NSAC Happenings and Latest News - Page 54
IRS Not Processing Paper Tax Returns Due to Coronavirus
The Internal Revenue Service has stopped processing paper tax returns, with much of its staff now working remotely because of the novel coronavirus pandemic, and is encouraging taxpayers to file their taxes electronically during the three-month extension period for this year’s tax season. The IRS said that to protect the public and its own employees, and in compliance with orders of local health authorities across the U.S., some IRS ...
Read MoreIRS Accepting Email and Digital Signatures on Tax Documents Due to Coronavirus
The Internal Revenue Service is now accepting email and digital signatures on tax documents to make it easier for tax professionals and taxpayers to communicate with the agency during the novel coronavirus pandemic. The IRS said Monday that, effective immediately, it would “begin temporarily accepting images of signatures (scanned or photographed) and digital signatures on documents related to the determination or collection of tax ...
Read More$2.2T Coronavirus Stimulus Package Signed into Law
The House passed a massive $2.2 trillion stimulus bill containing tax relief for both businesses and individuals and other stimulus measures in response to the coronavirus pandemic, and President Trump quickly signed it into law. According to the Washington National Tax Office of Top Six firm Grant Thornton, the business provisions of the act include: Allowing net operating losses arising in 2018, 2019 and 2020 to be carried back five ...
Read MoreFASB Proposes to Delay Accounting Standards in Response to Coronavirus
The Financial Accounting Standards Board plans to propose that private companies and not-for-profit organizations get an extra year to implement the lease accounting standard while they deal with the coronavirus crisis, while also giving private franchisor companies an extra year to get ready for the revenue recognition standard. FASB held a meeting Wednesday with its members and staff attending remotely to discuss the impact of the ...
Read More10 Good Habits for Working From Home
I hope as you read this, you and your loved ones are safe and healthy. As many of us enter another week of working from home, cabin fever is likely setting in, if it hasn’t already. You may find yourself struggling to keep spirits and energy up while in quarantine. Lack of sunlight, fresh air and social interaction impact our psyche. For those of us not previously acclimated to working in the same space we live, discovering how to divide ...
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