Recent AICPA advocacy efforts have included requesting tax relief related to the coronavirus pandemic and issuing auditing standards related to audit evidence and auditing accounting estimates.
Policymakers must be mindful that economic recovery does not widen inequality, Federal Reserve Bank of San Francisco President Mary Daly says. Without that focus, "my worst fear is we'll leave a whole generation of people behind," she says.
President Donald Trump's order that suspends payroll tax until Dec. 31 doesn't cut it completely unless Congress acts, and could result in complicated accounting for businesses and an extra tax bill for employees in 2021. "It remains quite unclear whether employers will actually change withholding schedules, particularly if it could lead to financial uncertainties in 2021," says Michael Feroli of J.P. Morgan.
A survey from Resume.io reveals how Americans feel about colorful job titles, with a majority saying they wouldn't apply for jobs that contain words such as "genius," "evangelist" or "champion," and many of these descriptions attract young white men while potentially putting off women, older job seekers or minorities, Lorraine Kipling writes. "[U]sing flashy and unnecessary words to describe jobs can easily backfire," she writes.
Economic fallout from the coronavirus pandemic is a particularly painful setback for millennials, who have never fully recovered from the financial crisis. Millennials have less wealth than earlier generations at their age, and about 25% of millennial households have debt that exceeds assets, according to the Federal Reserve Bank of St. Louis.
Cybercriminals have been launching phishing attacks with messages purporting to be from the Small Business Administration and focused on coronavirus relief. A report by Malwarebytes looks at three phishing campaigns that began in April and continue this month.
The upcoming discontinuance of Libor affects many companies with Libor-linked loans and agreements. Manufacturers and leaders of other companies need to know this is not only a banking issue.
The Internal Revenue Service has issued additional final regulations on payments made to charitable organizations in lieu of state and local tax credits.
Working from home during the coronavirus pandemic likely involves negative feelings at some point as routines are disrupted amid continued uncertainty. Here are several tips to process these feelings and lift your mood.