Accounting
Breaking Down State and Local Aid under the SMART Act
The State Municipal Assistance for Response and Transition (SMART) Act, sponsored by Senators Bob Menendez (D-NJ) and Bill Cassidy (R-LA) in the Senate and by Rep. Mikie Sherrill (D-NJ) in the House, would provide $500 billion in flexible funding to state, local, and tribal governments to backfill lost revenues and otherwise provide fiscal relief during…
Read MoreHow to advise clients with household help during the coronavirus pandemic
For families who employ a nanny to care for their children in the home, there is the extra concern of what to do with their employee. Original Article Posted at : https://www.accountingtoday.com/opinion/how-to-advise-clients-with-household-help-during-the-coronavirus-pandemic
Read MoreInternal auditors involved in return to workplace post-coronavirus
Relatively few audit execs are actually performing reviews of critical risk areas, such as health and safety. Original Article Posted at : https://www.accountingtoday.com/news/internal-auditors-involved-in-return-to-workplace-post-coronavirus
Read MoreNeutral Cost Recovery Is Not a New Idea
Today, lawmakers and the administration are exploring policies to meet the need to increase investment and economic output amid an economic downturn. Improving the cost recovery treatment of long-lived assets is a cost-effective tax policy change that can boost investment and growth. While full expensing is one approach and is a policy that lawmakers are…
Read More5 things companies should do in tough times
As companies are evaluating continued operations, balancing profits with acceptable levels of loss, functioning with massively more remote work and trying to make up for economic disruptions, the first thought tends to be “How can we cut costs?” Original Article Posted at : https://www.accountingtoday.com/opinion/5-things-companies-should-do-in-tough-times
Read MoreEmpirical Evidence Shows Expensing Leads to More Investment and Higher Employment
As state and local governments begin to relax their restrictions on business and individual activities, the debate has begun over what policies will best help the economy recover from the COVID-19-induced shutdown. The Tax Foundation’s General Equilibrium Model suggests that allowing businesses to immediately deduct or “expense” their capital investments in the year in which…
Read MoreMore clarity needed on PPP forgiveness
The application from the Treasury leaves many questions unanswered. Original Article Posted at : https://www.accountingtoday.com/news/more-clarity-needed-on-ppp-forgiveness
Read MoreLouisiana Considers Temporary Suspension of Part of Corporation Franchise Tax
The Louisiana House is considering a resolution that would temporarily suspend a portion of the state’s capital stock tax, called the Corporation Franchise Tax. Louisiana is one of 16 states that levy capital stock taxes, which, unlike corporate income taxes, fall on a business’s net worth (or accumulated wealth) instead of its net income (or…
Read MoreIRS starts using prepaid debit cards to send coronavirus stimulus payments
The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit. Original Article Posted at : https://www.accountingtoday.com/news/irs-starts-using-prepaid-debit-cards-to-send-coronavirus-stimulus-payments
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