [ET §1.277.010] (meaning that he may need to cease participation in employee benefit plans sponsored by ABC Company and collect or pay off loans to or from ABC Company, and he must dispose of any direct or material indirect financial interests in ABC …

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How to deliver the news of furloughs and layoffs

Offer Details: When managers are delivering bad news virtually, it’s important to be empathetic, patient, and kind, Klein said. “Prior to the pandemic, layoffs were often made swiftly and only in person,” she explained. “Now in the pandemic, there has been a backlash by employees of companies who are laid off in swift fashion.

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What to do with math error notice letters from the IRS

Offer Details: Fortunately for taxpayers, most can be cleared up without further damage beyond the inconvenience. Still, the inconvenience is not insignificant and is often avoidable with either a practitioner's assistance or just by using off-the-shelf tax preparation software, which cuts down on math errors.

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How much are college football teams worth

Offer Details: The season is kicking off this week, which means there’s going to be plenty of big plays, big wins, and big revenue for teams around the country. As most fans know, football is one of the primary drivers for college athletic departments’ revenue. Hi, I’m Chris Baysden, an editor with the Journal of Accountancy.

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4 key COVID-19 audit risks for 2020 year ends

Offer Details: If an employee’s spouse was furloughed or laid off, the employee may have had an incentive to replace the lost income. Opportunity. Breakdowns in internal controls over financial reporting may have presented opportunities for fraudulent financial reporting or misappropriation of assets. For example, if a client’s accounting department was

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Tax penalty relief amid the pandemic

Offer Details: The failure-to-pay penalty will continue to accrue until the tax is paid in full. Thus, to help clients get the entire penalty removed (and not just a piece of it), wait until the balance is paid off to request abatement of the full penalty. A COLLABORATIVE PROCESS. Remember that those who don't request penalty abatement won't receive it.

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Tax compliance after M&As

Offer Details: Accounting for merger and acquisition (M&A) activity is a common challenge for tax compliance professionals. Since each transaction can result in unique tax issues, a one-size-fits-all approach rarely applies. When the transaction is complete, it is common for the M&A tax consultants to step back, and the engaged tax compliance adviser or industry tax director becomes responsible for correctly

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SE Tax and Sporadic Activity

Offer Details: A common issue for taxpayers and their CPA return preparers is whether an activity for which the taxpayer received compensation during the tax year constitutes self-employment for purposes of self-employment tax. The answer can make a big difference in tax liability, since self-employment tax amounts to 15.3% of net self-employment

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Tax issues for professional gamblers

Offer Details: With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.

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Strategic career mapping can lead to professional fulfillment

Offer Details: That strategy paid off for Joshua Lance, CPA, CGMA. He spent the first seven years of his career as an audit manager at Crowe Horwath LLP, a top 10 U.S. accounting firm based in Chicago that is now known as Crowe, and found his work required nearly constant travel.

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How hiring practices have shifted as a result of the

Offer Details: With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.

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2020 depreciation limits for cars and trucks are issued

Offer Details: With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.

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Final regs. outline trust and estate expenses still

Offer Details: The IRS on Monday issued final regulations clarifying that certain expenses incurred by, and certain excess deductions upon the termination of, an estate or nongrantor trust are not affected by the suspension of miscellaneous itemized deductions for tax years 2018 through 2025.The regulations also provide guidance on determining the character, amount, and allocation of excess deductions that

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Assessing and Responding to Risks in a Financial Statement

Offer Details: Alternatively, such evidence of implementation can be obtained by observing the operation of a control at the various stages of the control process—for example, at a specific time or over one or more specific documents, or by examining the sign-off of a control operation that verifies the agreement of an invoice with a list of approved vendors.

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Assessing audit risks during the pandemic

Offer Details: At Cohen & Company, which has more than 650 professionals in 10 offices, audit teams have meetings to kick off the audit season. “Each engagement partner takes a highly active role in planning and directing audit team focus on areas that need heightened skepticism and judgment and crafting the appropriate audit response,” Kovacs said.

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15 questions firm leaders should ask before returning to

Offer Details: For clients, such protocols can include contactless pickup or drop-off or digital delivery of documents. 9. If the firm owns the building, how will it provide for the health of security guards, custodians, and other staff? 10. How will the firm address proper ventilation and maintenance of HVAC systems? 11.

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Extraordinary Items Share Exclusive Company

Offer Details: Write-down or write-off of receivables, inventories, equipment leased to others, deferred research and development costs, or other intangible assets. Gains or losses from exchange or translation of foreign currencies, including those relating to major devaluations and revaluations.

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Deducting Losses for Defrauded Investors

Offer Details: With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.

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