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News of the next round of stimulus direct payments have many struggling Americans abuzz with relief, but direct payments are only a part of the freshly signed legislation. The MICPA breaks down the various tax components contained within the latest federal COVID-19 relief bill, including changes to the child tax credit and the new partial tax exemption for unemployment benefits received in 2020.
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The AICPA has recommended revisions to clarify and update certain aspects of Circular 230, Regulations Governing Practice Before the Internal Revenue Service (31 C.F.R. Part 10), and allow a better understanding of the rules for tax practitioners when they are representing taxpayers before the IRS. The suggestions include that Circular 230 should define applicable jurisdiction in the context of whether OPR has the authority to regulate tax preparation and tax planning practices of federally authorized tax practitioners in light of recent court decisions; updates to reflect the elimination of the registered tax return preparer program; and amendments to reflect current electronic filing and e-signature practices.
The role of the CPA is evolving, an unavoidable shift in necessary skills and expectations driving the industry toward change. As the profession evolves, then, so too must the path to CPA licensure. The MICPA explores all the most recent developments of the CPA Evolution initiative and where to keep up with all the latest developments.
The third round of government pandemic aid passed the Senate and is now headed for its final signature of approval. The MICPA breaks down everything financial advisors need to know about the Senate revised version of the third stimulus package.
Women are facing new challenges in a business world still reeling amid a global pandemic. As International Women’s Day urges us to #ChoosetoChallenge, the MICPA investigates the new challenges ahead for women in today’s business environment.
Only 4% of 223 CPA firms polled in the summer of 2020 said they were fully virtual heading into the pandemic, according to research by ConvergenceCoaching, a U.S. company offering training services to the public accounting profession. About three-fifths (61%) of the firms said they had some remote talent, and 27% said they had been strictly in-office pre-coronavirus.
The guidance provided in this FAQ pertains to the reporting of over-the-counter (OTC) transactions in equity securities to a FINRA Facility (a Trade Reporting Facility (TRF), the Alternative Display Facility (ADF) or the OTC Reporting Facility (ORF)). This guidance relates only to the trade reporting rules, as defined in FAQ 100.2 below, and does not address other member obligations under applicable FINRA rules or the federal securities laws, including but not limited to, recordkeeping obligations under SEC Rule 17a-3.
The Governmental Accounting Standards Board (GASB) today issued for public feedback a proposed Statement designed to enhance the recognition and measurement guidance for compensated absences and refine related disclosure requirements.
The AICPA called on Congress to extend the application period for the Paycheck Protection Program (PPP) by at least 60 days. The current deadline for PPP applications is March 31, but many applications have run into problems in the U.S. Small Business Administration’s (SBA’s) PPP processing platform, which has refused to accept some applications due to system problems and has caught thousands of other applications in validation checks designed to prevent fraudulent applications from being approved.
The U.S. Senate is preparing to debate the $1.9 trillion stimulus plan passed by the U.S. House of Representatives on Saturday. The MICPA breaks down the most relevant inclusions in the new bill to Michiganders as well as other economic initiatives currently being proposed under the new administration