Accounting
You might have a tax shelter and not know it. Coronavirus could make matters worse
Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes. Original Article Posted at : https://www.accountingtoday.com/opinion/you-might-have-a-tax-shelter-and-not-know-it-coronavirus-could-make-matters-worse
Read MoreUnderstanding the Paycheck Protection Program in the CARES Act
Americans are still digesting the $2.2 trillion CARES Act (H.R. 748), which passed last week as the largest financial support package in U.S. history. The law runs more than 800 pages and contains hundreds of provisions designed to dispense relief to individuals and businesses in the wake of the ongoing public health crisis. While many…
Read MoreFASB mulls pushing back accounting standards deadlines in response to coronavirus
The Financial Accounting Standards Board will be meeting next week to discuss the impact of the novel coronavirus pandemic on its stakeholders, including pushing back the effective dates of some of its upcoming accounting standards. Original Article Posted at : https://www.accountingtoday.com/news/fasb-mulls-pushing-back-accounting-standards-deadlines-in-response-to-coronavirus
Read MoreState Strategies for Closing FY 2020 with a Balanced Budget
Key Findings As states grapple with declining revenues and delay tax collections, policymakers must begin to think about how to close out their FY 2020 budgets consistent with balanced budget requirements. Every state but Vermont has a balanced budget requirement, but details vary across the country. In some states, a budget must be balanced when…
Read MoreTreasury Now Will Send Coronavirus Payments To Social Security Beneficiaries Without Income Tax Returns. That May Be Bad News For Many.
Last night, the, the Treasury Department announced it was reversing course and would make direct coronavirus rebate payments to Social Security beneficiaries even if they…
Read MoreIRS will allow coronavirus stimulus payments for seniors who don’t file tax returns
The Internal Revenue Service and the Treasury Department have reversed course on requiring senior citizens to file a “simple tax return” in order to receive a stimulus payment as part of the coronavirus package passed by Congress last week. Original Article Posted at : https://www.accountingtoday.com/news/irs-will-allow-coronavirus-stimulus-payments-for-seniors-who-dont-file-tax-returns
Read MoreIRS extends deadlines for applying to Taxpayer Advocacy Panel
The TAP also just welcome 33 new members. Original Article Posted at : https://www.accountingtoday.com/news/irs-extends-deadlines-for-applying-to-taxpayer-advocacy-panel
Read MoreKPMG reprimanded, again, and fined $560K for audit failings in U.K.
KPMG and one of its senior partners have been reprimanded and fined 455,000 pounds ($560,000) for failings in its audit of a U.K. company, the latest sanction against the Big Four auditor in recent years. Original Article Posted at : https://www.accountingtoday.com/articles/kpmg-reprimanded-again-and-fined-560k-for-audit-failings-in-u-k
Read MoreNew stats don’t bode well for error-free coronavirus stimulus payments
Federal agencies are increasingly sending incorrect benefit payments to Americans, a government watchdog said as the Internal Revenue Service prepares to send more than $292 billion in direct payments to households as part of the government’s coronavirus response. Original Article Posted at : https://www.accountingtoday.com/articles/new-stats-dont-bode-well-for-error-free-coronavirus-stimulus-payments
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