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Accounting Estimates & Disclosures Addressed In New Auditing Standard

In a new standard issued Friday, the AICPA Auditing Standards Board provides requirements and guidance to auditors for auditing accounting estimates, which often is one of the most challenging areas a practitioner faces during an engagement.

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7 Ways To Grow Your Accounting Practice

No one predicted this. No one saw 2020 shaping up the way it has. We didn’t choose this year, but for some reason, it chose us. Hopefully, you’ve moved through all the stages of grief and have accepted that life “is what it is.” We can reminisce about the “good old days,” but life has turned the page and given us a new chapter.

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Employers Added 4.8M Jobs In June Despite Coronavirus

Employers added 4.8 million jobs in June and the unemployment rate fell to 11.1 percent, according to the U.S. Bureau of Labor Statistics, a decline of 2.2 percentage points from the previous rate of 13.3 percent, as employees returned to work despite the ongoing spread of COVID-19. Accounting and bookkeeping services gained 17,500 jobs.

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$300 Million in Grants Available to Help First Responders

LANSING, Mich. – State Treasurer Rachael Eubanks today announced two new grant programs that will provide an overall total of $300 million to help first responders receive premium hazard pay and reimburse local governments for payroll costs incurred due to the COVID-19 pandemic.

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IRS Issues Rules for Net Operating Losses In Consolidated Groups

The Internal Revenue Service and the Treasury Department released proposed regulations and temporary regulations to offer guidance for consolidated groups on net operating losses in the wake of changes under both the Tax Cuts and Jobs Act of 2017 and the CARES Act from this year.

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Art of Accounting: Training Staff Remotely

Training staff effectively and properly is a major reason for a firm’s success. With the switch to remote work it is harder to train one-on-one so new methods need to be developed. Here are some things you can try.

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EmpPerk

States Take Aim at People With No Retirement Plan

According to data from the National Institute on Retirement Security, 59% of working-age people in America don’t have any money in a retirement account—whether an employer-sponsored 401(k) or an IRA—and aren’t covered by defined-benefit pensions.

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Trump Signs PPP Extension Bill

President Trump Saturday signed into law a bill extending the Paycheck Protection Program—an emergency federal loan facility for small businesses struggling because of the pandemic—for another five weeks until August 8, buying Congress time to figure out what the next round of aid for small businesses will look like when it reconvenes later this month to hash out more stimulus legislation.

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How A Remote Work Boom Will Affect Salaries

With coronavirus potentially changing where people want to live long term, certain regions might see influxes of people, elevating real estate values - and the quality of schools and amenities as well. If companies see no major productivity issues with remote work, they may encourage employees to work from home and even try to downsize.

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House Joins Senate In Approving 5-Week PPP Extension

The U.S. House of Representatives on Wednesday joined the Senate in passing by unanimous consent a five-week extension of the Paycheck Protection Program (PPP).

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