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

Dec. 11, 2020

BUSINESS

Responding to unusual questions during job interviews

In many job interviews, you can expect to get at least one oddball question for which you are unprepared. Tips for handling these questions include staying composed and avoiding temptation to seek feedback after you’ve answered.

Fast Company

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What to know about holiday travel policies during COVID-19

Creating a holiday travel policy during the coronavirus pandemic can be challenging, as laws and guidelines vary by state. Firms share approaches they are using to keep employees safe, and HR experts advise firms to stay current with their state’s guidance, to know their rights as employers and to communicate policies clearly to staffers.

Journal of Accountancy

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Execs fear negative business impact without new stimulus: AICPA survey

More than half (54 percent) of business executives anticipate negative impacts to their organizations if a new round of economic stimulus is not enacted by early 2021, according to the AICPA’s fourth-quarter Economic Outlook Survey.

AccountingToday

PERSONAL FINANCE

Pension crisis: A look at how many states have pension funding shortfalls

To rank the severity of each state’s pension crisis, 24/7 Wall St. reviewed the average pension funding ratio — the market value of a pension fund as a share of the total benefits owed to current or retired public employees.

USAToday

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Does it really matter when I contribute to my retirement accounts?

What if you knew you could increase your retirement balance just by making your contribution at the right time? Or that making a contribution at the wrong time could lead to problems with the IRS? Both are true.

USAToday

POLITICS & POLICY

Assembly Bill 5: California’s ‘Swiss Cheese’ Law

California voters pulled the teeth out of Assembly Bill 5, the labor classification legislation that outlawed gig work, when they approved Proposition 22 last month. The ballot measure didn’t strike AB5 from the books, but it is a statute in trouble, further weakened by a recent lawsuit.

Fox&Hounds

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A user’s guide to CA Notify, the state’s COVID-19 alert system for smartphones

The system uses Bluetooth technology to tell people when they’ve been exposed to the novel coronavirus.

San Diego Union-Tribune

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Looking to 2021 and Our Recovery

The holidays are here, which means 2020 is coming to an end. Under normal circumstances, a new year would represent new beginnings and new opportunities, but as we prepare to welcome the new year, the hard truth is that many of the issues and challenges we have faced throughout 2020 will remain with us in 2021.

Fox&Hounds

PROFESSION

Major opportunities exist amid the challenges of COVID-19

Industry expert Allan Koltin shared four areas where accounting firms should be prepared to transform in 2021.

AccountingToday

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How Accountants’ AR Builds A Better Client Experience

In the accounting profession, manually having to determine the fiscal value of services provided, and creating physical documents to bill clients, is a significant use of valuable time that could otherwise be spent on driving revenue for the firm.

PYMNTS

TAX

Last chance: COVID-19 tax breaks lapse at year-end

The twin dynamics of expiring COVID-19 relief and a transition to a new presidential administration are making the end of this year a turbo-charged version of the usual rush by businesses and households alike to lock in tax reductions.

AccountingToday

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Millions of Americans Could Be in for a Tax Shock. Here’s Why

Not understanding how jobless benefits work could put a lot of tax-filers in a precarious position come April.

MotleyFool

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IRS Sending Letters on Qualified Opportunity Funds

The IRS has started sending letters to taxpayers that may need to take additional actions related to Qualified Opportunity Funds (QOF).

CPA Practice Advisor

TECH

Businesses Warned of Tax ID Thieves

More than 70% of cyberattacks are aimed at businesses with 100 or fewer employees. Thieves may be targeting credit card information, the business identity information or employee identity information.

CPA Practice Advisor