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

Dec. 16, 2020

MEMBER IN THE NEWS

(Article written by Paul Herrerias.)

How to Prioritize Employee Health and Wellness

CFOs have an opportunity to support employees’ mental, emotional, and physical health during a stressful time.

CFO

BUSINESS

Data can keep salary inequalities in check

Data is a key part of the equation for mitigating wage gaps in the workforce and for rooting out bias during performance reviews.

Fast Company

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Q4 sees more than $1 trillion in global M&A activity

Global activity in mergers and acquisitions has exceeded $1 trillion in the fourth quarter, the second consecutive quarter this has happened, according to Refinitiv. Activity during the second half of 2020 stands at $2.1 trillion, the second-highest amount for H2 since record keeping began in the 1970s.

Investment Executive

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Legal Guidance For The Vaccine, Employers And Workers

As the vaccine arrives this week, so too do questions from employers regarding the role of the vaccine in the workplace and in return-to-work protocols. Can an employer mandate a vaccination for a worker to return to work?

Fox&Hounds

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Beware: Synthetic Identity Fraud in PPP Loans

Most banks and lenders are well aware of how synthetic identities can be used to fraudulently open a bank account and secure a credit card or other type of loan. Synthetic identity theft is the fastest growing type of financial crime in the U.S.

CPA Practice Advisor

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Harvard Professor: In 2021 the 9-to-5 Will Become the 3–2–2

Remote work won’t just change where we work but also when we work.

Inc.

PERSONAL FINANCE

A ranking of the least friendly states for retirement taxes

Some states are tax-friendlier than others for retirees. Here is a ranking of the 15 least hospitable states, based on factors such as estate taxes, taxes on retirement income and property taxes.

MoneyWise

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Before the year ends: Here are 3 Social Security moves to make

Are you ready to bid adieu to 2020? Many of us are. But the truth is, you may have some unfinished Social Security business. Here are a few important moves to make before the new year.

USAToday

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This Retirement Rule Will Be Back With a Vengeance in 2021

You’d better start preparing sooner rather than later.

MotleyFool

POLITICS & POLICY

COVID vaccine rollout raises data privacy questions in California

As California prepares to administer its first doses of the much-anticipated COVID-19 vaccine, some experts and officials worry the federal government is asking for too much information about people who get immunized.

San Jose Mercury

PROFESSION

Business funding: A key new advisory category for your firm

As congressional negotiations continue on Paycheck Protection Program Round 2 relief, CPA.com President and CEO Erik Asgeirsson advises reaching out to small-business clients to proactively build up your firm’s capabilities. Leverage tools including CPALoanPortal.com, created by the AICPA, CPA.com and Biz2Credit to help firms handle forgiveness applications.

AICPA Insights

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Is Year-End the Time to Discuss Estate Plans?

Regardless of whether clients will get hit with an estate tax, everyone has an estate and not planning for your estate can be costly.

AccountingWeb

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5 Pre-Busy-Season Marketing Campaign Strategies

Now’s the time to begin ramping up your marketing efforts for what looks to be a very busy 2020 tax season. Some of these items take minutes to implement, while others could take a week or two of planning, development, and execution.

CPA Practice Advisor

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U.S. Financial Reporting Is Stuck in the 20th Century

One of the most important uses of financial statements is to enable investors take timely decisions about buying and selling stocks. But the current system is causing confusion among investors and may even lead to misallocation of investment capital. It’s time to make concrete revisions to what must be reported in financial reports.

Harvard Business Review

REGULATORY

Banks look to have accounting waiver extended

An accounting waiver that helps lenders grant struggling borrowers loan modification is set to expire Dec. 31. Some banks are advocating an extension of the waiver, which lets them avoid classifying modified loans as “troubled debt restructurings.”

Reuters

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Fed joins central bank group focused on climate change

The Federal Reserve has joined the Network of Central Banks and Supervisors for Greening the Financial System, which focuses on understanding and mitigating risk from climate change. The move comes after years of collaboration, and Fed Chair Jerome Powell says “we look forward to continuing and deepening our discussions with our NGFS colleagues from around the world.”

Reuters

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SEC awards over $300K to auditor whistleblower

The SEC rewarded the whistleblower who exposed potential securities law violations in connection with their audit-related responsibilities.

AccountingToday

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Companies may face 2% fine for breaching EU cybersecurity rules

Large energy, transport and financial companies as well as digital providers and makers of medical and computer devices could be fined up to 2% of their global turnover for breaching EU cybersecurity rules under a European Commission proposal.

Reuters

TAX

Tax issues from 2020 to 2021

What Congress, clients and others did this year, and how it will impact next year.

AccountingToday

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IRS is ‘setting the trap’ for bitcoin and virtual currency investors on 2020 tax form

The IRS is making it harder for taxpayers to conceal cryptocurrency transactions — whether intentionally or not — by adding a new question about it near the top of the new Form 1040.

Yahoo

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Tax Season 2021 Guidance and Essentials

From critical tax changes and a process checklist for managing the workload to essenial technology, get ready for tax season 2021 right here.

AccountingWeb