NSAC Happenings and Latest News - Page 3

Dropping the Curtain on Entertainment Deductions

Published March 24, 2021

The law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, significantly changed Sec. 274(a) by eliminating any deduction of expenses considered entertainment, amusement, or recreation. The TCJA also extended the 50% deduction limitation for expenses related to food and beverages to those provided by employers to employees in some instances. Because the changes were unclear on whether food and beverage expenses could be deducted when ...

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IRS postpones April 15 deadline

Published March 22, 2021

The IRS announced on Wednesday that it is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the near future. The postponement applies only to individual taxpayers, who can postpone their federal income tax returns and income tax payment due on April 15 until May 17, 2021. They do not have to file Form ...

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Small Business Forum: (Ac)Counting on Disruption: An Accounting Guide to Surviving the Rapidly Changing Business Landscape While Adding Value to Your Firm

Published March 11, 2021

Originally Published in The Cooperative Accountant, Winter 2020 IssueCovid-19 reportedly started as a limited issue in a Wuhan wet market as early as November 2019. It spread, slowly at first, and then exponentially. By March, the virus had spread around the globe and less than a year from the first outbreak, more than 1 million people had died. If the virus could have been understood and contained in those early months, before the Pandoras Box ...

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Email Etiquette

Published March 10, 2021

While email is the most expeditious way to communicate, we have to be mindful and thoughtful about what we choose to share before clicking send. Additionally, the sheer volume of messages we're reading and writing each day can be overwhelming. Here is a list of email etiquette tips you should practice daily. Remember that nothing is truly ‘confidential’ in an email One of the most valuable pieces of advice received during my career ...

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Virtual Accounting: How to Succeed Remotely

Published March 10, 2021

The coronavirus has changed the business landscape significantly. Many accounting firm leaders, who were once reluctant to allow employees to work from home or other locations, now realize the value of a remote workforce, especially when it comes to recruiting and retaining talent. But working remotely can also create challenges, such as communicating with and managing employees, setting up necessary technology, and establishing and enforcing ...

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