NSAC Happenings and Latest News - Page 50
Showcase These 5 Essential Skills to Show You're a Standout Remote Worker
Showing you have the essential skills needed to be an effective communicator in different areas can help you land the job you’ve been eyeing—especially if it’s a remote position. Your workplace communications dictate how successful you are on the job—and they also affect your productivity. In fact, the 2019 Workplace Productivity and Communications Technology Report found that nearly 15% of employees’ total ...
Read MoreLegalization: What's Ahead with Cannabis Accounting
Ballot initiatives relating to cannabis will be voted on in five states — Arizona, Mississippi, Montana, New Jersey and South Dakota — this November. Topics being considered are presented in Marijuana on the ballot. If you are a CPA working with clients in the cannabis industry, or if you think you might in the future, you’ll want a firm grasp of the issues regarding cannabis accounting. Cannabis? Marijuana?
Read MoreTesting FASB's Goodwill Impairment Model Through a Pandemic
Many have started to question the goodwill impairment model under FASB ASC 350-20 and whether it paints the most accurate financial picture in light of the COVID-19 pandemic. In September, the Private Company Council, the American Institute of CPAs’ Technical Issues Committee and Financial Accounting Standards Advisory Council raised issues with the Financial Accounting Standards Board related to the current goodwill impairment model and ...
Read MoreIRS Issues Details on W-2 Reporting on Payroll Tax Deferral
The Internal Revenue Service has posted instructions for both employers and employees about how to handle the Form W-2 reporting for the payroll tax deferral under President Trump’s executive action. Trump signed a memorandum in August to defer the 6.2 percent employee’s share of Social Security taxes from Sept. 1, 2020 until Dec. 31, 2020, but the taxes would need to be repaid by April 30 of next year. So far, relatively few ...
Read MoreIRS Adjusts Tax Item Amounts for 2021 Due to Inflation
The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more. The standard deduction for married couples filing jointly for tax year 2021 is increasing to $25,100, up $300 from the previous year. For single taxpayers and married individuals who file separately, the standard deduction is increasing to ...
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