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

Dec. 21, 2021

BUSINESS

How “positive gossip” can battle burnout

Burnout continues to be a challenge for employees and organizations, and the pandemic has drawn more attention to the issue. One strategy that can help is to encourage “positive gossip” by, for example, highlighting good work.

McKinsey

https://www.mckinsey.com/featured-insights/mckinsey-on-books/author-talks-why-burnout-is-an-epidemic-and-what-to-do-about-it

PERSONAL FINANCE

Are retirement changes coming in 2022?

Efforts continue to reshape the retirement system. Here is a review of proposals in both chambers of Congress.

CNBC

https://www.cnbc.com/2021/12/20/proposed-retirement-system-changes-are-still-on-the-table-in-congress.html

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The top reason people aren’t saving for retirement doesn’t have to hold you back, too

Throughout the U.S., many people have far too little retirement savings to support themselves after they stop getting paychecks.

USAToday

https://www.usatoday.com/story/money/personalfinance/retirement/2021/12/21/retirement-planning-no-savings/49551953/

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Forming an estate plan that includes online accounts

It’s important to inventory online accounts and ensure an estate plan lays out how an executor winds down a deceased person’s digital presence.

Kiplinger

https://www.kiplinger.com/retirement/estate-planning/603936/from-facebook-to-itunes-to-amazon-you-need-a-digital-will

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Retirees beware: This sneaky problem could blow up your retirement plan

If you’re already making regular contributions, you might feel like your retirement plan is really humming along. But for some, this is a false sense of security. All it takes is one small thing to bring the entire plan crashing down.

USAToday

https://www.usatoday.com/story/money/personalfinance/retirement/2021/12/21/retirement-planning-unplanned-expenses/49551729/

PROFESSION

3 Trends for Accounting Firms in 2022

Firms willing to adopt new technologies and prioritize employee and client experiences will be in an ideal position to attract new clients and keep current clients happy.

CPA Practice Advisor

https://www.cpapracticeadvisor.com/firm-management/article/21250935/3-trends-for-accounting-firms-in-2022

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Can Your Client Retire Sooner Rather Than Later?

During the COVID-19 pandemic, many people realized they want to spend less time at the office. For some clients, this might mean retiring early. But can they afford it?

AccountingToday

https://www.accountingweb.com/practice/clients/can-your-client-retire-sooner-rather-than-later

REGULATORY

FTB: Making Pass-Through Entity Elective Tax Payments before Dec. 31, 2021.

The Pass-Through Entity elective tax payment can be made using the FTB’s Web Pay. If you are unable to make electronic payments through the payment application, you may mail in a payment.

FTB

https://www.ftb.ca.gov/about-ftb/newsroom/news-releases/2021-11-making-pass-through-entity-elective-tax-payments.html

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SEC: Chinese companies must make fuller risk disclosures

The SEC wants Chinese companies to more clearly and fully disclose to investors risk that results from the companies being based in China. The SEC also says special-purpose acquisition companies should disclose whether a merger target is in China and whether sponsors or the majority of executives are based in China.

BNN Bloomberg

https://www.bnnbloomberg.ca/sec-demands-chinese-firms-bolster-risk-disclosures-for-investors-1.1698673

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Labor Law and Unions: Weathering the Enforcement Storm

The fact that we have not yet seen an aggressive push to enforce workplace laws by the administration should not lull employers into complacency.

CPA Practice Advisor

https://www.cpapracticeadvisor.com/payroll/article/21250942/weathering-the-enforcement-storm

TAX

SALT payments before year-end a priority for pass-throughs

To be deductible at the entity level, payments by pass-through entities of state and local taxes should be made in the tax year of the liability, but state-specific elections might complicate that timing, tax advocates say.

Journal of Accountancy

https://www.journalofaccountancy.com/news/2021/dec/salt-payments-before-year-end-priority-passthroughs.html

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What to know about child tax credit overpayments

Taxpayers who have received too much in advance child tax credit payments from the Internal Revenue Service might have to repay some of that amount when they file 2021 tax returns. But much depends on a taxpayer’s income, with lower-income families not obligated to repay.

Kiplinger

https://www.kiplinger.com/taxes/603130/pay-back-your-monthly-child-tax-credit-payments

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U.S. tax overhaul shelved, imperiling credits, millionaire levy

Failure could imperil the backbone of the party’s messaging for the midterm elections.

AccountingToday

https://www.accountingtoday.com/articles/u-s-tax-overhaul-shelved-imperiling-credits-millionaire-levy

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Tax Court Digs Deeper Into IRA Investments in Gold

As indicated by a new Tax Court case, McNulty, 157 TC №10, 11/18/21, your client’s investment in gold or precious metals from their IRA could be tarnished by adverse tax consequences.

AccountingWeb

https://www.accountingweb.com/tax/individuals/tax-court-digs-deeper-into-ira-investments-in-gold