Proposed regulations ( REG-132766-18 ) issued Thursday update various tax accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97.
For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers with inflation-adjusted average annual gross receipts of $26 million or less (known as the gross receipts test). Taxpayers classified as tax shelters are prohibited from using the simplified rules even if they meet the gross receipts test.
Many things are taking place:
Gusto introduces People Advisory Certification program for accountant partners | Accounting Today
Gusto, a provider of payroll, benefits and human resources for small businesses, is rolling out a certification program Thursday for accountants who want to be certified in providing the company's services to their clients.
The People Advisory Certification will enable accountants to combine their financial advisory expertise with new services for clients in areas such as payroll, benefits and HR as "People Advisors." Gusto, formerly known as ZenPayroll, rolled out a Gusto Pro dashboard for accountants in April. It is announcing the new advisory partnership program at its Gusto Next online conference Thursday.
The risks of reopening | Accounting Today
As stay-at-home notices are expiring, CPA firms and tax practices nationwide are making decisions on how and when to return to their traditional workspaces. While the process continues, employers and employees have many risk factors to consider.
There are multiple sets of guidelines that must be followed, observed Stan Sterna, vice president, professional firms, at Aon Affinity. "There are national guidelines from the CDC, OSHA and the EEOC, as well as state and local guidelines," he said. "One of the biggest issues firms are grappling with is the uncertainty of laws and regulations. They vary by jurisdiction, and a lot of firms have offices in different states. There's no definitive plan, just guidance and regulations."
IRS offers new procedure for changing accounting method amid coronavirus | Accounting Today
In response to the coronavirus pandemic, the Internal Revenue Service is implementing a new temporary procedure for faxing the duplicate copy of Form 3115, "Application for Change in Accounting Method," for companies applying for an automatic change in accounting method.
Previously, taxpayers mailed a paper duplicate copy of Form 3115 to the IRS and filed the original Form 3115 with their tax return. Under the new temporary procedure, starting Friday, July 31, the IRS will accept the duplicate copy of Form 3115 via fax to (844) 249-8134. The change will apply only to taxpayers who are asking for consent to make a change in accounting method under the automatic change procedure. This temporary procedure will be in effect until further notice.
And here's another article:
The Importance of Forensic Accounting to Future Hurricane BI Claims
As a licensed general contractor and a certified public accountant in South Florida who has been advising clients in accounting- and construction-related issues for the past 15 years, I have seen hurricane seasons come and go – and I have seen the devastation a hurricane can leave on properties and businesses.
With the changes in risks, the increased complexities and nuances in policies, and the measuring of claims becoming more complex, it is more critical than ever that clients have their agent or broker help them look after their best interests and stay involved throughout the claims process. Ultimately, it is the broker who negotiates and best understands the policies, and it is the broker who can and should assist businesses in preparing for a claim situation such as hurricane damage.
AI accounting startup Candis raises $14M in fresh funding - SiliconANGLE
Candis GmbH, a German startup working to automate companies' manual accounting workflows, today announced that it has raised 12 million euros (about $14 million) in a funding round led by Viola Ventures and Rabo Frontier Ventures.
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Candis provides a cloud-based accounting platform that uses machine learning to reduce the amount of time needed to organize a company's financial records. One of the main use cases for the platform is automating payment reconciliation. That’s the process wherein the accounting department compares a company's various transaction logs with one another to ensure that all the sums match.
Credit Unions Offered Capital Relief Ahead of Accounting Change
The National Credit Union Administration proposed on Thursday that the institutions have three years to phase in the change to the capital they hold when they switch to the current expected credit loss (CECL) accounting method. The NCUA move mirrors relief that financial regulators offered banks in December 2018.
Candis raises nearly $14 million to automate accounting processes with AI | VentureBeat
Candis , a startup developing a platform for automated accounting and payment processes, this week closed a €12 million ($13.97 million) funding round. A spokesperson for the company said the money will be used to further develop Candis' machine learning engine and fuel growth and expansion within Europe, specifically in the Netherlands.
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Studies show the vast majority of day-to-day accounting tasks can be automated with software. That may be why over 50% of respondents in a survey conducted by the Association of Chartered Certified Accountants said they anticipate the development of automated and intelligent systems will have a significant impact on accounting businesses over the next 30 years.
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