CalCPA Daily Clips
Tags: Calcpa, Accounting, California, Irs, Business

Dec. 10, 2020

MEMBER IN THE NEWS

(David Cieslak quoted.)

The Top 100 People: 20 lessons learned

Accounting’s most influential people share realizations prompted by the coronavirus pandemic.

AccountingToday

BUSINESS

How to take a great break from work

To stay refreshed and energized while working remotely, schedule breaks on your calendar. Here is a look at what to do — and not do — during break time.

Fast Company

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Businesses Optimistic, But Say New Stimulus Is Critical to Economy

More than half of business executives (54 percent) say they expect some negative impact to their organizations if a renewed round of economic stimulus does not materialize by early 2021, according to the fourth-quarter AICPA Economic Outlook Survey.

CPA Practice Advisor

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The Decision to Buy or Sell Non-Core Assets

No matter what side of the negotiation table you are on, make sure these questions are top of mind.

CFO

PERSONAL FINANCE

Withdrawing from your 401(k) is a last resort — but CARES Act makes it less risky

As much as we’re trying to hold onto every shred of hope here, the economic outlook for many families remains rocky. And the piggy bank of last resort — your retirement savings — could present an option for getting more cash in 2020 even if you’re in your 30s or 40s.

USAToday

POLITICS & POLICY

Some unemployed Californians could be forced to repay part of pandemic benefits

Nearly a million Californians who received Pandemic Unemployment Assistance have been told they could have to repay some of their benefits if they can’t document the 2019 income they reported on their unemployment application. The repayment could amount to hundreds or thousands of dollars.

SF Chronicle

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California tax revenue ‘windfall’ now uncertain

That $26 billion dollar “windfall” that California lawmakers learned about last month may not withstand a second round of economy-squelching lockdowns, and the risk of losing what little leverage they have is a top concern for state budget writers.

Capitol Weekly

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Poll Shows Support for Government Funded Economic Advancement Programs, But Not How to Pay for Them

Polling offers snapshots of voters’ thinking but is frequently frustrating because while certain information is revealed the pollsters don’t have the time to dig deeper into issues that might change the reflexive attitudes expressed in answering the initial question.

Fox&Hounds

PROFESSION

4 questions before reopening your office

With the COVID-19 pandemic continuing, many firms are still up in the air when it comes to office reopenings. As they think about whether and how to bring staff back in, there are four major questions to consider.

AccountingToday

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Scamdemic: Preparers help clients dodge COVID schemes

Bad situations can bring people together. And it appears that COVID-19 has brought together a lot of online scammers and victims.

AccountingToday

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Preparing for PPP 2 is a full-time job

Advisory services soared this year, with clients turning en masse to their accountants for help navigating the coronavirus pandemic — and with the possibility of a second round of Paycheck Protection Program loans, accountants should be prepared for more of the same in 2021.

AccountingToday

REGULATORY

Identifying fraud in the PPP

The Paycheck Protection Program has helped small businesses through the coronavirus pandemic, but it has also attracted scammers eager to get their hands on the forgivable loans. The Justice Department has charged more than 80 people, and the House Select Subcommittee on the Coronavirus Crisis suspects improper loans exceed $4 billion.

The New York Times

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SEC eyes rule changes for short-term funding

The SEC aims to revise rules governing short-term funding markets in response to disruption traders saw in March, Chair Jay Clayton says. The SEC would cooperate with other agencies domestically and internationally, Clayton says.

Bloomberg

TAX

Remote work could complicate taxes for many people

Americans working from home during the coronavirus pandemic might be surprised by tax implications if they have been working in a state different from their employer’s location. An October poll by the AICPA suggests many Americans are unaware of the problem, and, in some cases, the issue is causing disputes among states.

CBS News

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To avoid tax surprises, update your W-4

Americans should update their federal income tax withholding on the redesigned Form W-4 from the Internal Revenue Service to prevent unpleasant tax-related shock. Help friends and neighbors by spreading the word.

AICPA Insights

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Guidance issued for safe harbor retirement plans

The IRS has issued guidance on certain provisions of the SECURE Act that affect safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans.

AccountingToday

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Wage Withholdings and the W-4 Options for 2021

The first step in helping your clients better understand wage withholdings is resolving whether payments for services are being made to a contractor or employee.

AccountingWeb