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

Dec. 23, 2020

MEMBERS IN THE NEWS

(Mary Kay Foss quoted.)

Helping Wealthy Clients Navigate Higher Income Taxes

Raising taxes on the wealthy seems popular again.

Financial Management

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(Erin Roche mentioned.)

The 2020 CPA Practice Advisor “40 Under 40” Professionals and “20 Under 40” Influencers

The awards recognize 40 professionals who are under 40, and have emerged as future leaders in the profession, and 20 who are under 40 and leading the development of technology that serves the profession.

CPA Practice Advisor

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(Anthony Pugliese quoted.)

The Top 100 People: Preparing for an uncertain future

The only constant is the need for change, according to 2020’s Top 100 Most Influential People.

AccountingToday

BUSINESS

Data shows growth in sustainable investing

The quantity of assets managed with a focus on environmental, social and governance factors is on the rise. Sustainably invested assets under management has surged 42% from 2018 to 2020 to reach $17.1 trillion, according to the Forum for Sustainable and Responsible Investment.

CNBC

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Tips for holding performance evaluations amid the pandemic

Managing performance evaluations during the coronavirus pandemic, with so many employees working from home, can be especially challenging. Here are several pointers on how to prepare for evaluations and hold productive discussions with employees during these unusual times.

The New York Times

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The COVID-19 pandemic created a rough economic year. Here’s how banks, depositors fared

Like other businesses, banks didn’t have a COVID-19 playbook to open when the pandemic broke out this year. But despite some rough going earlier, most institutions have fared reasonably well, which is good news for banks and depositors, too.

USAToday

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It’s time for nonprofits to focus on their finances

Across the country, nonprofits are facing unprecedented financial challenges just when their services are needed most.

AccountingToday

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We need to talk about America’s ‘other’ employment crisis

Carolyn Everson, a VP at Facebook says, “Leaders at every level must move away from the command and control style that is so deeply rooted in our office cultures.”

Fast Company

PERSONAL FINANCE

4 things to do when you think you can’t make any more budget cuts

What can you do if you’ve made big budget cuts, but still need more money?

USAToday

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Should A Living Trust Be Beneficiary Of Your IRA?

It’s generally a bad idea to name a trust as beneficiary of your IRA. The IRA usually loses the power of tax deferral, because it must be distributed faster than in other scenarios.

Forbes

PROFESSION

Prospect Research and Why it’s a Good Idea

Selling accounting services has become even more challenging when you factor in competition for the attention of a target audience faced with unfamiliar pressures. So what can you do to stack the cards in your practice’s favor? Conduct prospect research.

Accounting Web

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Always Be Mindful of the IRS’s Patience

Much of the terminology the IRS uses is subject to at least some interpretation. Predictably, the term, “medical deduction” is among them.

Accounting Web

REGULATORY

Circular 230 update planned for 2021

Updating the rules governing practice before the Internal Revenue Service is one of the goals of the IRS Office of Professional Responsibility for the new year, its director says.

Journal of Accountancy

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NYSE direct listing proposal gets SEC approval

The SEC has approved the New York Stock Exchange’s proposal to allow businesses to raise money through direct listings. The move could make initial public offerings less attractive for companies and dent the fees investment banks earn from underwriting IPOs.

Reuters

TAX

How to Avoid the Estimated Tax Trap

But you can skirt this tax trap if you meet the requirements for one of several safe-harbor rules. Check your status before the end of the year to avoid any unnecessary complications.

CPA Practice Advisor

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A dive into the stimulus package’s tax provisions

A critical PPP deduction, tax extenders, business meal deductions and more are among the critical points.

AccountingToday

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Four Important Employer Tax Credits for 2020

As 2020 draws to a close — finally — employers may take advantage of several tax credits for employee wages. Consider these four tax-saving opportunities created by recent tax legislation.

CPA Practice Advisor