Accounting
Prometric extends testing site closures due to coronavirus
The CPA Exam testing administrator stated that its test centers will now be closed through April 30, 2020, with a tentative May 1 re-opening. Original Article Posted at : https://www.accountingtoday.com/news/prometric-extends-testing-site-closures-due-to-coronavirus
Read MoreBreaking down the proposed cryptodollar
Around the same time a sorely needed economic relief package made its way through Congress into law to try to offset the economic wreckage of COVID-19, a unique proposal came to light. Original Article Posted at : https://www.accountingtoday.com/opinion/breaking-down-the-proposed-cryptodollar
Read MoreNew OECD Study: Consumption Tax Revenues during Economic Downturns
The current economic shutdown—potentially followed by an economic downturn—affects government budgets not only through increased spending but also through a decline in tax revenues. The severity of these tax revenue shortfalls will depend on a variety of factors—one being a country’s current tax structure. A new OECD study sheds light on how many OECD countries’…
Read MoreUPS: United Problem Solvers
The guys in the brown uniforms became United Problem Solvers; why are you still pushing tax returns? Original Article Posted at : https://www.accountingtoday.com/opinion/ups-united-problem-solvers
Read MoreExpect Long Delays In Getting Refunds If You File A Paper Tax Return
Today’s advice: If you have not yet filed your federal income tax return, do not—repeat, do not—send the Internal Revenue Service a paper return—especially if…
Read MoreThe Child Tax Credit: Primer
Key Findings The Child Tax Credit (CTC) is a partially-refundable tax credit available to parents with qualifying dependents under the age of 17. Like other tax credits, the CTC reduces tax liability dollar-for-dollar of the value of the credit. Taxpayers may claim a maximum credit of $2,000 for each child, with a portion of the…
Read MorePayPie offers fast lender-matching for SBA PPP loan applications
PayPie is offering access to its network of Small Business Association-authorized lending partners to businesses seeking funds through the SBA Payroll Protection Program during the COVID-19 pandemic and economic slowdown. Original Article Posted at : https://www.accountingtoday.com/news/paypie-offers-lender-matching-for-sba-ppp-loan-applications
Read MoreWill States Tax the Federal Government’s COVID-19 Lifeline to Small Businesses?
The federal government is offering small businesses a lifeline in the form of loans that can be forgiven if they use the money for specified purposes (like payroll, rent and mortgage payments, group health benefits, and utilities) and retain their employees. The federal government will not count a fully or partially forgiven loan as taxable…
Read MoreIRS provides info on claiming quick refunds of net operating losses amid coronavirus
The Internal Revenue Service posted a set of questions and answers Monday to help companies claim net operating losses and tax credits for prior years so they can get faster tax refunds in the midst of the novel coronavirus pandemic. Original Article Posted at : https://www.accountingtoday.com/news/irs-provides-more-info-on-claiming-quick-refunds-of-net-operating-losses-amid-coronavirus
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