Late on Friday, the IRS officially announced that, because of the ongoing coronavirus pandemic, tax returns due April 15 will not have to be filed until July 15 this year. Notice 2020-18 was released hours after Treasury Secretary Steven Mnuchin had broken the news in a tweet (see prior coverage here). The AICPA expressed its […]
Coronavirus and financial reporting: Report addresses key issues
As the coronavirus outbreak puts pressure on health care systems and wreaks havoc on businesses throughout the world, the duty of financial statement preparers and CPA practitioners remains the same. Regardless of the changing environment, preparers need to make sure the information their organizations present on financial statements is reported in accordance with GAAP. Auditors […]
AICPA postpones ENGAGE 2020 due to coronavirus pandemic
Concerns about the coronavirus pandemic have prompted the postponement of ENGAGE 2020, one of the largest accounting and finance conferences in North America. ENGAGE was scheduled to be held June 7–11 in Las Vegas. Details on the timing and format of the rescheduled event are still being set, as the situation surrounding the outbreak is […]
Gravity Software adds multi-currency and enhanced multi-entity accounting – Accounting Today
Gravity Software, which makes a cloud accounting solution built on the Microsoft Dynamics 365 platform, has introduced multicurrency and multi-entity accounting. The new features, and Gravity Software’s platform as a whole, are aimed at businesses that manage multiple companies, each with its own separate database. Gravity v.5.1’s key key updates include: Multicurrency: End users have […]
Accounting For The Human Reaction – Texas A&M University Today
A woman walks past a cosmetic store offering a free hand-washing facility on March 17, 2020 in London, England. Getty Images Depending on what model you look at, the new coronavirus could infect between 160 million and 214 million people in the United States, and kill anywhere from 200,000 to 1.7 million people. The estimates […]
What Is a Certificate of Good Standing?
Is your business in good standing with your state? Unless you have a certificate of good standing, you might not know the answer. And now, you might be wondering what is a certificate of good standing. What is a certificate of good standing? A certificate of good standing is a document proving a business is […]
AICPA expresses strong concern over lack of filing relief in coronavirus tax notice
On Wednesday, the IRS finally issued a notice describing the tax relief relating to the novel coronavirus outbreak currently affecting the country. The IRS is pushing back the deadline for various tax payments but did not provide relief from the April 15 filing deadline for tax or information returns. Notice 2020-17 provides that any taxpayer […]
Treasury secretary announces 90-day delay in tax payment deadline
The AICPA is aware that Treasury Secretary Steve Mnuchin announced today a series of tax relief measures designed to assist taxpayers and tax preparers during the coronavirus pandemic. We are confirming the specifics of these actions with Treasury and the IRS and will update members as soon as possible. Please continue to monitor this page […]
Client development during a crisis – Accounting Today
Worried. Concerned. Fearful. These are the feelings your clients may have right now. Notice how they are not accounting problems? They are emotions. One unique aspect of the trusted advisor relationship is that while they must believe you are competent, they must also believe you care. And now is the time you show you care. […]
Make Way for the Revived Form 1099-NEC in 2020
After a 38-year absence, Form 1099-NEC is making its return in the 2020 tax year. For the last few decades, business owners were responsible for using Form 1099-MISC to report nonemployee compensation. But with Form 1099-NEC, employers can say hello to a revamped form and goodbye to reporting nonemployee compensation on Form 1099-MISC. So, move […]