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Economic Downturns Exacerbate Liability Claims

Economic conditions have historically had a significant impact on CPA professional liability claims. In general, more claims and larger claims are filed during a downturn. The recession of 2008–09 was no exception. Public expectations and standards for the CPA profession (as opposed to CPA professional standards, or the profession’s standards for itself) again became a … Read more

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Industry News: New Security Measures Help Protect Against Tax-Related Identity Theft (IRS): What You Should Know

  New Security Measures Help Protect Against Tax-Related Identity Theft (IRS) https://youtu.be/ELzTL6hQKQc  With more taxpayers and tax preparers working remotely, identity thieves are trying to use COVID-19 to scare and scam people out of their identities or money. Everyone should remember to take basic steps to protect themselves. https://www.IRS.gov/securitysummit

Industry News: AICPA: Review, Compilation and Preparation

AICPA: Review, Compilation and Preparation Review, compilation and preparation services represent a large portion of many small and medium size firms’ services. Ensure you have the resources needed to execute these engagements. Review, Compilation, and Preparation SSARS 21  Standard Setting Standards Tracker Recently Issued Interpretations Recently Issued Technical Q&As Advocacy Illustrative reviewcompilationProfessional Standards reviewcompilationhttps://www.aicpa.org/interestareas/frc.html   and    … Read more

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Industry News: It’s a tough year for year-end tax planning

It’s a tough year for year-end tax planning Advisers face the difficult task of helping clients plan for next year without knowing for certain which party will control the Senate. By Dave Strausfeld, J.D.botheither November 16, 2020 Performing year-end tax planning this year is going to be “very, very difficult,” Bob Keebler, CPA/PFS, said in … Read more

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Industry News: Here’s who qualifies for the employee business expense deduction

Here’s who qualifies for the employee business expense deduction   IRS Tax Tip 2020-155, November 16, 2020 Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. Taxpayers can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless they are a qualified employee or … Read more

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Industry News: Legalization: What’s ahead with cannabis accounting

Legalization: What’s ahead with cannabis accounting Ballot initiatives relating to cannabis will be voted on in five states — Arizona, Mississippi, Montana, New Jersey and South Dakota — this November. Topics being considered are presented in Marijuana on the ballot . If you are a CPA working with clients in the cannabis industry, or if you … Read more