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

Dec. 18, 2020

BUSINESS

How to be a better boss in a remote environment

It can be easy for leaders to slip into micromanagement amid the year-end rush, but this approach can be damaging with remote workers. Instead of asking for constant updates, focus on showing trust and giving your team a sense of empowerment.

Fast Company

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Are you CEO of your job?

Take control of your job by acting as if you are CEO of your part of the business and are looking to grow it. Here are five tips for embracing the right mindset.

Fast Company

PERSONAL FINANCE

Here’s what you need to avoid when it comes to debit cards

There is no doubt that a debit card has its benefits. Yet it’s the convenience of a debit card that makes it so easy to overlook its faults.

USAToday

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IRAs now account for more than 1/3 of U.S. retirement assets

There was $33.1 trillion tucked away in U.S. retirement assets at the end of the third quarter, accounting for 34% of all Americans’ household financial assets, the Investment Company Institute reported this week.

Axios

POLITICS & POLICY

Businesses sue California over COVID-19 workplace rules that require testing, sick pay

California’s Division of Occupational Safety and Health, commonly called Cal-OSHA, approved strict emergency regulations on Nov. 19. The regulations require companies to test employees at no cost during COVID-19 outbreaks, provide protective equipment and preserve workers’ pay and benefits when they miss work because of the virus.

Sacramento Bee

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California exit: Golden State growth slows as more people leave

Once the land of fresh starts and opportunity, why is California’s population on the decline? An older demographic and a wealth tax are among the reasons the state’s growth rate has stalled.

CS Monitor

PROFESSION

The role of family CPAs in IRS tax controversies

Clients often turn to their family CPA when they get a notice from the IRS. What should the family CPA be prepared to do — and not do — in helping clients deal with IRS collection matters?

Tax Insider

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8 COVID-19 Tips for Auditors

Here is a roundup of areas that auditors can focus on during COVID-19 to ensure a smooth auditing process.

AccountingWeb

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4 steps to get started with data analytics

CPAs already are analytical, have a solid financial background and know how to look at data. Adding data analytics skills makes you even more marketable. Learn the four steps to get started.

AICPA Insights

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Attracting and keeping clients during COVID-19

It’s possible to build new relationships and strengthen existing ties even during challenging times.

CPA Insider

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COVID-19 Pricing for Your Tax Practice

Appropriately pricing services has always posed problems for tax and accounting professionals, but throw in a global pandemic and all it comes with and it becomes more complex.

AccountingWeb

REGULATORY

Reopening rally? Speculative bubble? These days, it’s hard to tell

Surging U.S. stocks are stretching equity valuations near their highest levels in years, leaving investors to determine whether the rally signals a coming economic rebound or an asset price bubble in the midst of a global pandemic.

Reuters

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FASB releases 2021 taxonomies

The Financial Accounting Standards Board announced the release of a number of reporting taxonomies for 2021.

AccountingToday

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U.S. banking regulators propose requiring banks to immediately flag computer breaches

U.S. banks would have no longer than 36 hours after finding a cybersecurity breach to flag the issue to their regulators, under a new rule proposed Friday.

Reuters

TAX

A look ahead at the 2021 filing season

This may be the year when the move toward do-it-yourself tax preparation shifts back to professional preparers.

AccountingToday

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IRS Leaves Business Owners Who Took PPP in a Tax Quandary

Can business owners deduct the expenses they covered with loans from the Paycheck Protection Program? The legislators who wrote the law say yes, they can. The IRS says no. Where does that leave businesses?

Kiplinger