News Archives

Industry News: AICPA: Review, Compilation and Preparation

November 18, 2020 by ssAdmin

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

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

November 16, 2020 by ssAdmin

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

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

November 16, 2020 by ssAdmin

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

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

November 14, 2020 by ssAdmin

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

Industry News: IRS to Start Masking Details on Business Tax Transcripts

November 13, 2020 by ssAdmin

IRS to Start Masking Details on Business Tax Transcripts A tax transcript is a summary of a tax return. Transcripts are often used by tax professionals to prepare prior year tax returns or represent the client before the IRS. Lenders and others use tax transcripts for income verification purposes. Nov 13th, 2020 Moving to protect … Read more

Industry News: Now in Hackers’ Crosshairs: Accounting and Finance Firms

November 12, 2020 by ssAdmin

Now in Hackers’ Crosshairs: Accounting and Finance Firms Why the escalating cybersecurity threats for finance and accounting firms? For one, you likely have sensitive customer data, in addition to key information about their employees, vendors and customers. This has been a year unlike any other in almost every respect, and cybersecurity is no exception. … Read more

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