CalCPA Daily Clips
Tags: California, CPA, Tax, Irs, Business

Dec. 21, 2020

BUSINESS

How leaders can build a culture of trust — and why they should

The pandemic and remote work have accelerated a paradigm shift from contol to trust — a change that increases employee energy and engagement.

Fast Company

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Executive-compensation regulations finalized

The Internal Revenue Service has issued final rules on the $1 million executive-compensation limit enacted by the law known as the Tax Cuts and Jobs Act, finalizing proposed rules with a few changes in response to comments.

Journal of Accountancy

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A winning strategy for job references

Ensuring you have a varied list of references is an important part of the job search. Here is a look at different kinds of references, including personal references and character references, and a process for compiling them.

U.S. News & World Report

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Why you shouldn’t believe every story about success

Stories are a great way to illustrate a problem and create enthusiasm for projects, but beware of stories that oversimplify things or create a sense that success is always easy.

Harvard Business Review

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Strategies for sustainable long-term growth for a small business

Using the balanced scorecard and pursuing mergers helped an accounting practice grow from a three-employee firm to a regional leader.

FM

PERSONAL FINANCE

Year-end strategies to improve retirement savings

The end of the year is a good time to check on retirement accounts to ensure that savings strategies are on track and that your portfolio is still properly balanced. Determine whether you have too much exposure to any one sector, and consider engaging in tax-loss harvesting.

CNBC

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It pays to pay attention: Here are 3 big 401(k) mistakes to avoid in 2021

Though not everyone has access to a 401(k) plan through work, those who do have a prime opportunity to sock away funds for retirement. That’s because 401(k)s offer much higher annual contribution limits than IRAs.

USAToday

PROFESSION

The Differences Between Each Type of Bankruptcy

There are several different types of bankruptcy. The right one depends on the specific needs of the client you’re working with.

AccountingWeb

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5 Tips for Efficient Accounting Team Management

Within a firm, every department is value-adding. By keeping up with your team and its tasks, nothing falls through the cracks, which results in a more efficient project workflows, cleaner & clear communication with clients, and a better experience for everyone.

CPA Practice Advisor

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How Do Auditors Respond To Whistleblowing Allegations Towards Their Clients?

A research study forthcoming in Contemporary Accounting Research examines how financial statement auditors respond to allegations of financial misconduct toward the companies they audit.

Forbes

REGULATORY

Congress likely to vote today on $900 billion relief package

Congressional leaders have agreed on a coronavirus relief package worth about $900 billion, and lawmakers are expected to approve it today. Negotiators were able to resolve a last-minute hitch over the Federal Reserve’s emergency lending facilities.

CNBC

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Sustainability groups come together on prototypes of disclosure standards

Five organizations released prototypes Friday of climate-related financial disclosure standards to illustrate how they could work within their various approaches.

AccountingToday

TAX

When to Expect 2021 Income Tax Refunds

2020 has been a rough year. That’s an understatement. But we are inching back to something more like normal, and that means that we still have to file our tax returns. So, when will you get your refund?

CPA Practice Advisor

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5 Common Tax Myths About Gifts

Excited about giving or receiving gifts this holiday season? What’s not so exciting are the tax implications that may come with them.

Forbes

TECH

Here’s How Shopping Scams On Facebook Are Ripping Off Thousands of Customers, With The Money Flowing Overseas

Fake ads that rip off real small businesses have been allowed to proliferate on social media. The money from the scams appears to flow to China and other places.

Time