Under a recently enacted law, eligible small and midsize employers can claim two new refundable payroll tax credits, designed to reimburse them, dollar for dollar, for the cost of providing coronavirus-related leave to their employees. The relief was enacted under the Families First Coronavirus Response Act, P.L, 116-127, signed by President Donald Trump on March […]
Archives for 2020
$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 […]
What Does Market Volatility Mean for Your Investments?
Many millennials were either just starting our careers or still in school in 2008, and now we’re older, with more complicated lives and the additional bank accounts to match. Many of us have kids and mortgages now, or small businesses with employees we’ve had to lay off — or both. Once again, we’re faced with […]
Podcast: Coronavirus Aid Relief and Economic Security (CARES) Act
In response to the coronavirus (COVID-19) pandemic, Congress has passed the anticipated Coronavirus Aid Relief and Economic Security Act (H.R. 748) to bring the resources of the federal government to protect the health and well-being of Americans. Join Bob Keebler, CPA/PFS, and Chris Hesse, CPA and chair of the AICPA Tax Executive Committee, as they […]
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 […]
Podcast: Tax planning for recent decedents amid COVID-19
In this episode, Bob Keebler, CPA/PFS, shares tax planning ideas that are important to consider for recent decedents’ estates given the market volatility and other economic factors including: How can you leverage the loss harvesting strategy to tactfully offset gains over the next few years without violating the wash sale rules or your fiduciary responsibility? […]
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 […]