March 4, 2021
In a letter to the Department of the Treasury and the Internal Revenue Service (IRS), the American Institute of CPAs (AICPA) called for the extension of the filing and payment deadline for the 2020 tax year until June 15, 2021.
March 4, 2021
Following the submission of AICPA’s recommendations, the IRS released guidance on the ERC. However, the guidance failed to clarify whether wages paid to S corporation owners and their actively employed spouses qualify for the ERC if all other ...
March 4, 2021
While the percentage of business executives who expressed optimism about the U.S. economy rose from 37 percent to 47 percent this quarter, that still means the majority remain pessimistic or neutral. More than three-quarters (76 percent) of survey ...
March 4, 2021
Based on responses from recipients of the AICPA’s and CPA Practice Advisor’s 2020 Most Power Women in Accounting Awards, here are five things businesses can do to build a culture that provides greater gender equity in the workplace:
March 2, 2021
The American Institute of CPAs (AICPA) has called upon Congress to extend the Paycheck Protection Program’s (PPP) March 31 loan application deadline. AICPA believes that Congress can still support small businesses and non-profits by ...
March 2, 2021
In a letter sent earlier last month, the AICPA called attention to the hardship that millions of taxpayers and tax practitioners are facing while making good faith efforts to comply with their tax obligations. The AICPA called for relief from ...
March 1, 2021
The pandemic has presented challenges to planning firms and clients alike. Earlier this year, thought leaders in the financial planning space gathered online for the AICPA’s 2021 Personal Financial Planning (PFP) Summit to discuss best practices for ...
February 25, 2021
The standard requires immediate past auditors and presumed successor auditors, once management consents to the past auditor responding, to communicate about potential NOCLAR situations. Examples of NOCLAR situations include, but are not limited to...
February 24, 2021
Though the IRS has emphasized that taxpayers and tax professionals should assume that the deadline will remain, it has also been reported that the IRS will not commit to keeping an April 15 filing deadline if Congress approves another round of economic...
February 24, 2021
The American Institute of CPAs (AICPA) submitted comments to the Internal Revenue Service (IRS) to address the need for guidance concerning adjustments attributable to conversions from S corporations to C corporations under section 481(d) of the TCJA...
May 1, 2020
The nation’s 44,000 CPA firms have quickly mobilized to get PPP funds into the hands of small businesses, however they and their clients say that the lack of guidance makes it difficult for them to make critical decisions on important matters, such as ...
April 28, 2020
The American Institute of CPAs (AICPA) has called for the Federal Reserve to create a federally backed, short-term accounts receivable lending facility that would allow companies to pledge future receivables and, in return, receive immediate cash flow.