Lawmakers proposed bipartisan legislation in the Senate to allow the Internal Revenue Service to postpone filing deadlines when a state-level disaster declaration is issued, rather than waiting for the federal government. The Filing Relief for Natural Disasters Act, introduced Tuesday by Sen. Catherine Cortez Masto, D-Nevada, John Kennedy, R-Louisiana and
The American Institute of CPAs has released a set of questions and answers to help auditors of benefit plan financial statements deal with this complex field and a revised auditing standard. The AICPA’s Employee Benefit Plans Industry FAQ with Illustrative Auditor’s Reports for Initial Year of Implementation of SAS No.
It has been said that insanity is doing the same thing over and over again, expecting different results. I am not sure who first said this, but I do not believe it was Albert Einstein, to whom this is often attributed. But it doesn’t matter too much. What matters is
As giant retailers prepare to offer cheap at-home COVID-19 tests in the wake of President Biden’s new vaccine rules for employers, the Internal Revenue Service has sent a reminder that the cost of home testing for COVID-19 is an eligible medical expense. The cost can be paid or reimbursed under
The Internal Revenue Service’s strategy for examining claims for the Earned Income Tax Credit are falling short, with nearly one-fourth of EITC payments estimated to be wrong last year and the IRS focusing its efforts disproportionately on some Southern states. A new report, released Thursday by the Treasury Inspector General
The Small Business Administration is increasing the cap for COVID Economic Injury Disaster Loans from $500,000 to $2 million. Small businesses that have been hit by the pandemic will be able to apply for the increased loans immediately, the SBA said Thursday. The program is especially targeting hard-hit sectors of
The Center for Audit Quality released a report Thursday on the current requirements for public company auditors regarding climate-related disclosures and where they may be heading. The report, Audited Financial Statements and Climate-Related Risk Considerations, discusses the items that public companies are currently reporting and how that information is material
Canfield, Ohio-based Top 100 Firm HBK CPAs & Consultants is merging in Pittsburgh-based managed service provider Vertical Solutions to combine operations with its subsidiary HBK IT. The merged companies will be renamed Vertiliocity and operate out of Pittsburgh, Clark, New Jersey, and the Denver area. Current Vertical Solutions president Bruce
Wildfire victims in California and storm and flood victims in Tennessee now have more time to file some returns and pay due taxes. California wildfire victims have until Nov. 15, 2021, to file various individual and business tax returns and make tax payments. Wildfire-affected individuals and households that reside or
Last week a young accountant called me asking if I could help him organize his time so he could get all his client work done while doing what is necessary to build a successful practice and allowing him to spend necessary and quality time with his growing family. We spoke
