Accounting
Our profession has changed forever
The coronavirus pandemic will leave indelible marks on accounting. Original Article Posted at : https://www.accountingtoday.com/opinion/our-profession-has-changed-forever
Read MoreRestoring The Three Martini Lunch Tax Deduction Won’t Feed The COVID-19 Economy
One of President Trump’s demands for the next COVID-19 relief bill is restoration of the tax deduction for business meals and entertainment expenses. Since the…
Read MoreTop Individual Income Tax Rates in Europe
Most countries’ individual income taxes have a progressive structure, meaning that the tax rate paid by individuals increases as they earn higher wages. The highest tax rate individuals pay differs significantly across European OECD countries—as shown in today’s map. The top individual income tax rate applies to the share of income that falls into the…
Read MoreAdvancing Net Operating Loss Deductions in Phase 4 Business Relief
Key Findings The Coronavirus Aid, Relief, and Economic Security (CARES) Act provided economic relief to businesses in part by modifying net operating loss (NOL) deduction rules, expanding NOL carrybacks, and increasing NOL deductibility limits. Policymakers have an opportunity to build on these changes in Phase 4 of relief by advancing NOL deductions to firms that…
Read MoreYour small-biz clients will be just fine — and so will your firm
Gene Marks predicts we’ll emerge from the pandemic sooner that most people expect, with less damage. Original Article Posted at : https://www.accountingtoday.com/opinion/your-small-business-clients-will-be-just-fine-and-so-will-your-accounting-firm
Read MoreIRS explains how ineligible taxpayers should return their coronavirus stimulus payments
The Internal Revenue Service has posted information on how people who weren’t supposed to receive their economic impact payments for the novel coronavirus pandemic should return the money. Original Article Posted at : https://www.accountingtoday.com/news/irs-explains-how-ineligible-taxpayers-should-return-their-coronavirus-stimulus-payments
Read MoreSenators introduce bill to allow tax deductions for forgiven PPP loans
A bipartisan group of lawmakers introduced legislation Wednesday to enable small businesses to deduct their expenses even if they have received a loan from the federal government’s Paycheck Protection Protection Program that was later forgiven. Original Article Posted at : https://www.accountingtoday.com/news/senators-introduce-bill-to-allow-tax-deductions-for-forgiven-ppp-loans
Read MoreThe IRS goes virtual to help unrepresented taxpayers
The Settlement Days program is trying out remote options in Detroit and Atlanta. Original Article Posted at : https://www.accountingtoday.com/news/the-irs-goes-virtual-to-help-unrepresented-taxpayers
Read MoreWhite House Considers Neutral Cost Recovery for Structures
The White House and congressional lawmakers are weighing policies to include in the next round of coronavirus response legislation. Some policies are geared toward helping people and businesses struggling in the short run due to the economic effects of the health crisis, while other policies are aimed at helping people and businesses work and invest…
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