NSAC Happenings and Latest News - Page 43
Risk Alert: COVID-19 and the Return to Work
The emergence of the novel coronavirus quickly upended the way businesses, including accounting firms, around the United States operated. Shelter-in-place orders prompted millions to pivot nearly overnight to halt business travel, begin working from home, and use virtual conferencing software to substitute for what previously would be in-person meetings and visits. Now some CPA firm leaders may be considering how to ...
Read MoreIRS Releases Final Rules on Business Meals and Entertainment
The IRS issued final regulations (T.D. 9925) implementing provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, that disallow a business deduction for most entertainment expenses. The regulations also clarify the treatment of business deductions for food and beverages that remain deductible, generally limited to 50% of qualifying expenditures, and how taxpayers may distinguish those expenditures from ...
Read MoreLet's End the Debate: Automation Will Never Replace Accountants
Automation has brought significant changes to the accounting profession over the last decade. While some tools have made accountants’ lives easier, others have chipped away at their roles as startups seek to disrupt a legacy industry. The tech companies that developed these tools have also created and perpetuated a false debate about whether automation will overtake the industry completely and make accountants irrelevant. It’s ...
Read MoreContinue to Focus on Accounting and Disclosures Related to the Pandemic
Entities need to continue to consider the effects of the COVID-19 pandemic and its economic fallout in their accounting and disclosures for the latest period, and their disclosures should evolve as facts and circumstances change. As a reminder, that includes considering whether the pandemic-induced recession has triggered asset impairments; whether any accounting estimates, such as the amount of variable consideration an entity expects to ...
Read MoreThe Rise of Cybercrime in the Accounting Profession Continues
The July 15 tax filing deadline is finally behind you. Now is the perfect time to address the growing number of cyberattacks still taking place in the accounting industry. Many accounting practices are reporting that IT vendors and employers rushed to provide access for remote employees without fully understanding how to properly implement and secure it. This has resulted in an increased number of cyberattacks on accounting practices of ...
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