NSAC Happenings and Latest News - Page 38
The Wrong Idea: Clients’ Wacky Notions About Taxes
It’s hard enough for preparers to keep up with tax changes — clients are completely at sea, and often enough end up relying on very odd notions about taxes. Attempted deductions from recent years (the Minnesota Society of CPAs produces one of the most famous lists) always evince taxpayers strangest ideas about what’s deductible under the Tax Code: boats, family vacations, materials for a new house, a fur coat, charity to ...
Read MoreHow to Stop Overthinking Everything
Deliberation is an admirable and essential leadership quality that undoubtedly produces better outcomes. But there comes a point in decision making where helpful contemplation turns into overthinking.
Read MorePandemic Forces CFOs to Manage Financial Liquidity Bette
CFOs and other finance executives are finding they need to reforecast their company’s liquidity and cash flow on a weekly and even daily basis as they cope with the pandemic. While weekly or monthly forecasting seems to be the norm right now, many CFOs are wondering about the right frequency for forecasting during the COVID-19 pandemic. According to an online poll during a webcast last October by Deloitte, 8.2 percent of the respondents ...
Read MoreThe Post-Pandemic Office Dilemma: Who Returns and Who Works from home?
In 2020, organizations quickly pivoted to remote work—regardless of their previous capabilities and setups. For some industries, this was an easy and seamless shift. For many others, it was unfamiliar—and at times, a major struggle. As we look back on nearly a year of work-from-home data, the results have been overwhelmingly positive—with most remote employees proving to be more productive, while also enjoying the flexibility ...
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Final Regulations Under IRC Section 163(J)
Originally Published in The Cooperative Accountant, Winter 2020 Issue On July 28, 2020, the Treasury Department released final regulations with guidance on applying the limitations on the deductibility of business interest expense (BIE) under IRC Section 163(j) (the Final Regulations), which was significantly modified by the Tax Cuts and Jobs Act (TCJA) and then temporarily modified by the Coronavirus Aid, Relief, and Economic Security Act ...
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