Journal of Accountancy
- IRS extends penalty relief for pandemic payroll credits April 14, 2021The IRS provided for penalty relief under Sec. 6656 for an employer’s failure to timely deposit certain employment taxes with the IRS to allow employers to immediately take advantage of various credits enacted in response to the COVID-19 pandemic.
- Breaking a barrier: The first Black partner of Big Eight firm April 14, 2021In 1971, 50 years after the first Black CPA received his license, Elmer J. Whiting Jr. became the first Black partner of one of the nation’s largest accounting firms. His achievement helped to influence and inspire his firm, his community and ambitious professionals following his footsteps.
- Offensive acronym leads to GASB's name change proposal April 13, 2021The acronym for the Governmental Accounting Standards Board’s “comprehensive annual financial report” sounds like a South African ethnic slur. So, the board is proposing a name change to “annual comprehensive financial report.”
- IRS explains new treatment of excess premium tax credits April 12, 2021The IRS said it would not require taxpayers who received excess advance premium tax credits for 2020 to file Form 8962, Premium Tax Credit, after the American Rescue Plan Act retroactively exempted those amounts from being taxed.
- EBP tax compliance testing tips April 12, 2021Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.
- ASB extends comment period for quality management ED April 9, 2021The AICPA Auditing Standards Board has extended the comment period through Aug. 31 for an exposure draft of three interrelated proposed standards that would change the way firms manage quality in their accounting and auditing practices.
- How hiring practices have shifted as a result of the pandemic April 9, 2021Companies should consider benefits and challenges of hiring workers outside their geographic area.
- AICPA recommendations on Q1 estimates and 2020 Form 709 extensions April 8, 2021The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.
- Shuttered Venue Operators Grant program closes for repairs on its opening day April 8, 2021The SBA opened its new application portal for the $16.25 billion Shuttered Venue Operators Grant (SVOG) program, but shut it down for repairs due to “technical difficulties” that prevented the platform from accepting applications.
- IRS explains which meals qualify for temporary 100% expense deduction April 8, 2021The IRS issued guidance on the temporary rule that allows a 100% deduction for eligible restaurant meals in 2021 and 2022.
- Bill to postpone estimated tax due date to be introduced in Congress April 8, 2021Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that pushes back the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. The AICPA expressed its support for the bill.
- PCAOB's 2021 inspections target pandemic concerns, predictability April 6, 2021The effects of the coronavirus pandemic on companies’ financial reporting will be a focus of the PCAOB’s inspections in 2021. The board also will strive to become less predictable in the audits and subject areas reviewed by inspectors.
- How to claim the employee retention credit for the first half of 2021 April 5, 2021The IRS issued guidance on how to claim the employee retention credit for the first and second quarters of 2021. It will issue guidance on the employee retention credit from July 1 to Dec. 31, 2021, provided in new Sec. 3134, at a later date.
- GAO: Guidance for single audits should be more timely, responsive April 1, 2021A US Government Accountability Office report has concluded that yearly federal guidance provided to single audit practitioners should be more timely and more responsive to auditors’ input and needs.
- Members of Congress request estimated tax deadline postponement April 1, 2021A bipartisan group of 60 members of Congress wrote the IRS, urging that the deadline for first quarter 2021 federal estimated tax payments be postponed until May 17.