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Best of the Week

April 24, 2021

IRS offers safe harbor for claiming PPP loan deductions

By Michael Cohn 3 min read

The IRS and the Treasury Department are giving small businesses that received Paycheck Protection Program loans in the first round a way to deduct expenses they couldn’t claim last year.

Bill offers tax credits to businesses owned by women, POC

By Michael Cohn 4 min read

The legislation aims to reduce inequality by giving more entrepreneurs access to capital through tax incentives.

SEC warnings on SPACs dampen deals, boost accounting services

By Michael Cohn 7 min read

The Securities and Exchange Commission’s increasing scrutiny of special purpose acquisition companies and guidance on how to account for warrants are slowing deal activity for firms.

Padgett offers solutions for Employee Retention Credit woes

By Roger Russell 3 min read

A dedicated address for Forms 9410-X would be a start, the company told the IRS.

IRS cracks down on prisoner tax fraud and identity theft

By Michael Cohn 3 min read

The Internal Revenue identified more than 4,500 fraudulent tax returns using an inmate’s Social Security Number in 2019, claiming refunds totaling over $14 million.

Independent advisors: Have you scored the 20% pass-through tax break?

By Lynnley Browning 4 min read

Many RIAs can qualify for this lucrative benefit. Here’s what you need to know this tax filing season.

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ASC 842 – it’s time to get ready

How do you comply with ASC 842 with a small team?

Do your clients know about the employee retention tax credit?

By Andrew Gargana 3 min read

Only 39 percent of employers with fewer than 500 employees are aware of the ERTC and only one in five business owners plans to claim the ERTC.

Pandemic prompts accountants to rethink use of cloud technology

By Michael Cohn 4 min read

COVID-19 has been forcing accounting and finance teams to work remotely since last year, prompting reconsideration of how to do financial reporting in the future.

What’s hot and what’s not in firm M&A

By Joel Sinkin, Terry Putney

Advisory and consulting services are in, tax practices are out.

Businesses should prepare for Biden’s tax reforms

By Patrick Roach, Sanjay Agarwal 4 min read

There are financial, operational and remedial measures that companies can implement to mitigate the eventual impact of the administration's tax plan.

RESOURCES

WEB SEMINAR

ASC 842 – it’s time to get ready

During this webinar, our experts discuss the first step toward leasing automation and how to go beyond spreadsheets to meet your compliance goals quickly.

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WEB SEMINAR

Mastering lease accounting and ASC 842 implementation →

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5 steps to drive your SaaS finance company from early stage to growth stage →

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