Industry News
Accounting
Top stories summarized by our editors
7/31/2020

The Internal Revenue Service has issued regulations on the simplified accounting method rules for small-business taxpayers enacted in 2017 by the law known as the Tax Cuts and Jobs Act.

7/31/2020

The Internal Revenue Service has announced that beginning today, in response to the coronavirus pandemic, it is temporarily accepting duplicate copies of Form 3115, Application for Change in Accounting Method, sent by fax, instead of mail. This procedure does not apply to nonautomatic method changes.

7/31/2020

Microsoft has begun introducing the Tasks app to desktop users of Teams. The effort is part of a push to create a more integrated task-scheduling experience across Microsoft programs.

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ZDNet
7/31/2020

Many businesses and CPA firms have strengthened anti-discrimination and anti-harassment policies. But it's also important to address harassment of and discrimination against employees by third parties, such as clients or vendors.

7/30/2020

"The list of pandemic-related risk areas where internal audit is providing assurance and advice is long ... We must consider that the quality of internal audit's work may be compromised, as practitioners scramble to respond to their organizations' needs often isolated or limited in their ability to conduct on-site assessments," writes IIA President and CEO Richard Chambers. Chambers says a clear threat to that quality is in failing to dig deeply enough to expose the root causes of control failures and weaknesses.

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Richard Chambers
7/30/2020

Employers are considering child-care subsidies, concierge services and other programs to help employees with child care as schools prepare to teach students remotely in the new school year. "We're not going to thrive if our people can't concentrate on their work," says Gregg Danzer, HR director for Graham Personnel Services.

7/30/2020

In addition to extending the tax deadline this year because of the coronavirus pandemic, the Internal Revenue Service is paying interest on refunds issued after April 15.

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The Balance
7/30/2020

Retirees might be concerned that market volatility could erode their finances. Here are some tips to stretch income, including eliminating unnecessary costs and moving to a less expensive place.

7/30/2020

The Internal Revenue Service has issued a package of guidance on the business interest expense limitation enacted in the law known as the Tax Cuts and Jobs Act and amended by the Coronavirus Aid, Relief and Economic Security Act.

7/30/2020

Some lawmakers want to let small businesses receiving Paycheck Protection Program loans deduct expenses, including wages, on tax returns, but the Treasury Department says that would amount to a double benefit. Lawmakers could opt to authorize the deduction in the next coronavirus relief bill, saving businesses $120 billion in taxes.

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