Late on Friday, the IRS added gift and generation-skipping transfer (GST) tax returns to the list of federal taxes and tax returns that have had their April 15 deadlines postponed to July 15 due to the ongoing coronavirus pandemic. Friday’s notice, Notice 2020-20, updates the guidance issued a week earlier in Notice 2020-18. The earlier […]
$2.2 Trillion Coronavirus Economic Stimulus and Relief Legislation Enacted; Rebate Checks May Be Larger Than You Think
Wolters Kluwer experts analyze potential tax implications Today, the US Congress passed its third and by far the largest piece of legislation in response to the Coronavirus COVID-19 pandemic, and the President has signed it into law. The “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) includes relief and economic stimulus for individuals and […]
Optional delay provided in regulatory capital transition to credit losses standard
Federal bank regulators are providing an optional extension of the regulatory capital transition for FASB’s new credit losses standard in an attempt to make it easier for banking organizations to continue lending to households and businesses. The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the […]
Three tenets of accounting firm sustainability – Accounting Today
As we navigate the start of a new decade, who could guess that it would start like this — with a global pandemic? Independent accounting firm leaders are tasked with the sustainability of their firms, and it is even more critical to understand what that means now. As we consider firm sustainability now and in […]
CPA Exam emergency testing period invoked
News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} CPA Exam candidates will have additional opportunities for testing during an emergency testing period that is being invoked by the National Association of State Boards of Accountancy (NASBA), the AICPA, and Prometric. Prometric previously announced that it is closing its testing […]
Accountants find themselves working through a public health emergency with coronavirus – Accounting Today
A conversation that all accounting firms and departments need to have, especially during times of viral epidemics and other public health crises, is how to keep the business running efficiently during these times. By now you and your colleagues are likely staying away from the office and working from home. If that’s not already your […]
GASB Plans Postponement of Effective Dates
In view of the disruption caused by the COVID-19 pandemic, the Governmental Accounting Standards Board (GASB) has announced that it has added a project to its current technical agenda to consider postponing all Statement and Implementation Guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018. Closure […]
What Accounting Skills Will You Learn in an MSA Program? | NEC MSA – NEC News & Events
Alerts Please click here for the latest news about how NEC is managing the coronavirus outbreak Earning a Master of Science in Accounting degree sets you apart from many others in the field, giving your career a competitive advantage. Here’s why: An MSA is the best preparation for obtaining a CPA license or CME license. […]
AICPA requests broader relief for taxpayers
The AICPA on Thursday urged Treasury and the IRS to provide broader tax filing and payment relief for taxpayers affected by the ongoing COVID-19 pandemic. In a letter to Treasury Assistant Secretary for Tax Policy David J. Kautter and IRS Commissioner Charles Rettig from Christopher Hesse, CPA, chair of the AICPA Tax Executive Committee, the […]
CARES Act would delay compliance with FASB credit loss standard
The federal economic stimulus bill designed to offer some relief amid the coronavirus epidemic includes a delay in the date by which financial institutions are required to comply with FASB’s new accounting standard for credit losses. The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, states that no depository institution, bank holding company, […]