The 2021 PCPS CPA Firm Top Issues Survey polled firms of all sizes to get a pulse on the top pressing issues impacting them. In this Tax Section Odyssey episode, April Walker, CPA, CGMA, from the AICPA Tax Section and Brad Barbour, CPA, from the AICPA Private Companies Practice Section, and host of the Small Firm Philosophy podcast discuss tax-related challenges that emerged in the 2021 CPA Firm Top Issues Survey. What you’ll learn in this episode Overview of the survey and highlights of results...
Oct 20, 2021•18 min
As virtual currencies gain more traction in the marketplace, the IRS is taking notice. Your clients may be unaware of the tax reporting requirements and the tax implications from their cryptocurrency transactions. In this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Tax Practice & Ethics, Association of International Certified Professional Accountants, representing AICPA & CIMA, and Shehan Chandrasekera, CPA, Head of Tax Strategy — CoinTracker, delve into the cryp...
Oct 06, 2021•21 min
As a tax practitioner during the revolving door of tax law changes this year, you might have asked yourself questions such as: Can I bill my clients for PPP loan assistance? How do I bill my clients for employee retention credit consultations? How do I get my long-time clients to value and agree to pay for the high-quality services that I offer each year? If any of the above apply, we have some tips. Loren Fogelman, a business coach for accounting professionals at Business Success Solution, prov...
Sep 23, 2021•31 min
The impact of disasters can be life changing. Fortunately, special tax law provisions may aid in the recovery efforts for individual taxpayers and businesses alike. Depending on the circumstances, the IRS may grant additional time to file returns and pay taxes. Victims may also be able to deduct casualty losses that occurred. In this Tax Section Odyssey podcast episode, Jerry Schreiber, CPA, partner at Schreiber & Schreiber in Louisiana, the recipient of the AICPA’s 2018 Arthur J. Dixon Memo...
Sep 08, 2021•19 min
The Association of International Certified Professional Accountants provides the world’s most highly skilled accountants with knowledge, insight and foresight to meet the demands of a disruptive world. It is a driving force in a dynamic profession that powers trust, opportunity and prosperity for people, businesses and economies worldwide. But the Association can’t do its work without the dedicated group of volunteers behind the scenes. Approximately 2,500 volunteers serving across nearly 200 of...
Aug 26, 2021•19 min
The employee retention credit (ERC) is a new credit created in the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March 2020 and later modified with subsequent legislation. Tax preparers and their clients have been anticipating updated guidance on several remaining questions related to the ERC. On August 4, the IRS issued Notice 2021-49 and accompanying IR-2021-165 . Further, on August 10, the IRS issued Rev. Proc. 2021-33 , which provides a safe harbor permitting employers...
Aug 11, 2021•15 min
The ongoing COVID-19 pandemic has impacted both the personal and professional lives of CPAs and their clients. The legislative changes alone provided an incredible amount of complexity to sift through, but the trailing guidance thereafter has compounded the intricacy. Two of the most talked about pieces of enacted legislation is the Paycheck Protection Program (PPP) and the employee retention credit (ERC). While we have guidance on how to treat most aspects of these provisions, key questions rem...
Jul 26, 2021•30 min
Summer may be in full swing, but tax practitioners still need to be mindful of certain alerts and deadlines that might have gotten lost in the shuffle earlier this year. Annette Nellen, CPA, CGMA, Esq., Tax Professor – MST Program at San Jose State University, and a past Chair of the AICPA Tax Executive Committee, shares her summer hit list of items to be aware of including: Discussion on how to repay any deferred payroll taxes from 2020 Documentation needed for the employee retention credit (ER...
Jul 22, 2021•30 min
The pressure to adapt business models to the present while simultaneously preparing for the future has always been a force acting upon professionals. On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Association of International Certified Professional Accountants, representing AICPA & CIMA, and Donald A. Nelson, EA, Co-Founder — Pacesetter Tax, discuss current technology buzz words and what it takes to become modern firm in a sustainable model. What you’ll learn in...
Jul 08, 2021•21 min
On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager — Association of International Certified Professional Accountants, representing AICPA & CIMA, and Larry Pon, CPA/PFS, CFP, EA, USTCP, AEP — Pon & Associates, review the changes to the 2021 child tax credit (CTC) and discuss the latest news regarding the related advanced payments. The American Rescue Plan Act enacted in March 2021 temporarily expands the CTC amount for certain taxpayers, made the credit fully refun...
Jun 24, 2021•20 min
The employee retention credit (ERC) has been a significant lifeline to struggling businesses in the wake of the COVID-19 pandemic. The refundable credit was first established in March 2020 with the enactment of the Coronavirus Aid, Relief and Economic Security (CARES) Act. Since then, is has been expanded in various other relief legislation, most recently in the American Rescue Plan Act, H.R. 1319 enacted in the first quarter of 2021. While at its core the mechanics may appear straightforward, i...
Jun 09, 2021•14 min
The past 15 months have been a whirlwind in the tax arena with several COVID-19 relief packages introducing new tax provisions and enhancements to older ones now passed and packed away. President Biden, his administration and Congress are turning their attention to more permanent legislative tax reform measures. On this Tax Section Odyssey episode, April Walker, CPA, CGMA, Lead Manager – AICPA Tax Section, sits down with Lauren Pfingstag, Director of AICPA Congressional & Political Affairs, ...
May 25, 2021•18 min
