Accounting
The accountant’s role in recovery
Accountants are looking cautiously at the prospects for reopening the economy, shares Ohio Society of CPAs president and CEO Scott Wiley — and they have an important part to play in that. Original Article Posted at : https://www.accountingtoday.com/podcast/the-accountants-role-in-recovery
Read MoreFASB delays rev rec standard in response to coronavirus
The board voted Wednesday to give private companies and not-for-profit organizations an extra year to comply with the revenue recognition standard. Original Article Posted at : https://www.accountingtoday.com/news/fasb-delays-revenue-recognition-standard-for-private-companies-and-nonprofits-in-response-to-coronavirus
Read MoreIRS increases HSA limits for 2021
The Internal Revenue Service issued its annual inflation adjustment Wednesday for health savings accounts for 2021, at a time when many taxpayers are worried about their health in the midst of the novel coronavirus pandemic. Original Article Posted at : https://www.accountingtoday.com/news/irs-increases-hsa-limits-for-2021
Read MoreTax Changes in California Governor’s Budget Could Stand in the Way of Economic Recovery
In California, where state officials are projecting a stunning $54 billion deficit, Gov. Gavin Newsom (D)’s budget proposes a range of new revenue options, including an important change to how business income is calculated for tax purposes, eliminating net operating loss carryovers for most businesses for three years. Net operating loss provisions in corporate net…
Read MoreMSCPA awards educational scholarships to 37 local students
The Massachusetts Society of CPAs awarded a record $146,500 in scholarships as part of its Educational Foundation Scholarship Program. Original Article Posted at : https://www.accountingtoday.com/news/mscpa-awards-educational-scholarships-to-37-local-students
Read MoreCoronavirus’s impact on the SECURE Act and life insurance
The CARES Act has modified the SECURE Act, which itself caused sweeping changes to retirement planning. Original Article Posted at : https://www.accountingtoday.com/opinion/coronaviruss-impact-on-the-secure-act-and-life-insurance
Read MoreTo What Extent Does Your State Rely on Sales Taxes?
This week’s map continues our look at state revenue sources, this time focusing on revenue collected through the general sales tax. Sales taxes are the second largest source of state and local tax revenue, accounting for 23.6 percent of total U.S. state and local tax collections in fiscal year 2017 (the latest data available; see Facts…
Read MoreWhy CPA firms should leverage RPA during a pandemic
With the world going through a recession, stakeholders and investors of client companies will lean on accounting firms more than ever to maintain trust and confidence in their companies. Original Article Posted at : https://www.accountingtoday.com/opinion/why-cpa-firms-should-leverage-rpa-during-a-pandemic
Read MoreVirus accounting maneuvers criticized by European authorities
Europe’s top markets watchdog is warning companies against getting creative with financial statements that obscure the effect of the coronavirus pandemic on their bottom line. Original Article Posted at : https://www.accountingtoday.com/articles/virus-accounting-maneuvers-criticized-by-european-authorities
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