CalCPA Daily Clips
Tags: Accounting, Business, California, Taxes, Finance

Nov. 22, 2021

BUSINESS

Global IPOs top $600B in 2021, beating previous record

Roughly 2,850 corporations and special purpose acquisition companies have brought in more than $600 billion of new capital through initial public offerings in 2021 to date, outstripping all previous annual records for both number of deals and funds raised, according to data compiled by Bloomberg. IPOs have received a boost from the SPAC boom and high corporate valuations resulting in part from loose monetary policies of central banks.

BNN Bloomberg

https://www.bnnbloomberg.ca/global-ipos-blow-past-600-billion-mark-in-best-year-on-record-1.1684762

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How to network without annoying your contacts

Many jobs are found through networking, but using the wrong approach when reaching out to a circle of contacts can create an awkward experience. Here is some advice for using your network effectively, including being clear about the situation and preparing carefully before meetings.

CNN

https://www.cnn.com/2021/11/16/success/network-get-job-feseries/index.html

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Structuring Business Entities with Shared Expenses

Figuring out how to structure multiple businesses can be tricky, especially for new entrepreneurs. Here are the options for setting up a company’s legal structure and the filings your clients should know about to avoid financial issues in the future.

AccountingWeb

https://www.accountingweb.com/practice/structuring-business-entities-with-shared-expenses

PERSONAL FINANCE

Fraudsters take advantage of buy now, pay later

Some major buy now, pay later platforms have seen a steep rise in fraudulent activity as criminals exploit vulnerabilities in their application processes, fraud experts say.

CNBC

https://www.cnbc.com/2021/11/18/criminals-exploit-buy-now-pay-later-services-like-klarna-and-afterpay.html

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These Social Security Secrets Could Ruin Your Retirement

Social Security has been around for a long time. Despite that, there’s a lot that many people don’t know about the program.

The Motley Fool

https://www.fool.com/retirement/2021/11/22/these-social-security-secrets-could-ruin-your-reti/

POLITICS & POLICY

How should California spend its big budget surplus?

California’s broader economy is a bit sluggish, but certain sectors have been booming, thanks to record low interest rates and many billions of stimulus dollars from Uncle Sam.

CalMatters

https://calmatters.org/commentary/2021/11/california-budget-surplus-spending-newsom/

PROFESSION

AICPA, NASBA publish revised CPA Evolution Model Curriculum

In response to feedback, the AICPA and the National Association of State Boards of Accountancy on Friday updated the curriculum resource that was launched in June to help faculty align their programs with the new Core + Disciplines licensure model created by the CPA Evolution initiative.

Journal of Accountancy

https://www.journalofaccountancy.com/news/2021/nov/aicpa-nasba-revised-cpa-evolution-model-curriculum.html

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Three Keys to Client File Security

Being cloud-based and taking proper measures around security helps prevent threats from happening. Here are three areas to consider when it comes to keeping client files secure:

CPA Trendlines

https://cpatrendlines.com/2021/11/20/three-keys-to-client-file-security/

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Calm Down — It’s Only Taxes

Clients have a tendency to get anxious about filing their taxes, despite knowing tax season comes at the same time year after year. Here’s how to keep them cool this tax season.

CPA Practice Advisor

https://www.cpapracticeadvisor.com/tax-compliance/article/21247476/calm-down-its-only-taxes

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Learning strategies to support ‘AccounTech’ innovation

Take a look at the vendor list of any major accounting or finance conference, and you’ll see it’s dominated by technology companies focused on the accounting profession.

AccountingToday

https://www.accountingtoday.com/opinion/learning-strategies-to-support-accountech-innovation

REGULATORY

SBA clarifies COVID-19 EIDL application deadlines

The US Small Business Administration provided updated guidance Friday on various COVID-19 Economic Injury Disaster Loan program application deadlines. The guidance strongly encourages businesses to submit Supplemental Targeted Advance applications no later than Dec. 10 because the SBA cannot process those applications after Dec. 31.

Journal of Accountancy

https://www.journalofaccountancy.com/news/2021/nov/sba-clarifies-covid-19-eidl-application-deadlines.html

TAX

Tax provisions in the Build Back Better Act

The Build Back Better Act contains a large number of tax provisions including an extension of the advance child tax credit, a wide variety of green energy tax incentives and a minimum tax on corporations.

Journal of Accountancy

https://www.journalofaccountancy.com/news/2021/nov/tax-provisions-build-back-better-act.html

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Why the Nanny Tax Threshold Matters

Wages paid to domestic workers are often subject to the “nanny tax” threshold, but clients who employ these workers sometimes forget about the nanny tax.

AccountingWeb

https://www.accountingweb.com/tax/why-the-nanny-tax-threshold-matters

TECH

Too Many Data Breach Victims Respond by Doing Nothing

Some survey respondents thought the breached company would take care of everything — but they can’t get the personal data genie back in the bottle.

PC Mag

https://www.pcmag.com/news/too-many-data-breach-victims-respond-by-doing-nothing