DAILY BRIEFING

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September 13, 2021

Prepared for Voornaam

$16B in EITC payments in 2020 may have been improper

By Michael Cohn       3 min read

The Internal Revenue Service’s strategy for examining claims for the Earned Income Tax Credit are falling short, with nearly one-fourth of EITC payments estimated to be wrong last year and the IRS focusing its efforts disproportionately on some Southern states. View story →

On the move: EisnerAmper expands digital health services line

By Danielle Lee      

Massachusetts Society of CPAs rebrands; NSA elects new president; and more CPA news.  View story →

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On the move: New FICPA chair begins tenure →

Deadline for participating in Rosenberg Survey approaches; DHG partners with NABA to offer new scholarship; and more CPA news.

IRS: COVID tests are eligible medical expenses

By Jeff Stimpson       1 min read

The service is reminding taxpayers that they can pay for at-home tests with their FSAs, MSAs and Archer MSAs.  View story →

SBA ups EIDL maximum to $2M

By Michael Cohn       4 min read

The Small Business Administration is increasing the cap for COVID Economic Injury Disaster Loans from $500,000 to $2 million. View story →

The second pillar of credit and incentive projects: Timing

By Ben Worrell       3 min read

Planning should involve consideration of economic credits and incentives, which focus on future savings and future growth goals. View story →

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3 tech keys for empowering accountants

By Clayton Weir      

Not only do accountants have to tackle daily tasks with antiquated technology, but they have to find ways to make this tech meet the modern demands of today’s financial industry. View story →

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Biden’s remaking of safety net moves ahead in House

By Erik Wasson, Kaustuv Basu and Alexander Ruoff       4 min read

The Ways and Means Committee voted to approve 12 weeks of paid family leave and a mandate to enroll employees in retirement accounts. View story →

Top Senate Dems float 2% excise tax on stock buybacks

By Christopher Anstey       2 min read

Two senior Democratic senators proposed the tax in an effort to boost investment and reduce what they termed 'tax avoidance.' View story →

IRS hit with programming bug on COVID-19 tax relief

By Michael Cohn       2 min read

The service warned Thursday of an issue that’s affecting business taxpayers who need transcripts for requesting COVID-19 employment tax relief. View story →

SALT cap confounds House Dems crafting taxes for Biden plan

By Kaustuv Basu       3 min read

The stumbling block is scrapping the deduction limit without losing progressives wary of a tax cut that would overwhelmingly benefit the wealthy. View story →

PwC increases ESG services

By Michael Cohn       5 min read

The Big Four firm is broadening its array of services to help clients deal with growing demands for sustainability and climate risk reporting and assurance. Read story →

AICPA Foundation awards 2021 Minority Doctoral Fellowships

By Sean McCabe       2 min read

The American Institute of CPAs Foundation granted fellowships to 25 minority doctoral students to boost the representation of minority educators in accounting programs. Read story →

Tax Fraud Blotter: Skullduggery

By Jeff Stimpson       6 min read

Mr. Coins; a whole book of numbers; lack of horse sense; and other highlights of recent tax cases. Read story →

Crowe adds tech firm Upaya

By Michael Cohn       2 min read

The Top 10 Firm has signed an agreement to add personnel from the California technology firm effective Oct. 1. Read story →

CAQ reports on climate disclosures in financial reporting

By Michael Cohn       2 min read

The Center for Audit Quality released a report on the current requirements for public company auditors regarding climate-related reporting. Read story →

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