Latest Articles

Pub947esp

October 27, 2020 

IRS Issues Spanish Versions of Circ. 230 and Pub. 947

The Internal Revenue Service is making two key publications designed for tax professionals available in Spanish. A Spanish-language version of Publication 947, Practice Before the IRS and Power of Attorney, is now available.

fasb

October 27, 2020 

FASB Proposes Three Lease Accounting Changes

The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (ASU) intended to improve three areas of the leases guidance. Stakeholders are encouraged to review and provide comments on the proposed changes by ...

Screen Shot 2020-10-27 at 11.03.17 AM

October 27, 2020 

The Engine That Drives Venture-Backed Life Science and Biotech Companies

Business Process Outsourcing (BPO) Partner, Engine Room, chose NetSuite to power their engine driving venture-backed life science and biotech companies. NetSuite’s partnership allows them to support a wide range of clients with a consistent, unified ERP platform. Engine Room is able to provide smaller clients the opportunity to layer in new capabilities and functionalities as...…

risk

October 27, 2020 

Two of Today’s Biggest Risks for CPAs: Advising and Signing

COVID-19 has had a significant effect on how clients conduct business and manage their financial affairs. It has spurred an increased client demand for CPAs to provide CFO and client accounting consultative services, and – because of ...

 IRS Changes 2021 Income Ranges for IRA Eligibility

October 27, 2020 

IRS Changes 2021 Income Ranges for IRA Eligibility

The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to claim the Saver’s Credit all increased for 2021.

 How the IRS Determines the Statute of Limitations on Collections

October 27, 2020 

How the IRS Determines the Statute of Limitations on Collections

The statute of limitations period for IRS collection enforcement is generally ten years from the date the tax is assessed.[1]Tax Practitioners who are new to IRS collection representation may not be fully aware of the impact the statute of limitations (SOL) can have on a case and dismiss its relevance because the statute of limitations...…

Arnold van Dyk

Small Business Coronavirus 2

October 27, 2020 

68% of Businesses Plan to Rehire Laid Off Staff within 6 Months

According to a new survey, close to 70 percent of organizations who have furloughed or laid off employees during the COVID-19 pandemic will back-fill roles that were eliminated (68%), even with hiring freezes (40%) being the most important cost ...