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October 12, 2020 

The Unspoken Tradeoffs of Virtual Cards

Those pushy emails about “e-payments” were probably enticing. Your vendor sent you an invoice—you forwarded it to your payment provider—and they said to the vendor, “Hey, want to get paid faster? Try e-payments! It’s the future!” Little did your vendor realize, “e-payments” is code for virtual cards and credit cards. They would have to pay...…

payroll

October 9, 2020 

35% of U.S. Companies Cutting Projected Pay Raises for 2021

The survey also found two in three employers (66%) are planning to award annual performance bonuses next year while less than one in 10 (8%) don’t expect to do so. The remaining 26% are undecided. Among respondents who plan to ...

PPP Paycheck Protection Program

October 9, 2020 

New SBA Guidance on Ownership Changes of PPP Borrowers

The Small Business Administration (SBA) has issued new guidance relating to a change of ownership of a business entity that has received a tax-favored loan under the Paycheck Protection Program (PPP). Although the SBA procedural notice clarifies the rules, it doesn’t provide all the answers. Background: Under the Coronavirus Aid, Relief, and Economic Security (CARES)...…

stress_ball_1_.588f9e9a4093d

October 8, 2020 

Many Workers Feeling More Burned Out

More than one-third of workers surveyed (34%) said they are more burned out on the job today compared to a year ago. Of those respondents, 30% pointed to having a fuller plate at work as the top reason for rising levels of fatigue.

w2-form-300x2001_11447517

October 8, 2020 

IRS Offers Final Regs for Tax Withholding for Retirement and Annuity Payments

The U.S. Department of the Treasury and the Internal Revenue Service have issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31, 2020.  Prior to the Tax Cuts and Jobs Act (TCJA), if no withholding certificate was in effect for a taxpayer’s periodic payments,...…

help wanted jobs_1_.558b1edb2466e

October 8, 2020 

Report Shows 840,000 New Unemployment Claims

The number of Americans seeking unemployment benefits fell for a second week while remaining elevated, as the labor market makes scant progress amid risks of further weakness without additional federal stimulus.

2019 1040 form taxes

October 8, 2020 

Oct. 15 is Tax Deadline for Americans with Extensions

The IRS has electronic filing options, including Free File. Taxpayers and tax professionals should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments.

AICPA_new 2019_1_.5b1fd9ff31925

October 7, 2020 

More Diversity Needed in Accounting Education

The AICPA’s most recent Supply and Demand Report shows an interesting trend, one that the industry needs to find a strategy to address. When students first start down the path of becoming an accounting professional, there’s pretty ...

Cash Travis Credit Union

October 5, 2020 

58% of Americans Plan to Stop Using Cash After Covid-19

More than half (58%) don’t plan to go back to using cash after the pandemic ends, choosing instead to transition to a cash-free lifestyle. Millennials are leading the charge, with 64% making the switch, followed by 53% of Generation X, and 42% of Boomers.

retirement_accounts

October 5, 2020 

Biden Proposes 401(k) Change to Equalize Benefits

Policy analysts have stated that taxpayers would save roughly the same 20.5% in tax on their contributions to their 401(k)s. This works out to close to $4,000 for a 45-year-old making the maximum annual contribution. It’s not yet clear if the credit ...