NSAC Happenings and Latest News - Page 49
Final Regulations on the Meals and Entertainment Deduction
The law known as the Tax Cuts and Jobs Act (TCJA), P.L 115-97, significantly changed Sec. 274 by eliminating the deduction for any expenses considered entertainment, amusement, or recreation. The amendments denied deductions for expenses for business entertainment and increased the scope of the deduction limitation for expenses related to food and beverages employers provided. Because the Code was unclear about the deductibility of food ...
Read More4 A&A Challenges Caused by COVID-19
For many public companies, the financial reporting challenges brought on by the COVID-19 pandemic aren’t going to disappear anytime soon. They will continue through year-end, and probably at a minimum for a few quarters after that. We’ve been hearing about the following A&A issues from those of you in the trenches — finance professionals and firm practitioners — and many of these challenges will be discussed at ...
Read MoreIRS Clarifies Deductibility of PPP Loan Expenses, as AICPA Criticizes Forgiveness Questionnaire
The Internal Revenue Service and the Treasury Department have issued guidance to clear up the tax treatment of expenses when a loan from the Small Business Administration’s Paycheck Protection Program hasn’t been forgiven by the end of the year, while groups including the American Institute of CPAs are complaining about a new, lengthy questionnaire from the SBA for forgiveness of loans of $2 million or more. The IRS and the ...
Read MoreLike-kind Exchange Rules Define Real Property, Incidental Personal Property
The IRS has issued final regulations that define what property qualifies for Sec. 1031 like-kind exchange treatment (T.D. 9935). The new rules are necessary because the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, removed personal property from qualifying for the deferred tax treatment for like-kind exchanges. T.D. 9935 finalizes proposed regulations (REG-117589-18) issued in June. The IRS received 21 comments on the ...
Read More8 Soft Skills That Make You an Even Better Leader
Claude Silver, Chief Heart Officer of VaynerMedia, recently shared a quote on her Instagram page that caught my attention: “People skills, EQ, ‘soft’ skills, HUMAN skills – these are our anchors. They ground us, remind us that we are real. Without these we fly away.” Businesses tend to overlook soft skills and focus on hard skills. When LinkedIn released their list ...
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