The Center for Audit Quality released an alert Monday discussing the audit considerations surrounding a private company entering the public markets through a merger with a special purpose acquisition company. The alert offers an overview of what a SPAC is and some of the main considerations that both auditors and
The Small Business Administration will begin accepting applications Monday for a new program to help hard-hit restaurants reopen during the pandemic, and some firms are preparing clients to apply. The SBA plans to open the application window for the Restaurant Revitalization Fund at noon EDT on Monday. Registration for the
The Internal Revenue Service and the Treasury Department released updated early draft versions Friday of Schedules K-2 and K-3 for pass-through businesses to report international tax information. The new Schedules K-2 and K-3 will go along with Forms 1065, 1120-S, and 8865 for tax year 2021 (filed in 2022). The
My two previous articles discussed the power of brief video summaries that you can send to clients after finalizing their tax returns. Clients love the summary videos and they’re not hard to produce. While producing video sounds cool, we’re really talking about “asynchronous communication.” That’s when two or more people
President Biden’s American Families Plan would provide tax credits for families and low-income workers, but eliminate a popular tax break for inheritances and raise taxes on capital gains. The administration unveiled the proposals on Wednesday ahead of Biden’s address to a joint session of Congress on Wednesday night (see story).
Small businesses are gaining more revenue this year despite the lingering challenges from COVID-19 and reversing last year’s losses, according to a report from Intuit’s QuickBooks unit. The report examined how small and midsized businesses performed financially in different industries and geographies from March 2020 to March 2021, analyzing anonymized
Democrats introduced a bill Tuesday to provide tax credits for child care, along with universal paid family and medical leave and permanent extensions of child and family tax credits. House Ways and Means Committee chairman Richard Neal, D-Massachusetts, led the other Democrats on Congress’s tax-writing committee by introducing the legislation,
Two members of the Senate Finance Committee released a discussion draft of a bipartisan energy tax credit bill Monday that could represent a path forward for Republicans and Democrats. The Energy Sector Innovation Credit Act, proposed by Sen. Mike Crapo, R-Idaho, the top Republican on the committee, and Sheldon Whitehouse,
The Small Business Administration debuted a new program to help small businesses weather the COVID-19 pandemic and prepared to retry a launch of its Shuttered Venue Operators Grant program. The SBA opened a new round of Economic Injury Disaster Loan assistance, known as “Supplemental Targeted Advances,” on Thursday to provide
The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15. The IRS is holding approximately 29 million tax refunds that need to be processed manually because