NSAC Happenings and Latest News - Page 45
Top 10 Ways Companies Cook the Books
With the recent economic slowdown, companies are under increased pressure to show stability, or even growth, and paint a rosy picture for investors. That pressure will undoubtedly cause some companies to engage in accounting fraud to distort their financial results, thereby misleading investors. As with most accounting scandals, companies are usually unable to sustain the deception, and the house of cards eventually collapses. The following are ...
Read More3 Steps to Building Strong Risk Management
The coronavirus pandemic has already resulted in a significant business downturn around the globe. Even though during this wide-scale crisis with its catastrophic consequences some winners have emerged, over all, the pandemic has had an extremely negative economic impact. What lessons can be learned from this type of event for the future? And how should management accountants prepare for it in terms of risk management systems, to mitigate ...
Read MoreNew FAQs Address PPP Loan Forgiveness Issues
The U.S. Small Business Administration (SBA), in consultation with Treasury, released guidance Tuesday answering 23 frequently asked questions regarding the forgiveness of Paycheck Protection Program loans. The FAQs, published in a new 10-page document, are divided into four sections addressing different aspects of the process and calculations PPP borrowers should use to determine how much of their loan is forgivable. Following is a brief ...
Read MoreIRS to Allow Faxing of Automatic Method Change Requests
In response to the coronavirus pandemic, beginning July 31, the IRS is allowing taxpayers that file Form 3115, Application for Change in Accounting Method, to fax the duplicate copy of the request, instead of mailing a paper copy. Usually the duplicate copy is mailed to the Ogden, Utah, IRS office, but now taxpayers can fax it to 844-249-8134. Taxpayers should still file the original copy with their tax return. The new procedure does ...
Read MoreIRS Finalizes Rules on Business Interest Expense Deduction Limits
The Internal Revenue Service released the final regulations and other guidance on the limitation on the deduction for business interest expenses under the Tax Cuts and Jobs Act of 2017, which was amended by the CARES Act earlier this year. The 2017 tax overhaul limited the business deduction as a way of helping pay for the $1.5 trillion set of tax cuts, but the $2 trillion legislative package approved in March by Congress temporarily ...
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