Implementing the payroll tax deferral | Key Social Security considerations for savers | Final regs. address the dividends received deduction and reporting rules
August 25, 2020
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Top Story
The recent presidential memorandum ordering a payroll tax deferral on wages paid between Sept. 1 and Dec. 31 raises many questions about how it will be implemented. In this podcast, Ed Karl, the AICPA's vice president-Tax Policy & Advocacy, discusses the issues and recent AICPA recommendations.
Full Story: Journal of Accountancy online (8/20) 
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Pricing your accounting services
Has it been a while since you evaluated your firm's pricing model? This new informative guide examines the pros and cons of value pricing vs. fixed-fee approaches and how to implement the pricing strategy that works best for you. > Download it now
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Financial Focus
Making the right Social Security claiming decisions is critical, but a recent survey by Nationwide suggests many people are unaware of when they will be eligible for full benefits. Here is a look at some critical knowledge for retirement savers.
Full Story: CNBC (8/24) 
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Payroll can be profitable (Seriously!)
If payroll isn't your most profitable service, upgrade to Payroll Relief. Your firm will spend far less time and resoruces to earn a dollar from your payroll service. In fact, 70% of users saw a 25% improvement in their practice. Find out how.
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Tax Spotlight
IRS stops sending balance-due notices, corrects payroll tax penalties
(Saul Loeb/AFP/Getty Images)
The Internal Revenue Service has stopped sending balance-due notices to taxpayers as it works to process its backlog of unopened mail. It is also working to correct certain erroneous penalties for some employers who reduced their payroll tax deposits to claim COVID-19 relief-related credits.
Full Story: Journal of Accountancy online (8/24) 
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The Internal Revenue Service finalized regulations and withdrew temporary regulations on the Sec. 245A dividend rules, as well as Sec. 954 and the reporting requirements for those new rules under Sec. 6038, which were all amended by the law known as the Tax Cuts and Jobs Act.
Full Story: Journal of Accountancy online (8/24) 
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Can your clients reduce their CapEx?
Most likely. Small to mid-sized business owners, once opposed to working-from-home, now plan on staying 100% remote, indefinitely. Learn what’s caused this shift and see if your clients could ditch their brick-and-mortar offices (and save big), today.
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Career Development
With remote work now widespread because of the pandemic, employees will want to demonstrate they are able to stay engaged despite being away from the office. Here are eight tips to do that, starting with overcommunicating about projects.
Full Story: U.S. News & World Report (8/20) 
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Supercharge your audit process with AI
Artificial intelligence is no longer just a "technology of the future". Auditors today can employ AI to automate processes and gain far greater insights from their clients' information. Get your free report.
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Technology
Users of the video conferencing app Zoom reported an outage Monday morning in the US, creating potential problems for businesses and students who depend on the technology. Zoom said it had resolved the issue later in the day.
Full Story: Reuters (8/24),  The Wall Street Journal (tiered subscription model) (8/24),  TechCrunch (tiered subscription model) (8/24) 
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Technology is a critical part of the modern business world, and this is particularly true as companies continue to grapple with disruptions caused by the pandemic. This article explains how to overcome resistance to new technology.
Full Story: Harvard Business Review (tiered subscription model) (8/2020) 
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AICPA Tax Staff Essentials
Keep tax skills relevant and refreshed at every stage of your career with AICPA's Tax Staff Essentials learning program. Find out more >
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Strategic Focus
Travel is down because of the pandemic, but business trips aren't gone forever. Here's what you will want to have in your bag the next time you travel.
Full Story: CPA Insider (8/24) 
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Policy & Regulatory
The Securities and Exchange Commission is scheduled to discuss possible changes to its definition of an accredited investor. SEC Chairman Jay Clayton has said modernization of the current test based solely on income or net worth is long overdue.
Full Story: ThinkAdvisor (free registration) (8/24) 
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Market Update
A Federal Reserve study has found the coronavirus pandemic has capped US price growth by stifling consumer demand as shoppers stay at home.
Full Story: Bloomberg (tiered subscription model) (8/24) 
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AICPA News
Focus on value
What could automation mean for you? Fewer mundane, redundant tasks and more time for strategic work. Learn more in this 60-second video.
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Today: Create a culture that works for everyone
You often hear that a workplace's culture reflects its leadership. So, how might you shift your leadership style if your organization has diversity and inclusion challenges? The AICPA asked experts to weigh in. Join this webcast today at 1 p.m. ET to learn more about servant leadership and its potential impact on organizational equity.
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What we need are positive, realistic goals and the willingness to work. Hard work and practical goals.
Kareem Abdul-Jabbar,
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About the AICPA
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.
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