The Internal Revenue Service mistakenly sent letters to many taxpayers saying it would be reducing their Economic Impact Payments to pay off the taxes they owed. More than 109,000 taxpayers received such letters in the form of a Notice CP21C, even though the coronavirus stimulus payments aren’t supposed to offset
The American Institute of CPAs is proposing to revise its quality management standards to take a more risk-based approach targeted at the types of engagements performed by the CPA firm. The AICPA’s Auditing Standards Board issued an exposure draft Thursday of a set of three interrelated proposed standards to address
The Internal Revenue Service issued guidance on how educators can deduct out-of-pocket expenses for personal protective equipment to safeguard teachers in the classroom during the pandemic. The guidance, released Thursday in Revenue Procedure 2021-15, provides information on one of the provisions of the stimulus package that Congress approved in December.
A record number of CFOs in S&P 500 companies stepped down last year, partly due to the turmoil facing their companies from the coronavirus pandemic. An analysis by The Wall Street Journal found that 37 CFOs resigned in 2020, a 27.6 percent increase from 2019. The average number in the
You do the meth; what’s in a name?; snow job; and other highlights of recent tax cases. Junior achievements New Bern, North Carolina: Preparer Antoinette Charmane Becton, 40, has pleaded guilty to distribution of methamphetamine and aiding and abetting and conspiracy to defraud the IRS. Authorities used an informant and
Coronavirus-related government policies and regulations that could affect business performance ranked as the top risk cited by board members and C-suite executives, according to a new survey. The annual survey, released Wednesday by the consulting firm Protiviti and North Carolina State University, ranks the top 10 risks seen by 1,081
Fun and Gamestop; SECURE and taxable inheritances; over-communication; and other highlights from our favorite tax bloggers. That’s a big 1040 TaxPro Center (https://proconnect.intuit.com/taxprocenter/): February 2021 tax and compliance deadlines. Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Size does matter. The bigger-is-better trend started in just the second year of tax reform, which
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The Internal Revenue Service is clarifying its guidance on provisions of the coronavirus relief legislation that provide tax credits to employers offering paid sick leave and family leave to workers. The IRS updated the frequently asked questions page about the tax credits on Friday. The tax credits were part of
As a fresh round of federal relief loans is getting distributed to U.S. small firms hit by a pandemic crisis that will soon stretch to a year, new research shows that last year’s tranches of the Paycheck Protection Program covered less than a month of business expenses. PPP loans provided