The latest round of coronavirus stimulus legislation introduced in Congress on Monday includes some major tax provisions and changes for accountants to watch out for in the New Year. | KPMG tax chief plans for disruptive year ahead → | | By Michael Cohn 10 min read | | Greg Engel, is anticipating another year of tumultuous changes as clients deal with the coronavirus pandemic and new policies from the incoming Biden administration. | |
| Former MACPA chair Mehta to chair AICPA → | | By Michael Cohn 2 min read | | Anoop Natwar Mehta, who chaired the Maryland Association of CPAs from 2012-2013, has been nominated to chair the American Institute of CPAs for 2022-2023. | |
| Coronavirus relief bill includes direct payments, tax breaks, airlines aid → | | By Laura Litvan, Laura Davison and Erik Wasson 6 min read | | The House and Senate are set to vote Monday on $900 billion in pandemic relief aimed at boosting the U.S. economy into the early spring, combined with $1.4 trillion to fund regular government operations for the rest of the fiscal year. | |
| Businesses get $100B tax write-off windfall in aid bill → | | By Laura Davison and David Hood 3 min read | | Small business owners who got Paycheck Protection Program loans could qualify for big write-offs from their rescue money, amounting to what Treasury Secretary Steven Mnuchin has called a tax-break “double dip.” | |
| Barr snubs Trump’s demands, sees no counsel in Biden tax case → | | By Chris Strohm 3 min read | | Attorney General William Barr said he sees no reason to appoint a special counsel to oversee an investigation of President-elect Joe Biden’s son, Hunter Biden, a statement sure to frustrate President Donald Trump and his closest advisers. | |
| Trump signs bill that could remove Chinese stocks from U.S. → | | By Jordan Fabian 3 min read | | President Donald Trump on Friday signed legislation that could kick Chinese companies off of U.S. exchanges unless American regulators can review their financial audits, a move likely to further escalate tensions between the two countries. | |
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