October 12, 2020
Those pushy emails about “e-payments” were probably enticing. Your vendor sent you an invoice—you forwarded it to your payment provider—and they said to the vendor, “Hey, want to get paid faster? Try e-payments! It’s the future!” Little did your vendor realize, “e-payments” is code for virtual cards and credit cards. They would have to pay...…
October 9, 2020
COVID-19 brought financial challenges to much of the public and forced companies to reimagine how business is done. Congress responded with generous relief, much of which runs through the tax code.
October 9, 2020
The Small Business Administration (SBA) has issued new guidance relating to a change of ownership of a business entity that has received a tax-favored loan under the Paycheck Protection Program (PPP). Although the SBA procedural notice clarifies the rules, it doesn’t provide all the answers. Background: Under the Coronavirus Aid, Relief, and Economic Security (CARES)...…
October 8, 2020
The number of Americans seeking unemployment benefits fell for a second week while remaining elevated, as the labor market makes scant progress amid risks of further weakness without additional federal stimulus.
October 8, 2020
The IRS has electronic filing options, including Free File. Taxpayers and tax professionals should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments.
October 7, 2020
The AICPA’s most recent Supply and Demand Report shows an interesting trend, one that the industry needs to find a strategy to address. When students first start down the path of becoming an accounting professional, there’s pretty ...
October 5, 2020
Policy analysts have stated that taxpayers would save roughly the same 20.5% in tax on their contributions to their 401(k)s. This works out to close to $4,000 for a 45-year-old making the maximum annual contribution. It’s not yet clear if the credit ...
October 2, 2020
Also, as part of IRS’s continued focus in this area, the IRS has become aware of variations of the abusive micro-captive insurance transactions. Examples of these variations include certain Puerto Rico and offshore captive insurance arrangements that ...
October 2, 2020
Rimilia is a provider of accounts receivable automation solutions that enable organizations to control cash flow and cash collection in real time. Using artificial intelligence (AI) and machine learning, the SaaS (Software-as-a-Service) platform ...
October 2, 2020
The Internal Revenue Service Chief Counsel has released Chief Counsel Notice 2021-001 (CC Notice), which contains information regarding Chief Counsel’s settlement initiative for certain pending Tax Court cases involving abusive syndicated ...
![Joe-Biden-Speaks[1]](https://www.cpapracticeadvisor.com/wp-content/uploads/2020/09/Joe_Biden_Speaks_1_.5f7502b8383b6.png)
September 30, 2020
On the joint 2019 return filed by Biden and his wife, Dr. Jill Biden, the couple paid almost $300,000 in federal taxes on approximately $985,000 of adjusted gross income (AGI), resulting in a relatively high effective tax rate of 29.5%.
September 30, 2020
Paychex’s PPP Loan Forgiveness Estimator assists business owners with understanding how much of their PPP loan may be forgiven by the federal government. When accessing the tool, CCH AnswerConnect users will be asked to input a variety of ...