Expenses paid with 2020 PPP loans can be deducted on 2021 tax returns | Employee retention credit updates and a delegation taboo | Taxpayers might have to wait longer for refunds
The Internal Revenue Service has issued guidance on a safe harbor permitting qualifying taxpayers who have Paycheck Protection Program loans who have not deducted expenses related to those loans paid or incurred in 2020 on 2020 tax returns to deduct the expenses on returns for the immediate subsequent tax year, instead of on an amended return or an administrative adjustment request for the 2020 tax year.
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Filing options for claiming the employee retention credit, an extension of penalty relief and key unresolved questions are discussed in this podcast episode with transcript. A preview of an episode with advice on delegation also is included.
In some cases, tax refunds are taking longer than the usual 21 days or less to be processed by the Internal Revenue Service, creating problems for people who depend on the money. Here is a closer look at the situation and factors contributing to the issue.
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The oldest millennials are turning 40, and as they move into management, many are wondering whether climbing the corporate ladder is truly worthwhile. The pandemic could change millennials' career trajectories as flexible work options become mainstream.
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One strategy to retain valuable workers is to hold stay interviews, which are designed to uncover ways to improve the work environment. Here are five questions to ask during a stay interview that keep employees engaged in their jobs.
Amazon is adding a system at a Whole Foods store that lets customers pay by scanning a palm print linked to a payment card. Amazon plans to roll out the system, called Amazon One, at other stores and to sell the technology to other companies.
Pandemic-era challenges in accounting and audit The COVID-19 pandemic brought new issues in applying existing guidance, and new or proposed standards could make significant changes in current practice. Learn about accounting and audit issues that have risen in importance during the pandemic and those that organizations and auditors should be aware of going forward. Free access >
The Biden administration is developing a proposal to raise the capital gains tax to 39.6% for individuals with annual income above $1 million, nearly double the current rate, sources say. The increase would put the effective top rate at 43.4% when including a surtax imposed under the Affordable Care Act.
Senate Republicans have released an infrastructure plan that would cost an estimated $568 billion, far less than the package proposed by the Biden administration.
6 scorecard templates for process tracking This deck built by Workiva, in collaboration with Journal of Accountancy, outlines how your team can utilize scorecards to update your stakeholders. Get six customizable templates to track submissions, status, accounting pacing, trends, and action items for your processes.
Climate change could remove $23 trillion from the global economy by 2050, according to a report from Swiss Re. This risk can be managed with "more policy action on carbon pricing coupled with incentivising nature based and carbon-offsetting solutions," the report states.
Do you still have clients that could use the extension talk? Use this extension reminder letter for clients as a guide, compliments of the AICPA Tax Section.
The
American Institute of CPAs
(AICPA) is the world’s largest member association representing the CPA profession, with more than 431,000 members in 137 countries and territories, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, not-for-profit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination and offers credentials for a number of specialized areas. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.
