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September 24, 2020 Jessica L. Jeane Director of Public Policy and Communications The IRS on September 24, 2020, sent the National Society of Accountants (NSA) a direct update containing its internal response to the CCH Axcess electronic filing outage on September 15, 2020. The IRS, in the attached Memorandum for Services and Enforcement Employees, states that it will treat as timely filed a return and any elections that were filed with that return that were impacted by the tax software outage if the taxpayer successfully e-filed the return and any elections that were filed with that return by September 17, 2020. 9-15-20_Outage_Memo_Letterhead.pdf ### ...
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September 22, 2020 Jessica L. Jeane Director of Public Policy and Communications The White House and the IRS are spotlighting National Small Business Week, declared by President Trump to span September 20 through September 26, 2020. The Small Business Administration (SBA) hosts its National Small Business Week virtual conference September 22 through September 24, 2020. “Our Nation’s more than 30 million small businesses, which employ nearly half the private-sector workforce and create two-thirds of all net new jobs, are the key to propelling our economy to the prosperity levels America has enjoyed over the past 3 years,” the White House said in a ...
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September 21, 2020 Jessica L. Jeane Director of Public Policy and Communications Treasury and the IRS have released the second round of final regulations implementing the 100% bonus depreciation deduction. The final regulations ( T.D. 9916 ), released on September 21, provide guidance regarding the additional first-year depreciation deduction under section 168(k) of the Internal Revenue Code. Generally, the final rules clarify the increased deduction and the expansion of qualified property, particularly to certain classes of used property, as amended by the Tax Cuts and Jobs Act (TCJA) ( P.L. 115-97 ) and the Coronavirus Aid, Relief, and Economic Security ...
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September 18, 2020 Jessica L. Jeane Director of Public Policy and Communications The National Society of Accountants (NSA) supports relief of all fees and penalties associated with late returns attributable to the CCH Axcess electronic filing (e-filing) service disruption on September 15, 2020, as well as any other relief the IRS deems appropriate for affected taxpayers and practitioners. It is NSA’s understanding that not only were practitioners unable to submit returns through CCH’s e-filing queue during the outage, many also received notices that previously saved files were corrupted. Accordingly, NSA is aware that Wolters Kluwer Tax & Accounting ...
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September 16, 2020 Jessica L. Jeane Director of Public Policy and Communications The prospects of another bipartisan economic stimulus and Paycheck Protection Program (PPP) expansion bill clearing Congress before the November election appear to be standing on shaky ground. While the fate of a broad COVID-19 relief package remains uncertain, there is little chance of a stand-alone PPP bill, a senior Senate GOP aide told the National Society of Accountants (NSA). Paycheck Protection Program in Limbo The PPP, enacted under the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136 ) on March 27, 2020, appears in limbo as numerous ...
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September 15, 2020 Jessica Jeane Director of Public Policy and Communications National Taxpayer Advocate (NTA) Erin M. Collins outlined various resources available to taxpayers and practitioners during the IRS’s Small Business Forum on September 15. The IRS hosted the forum in partnership with the U.S. Chamber of Commerce and the National Federation of Independent Business (NFIB). The National Society of Accountants (NSA) attended the forum on behalf of NSA members. Taxpayer Advocate Service “When the system is broken, we can come in and try to figure out how to fix it on behalf of the taxpayer,” Collins said of the IRS’s   Taxpayer Advocate Service ...
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2020-2021 Election Results As Verified By Simply Voting   The following NSA members in good standing have been elected to the National Society of Accountants Board of Governors.   NSA Officer Positions President , Curt Lee First Vice President , Marchelle Foshee Second Vice President , Debra Cope Secretary/Treasurer , Ruth Godfrey NSA Governors District II , Andrew J. Piernock Jr. District IV , Margie Strider District VI , Pamela C. Stamps District X , Nancy Weinstein State Directors Alaska , J.R Dailey Colorado , Robert D. Kuziak Idaho , W. Brian Haderlie Massachusetts ...
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With the current lockdown and the stay at home call, virtually everyone who can is working from home. This has created the need for a dedicated workspace at home that one can use comfortably without family distractions.  Now, not many homes come with a provision for a study or home office, so if you fall into this category, it calls for innovation. Here are a few steps to help you create a nice and functional home office. Assess your needs What type of work are you engaged in and what type of resources do you need? Assess the type and size of equipment you plan to use in answer to this question. Does your work require ample storage space? How about ...
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When decorating your local business office, you will need to take various factors into account. The nature of your profession will play a part in your choices as well as whether you need to see clients or not. If you see clients, you will want them to feel at ease and also demonstrate your expertise to them.  Think about the nature of your profession Lawyers, accountants and other professionals need to decorate their offices differently from those in creative industries, like photographers or graphic designers. If you’re a party planner, a photographer or an artist, you can give free rein to your creativity in terms of décor. Expressing your creativity ...
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International trade continues to increase and with advances in e-commerce, it is becoming easier and cheaper to reach international customers. If a business doesn’t keep itself informed on changing trends, it could find itself floundering with no customers.   If you’re launching a small business on a tight budget or looking to improve the efficiency of your advertising efforts, consider these tips for saving money on your online marketing campaign.   Plan and strategize   With an online marketing campaign, you have to be careful of every dollar you spend. You have to know the goals of your campaign and what marketing options are available ...
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The changing business climate has led to higher incidences of company’s outsourcing some of their functions. Small businesses do so because they are unable to afford a full-time employee to fulfil these obligations. The practice of outsourcing finance and accounting services has become more prevalent in recent years. A business owner won’t have the time or capacity to manage the financial aspects of the company on their own. This is time that can be devoted to the nuts and bolts of the business and focusing on its continued growth. Here are the compelling reasons you should follow the trend and outsource your accounting services: Reduced costs ...
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They say that the only two inevitabilities in life are death and taxes. While your golden years might see the former looming, there are ways to make sure the latter doesn’t rob you of your savings. Many people assume that their taxpaying years are over once they reach retirement age. This, unfortunately, is not the case. Social Security benefits may be taxed, as may any money you take out of a 401(k) or traditional IRA. Other investments, such as business ownership or stocks and bonds, can also get you in line for taxes on capital gains and dividends. So, what can you do to keep your money out of the taxman’s pocket? Use a Roth Individual ...
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SOC 2 compliance can take a long time to be certified and awarded to a business. The time can range between 9 to 18 months and some businesses may consider this timeframe too long.  During this time, the businesses lose customers so they need to take immediate action that will help with getting the certification in a short timeframe. If you would like to get your SOC 2 compliance certificate in less time starting from 6 months going down, here are ideas on making this a reality. Choosing between SOC 2 Type I and II You have a choice to make when it comes to SOC 2 compliance and it relates to choosing the type of audit that will be conducted on the ...
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June 19, 2020 John Rice NSA CEO The Treasury Department released Form 3508 EZ  and  Instructions  on June 17 allowing recipients of Paycheck Protection Program (PPP) loans, who meet certain specified criteria, to take advantage of this new simplified loan forgiveness application process. This simplified version provides some level of relief to borrowers as it does not require the use of more complicated forgiveness reduction calculations that are otherwise needed. While the application is much more simplified, borrowers are still required to retain supporting calculations and documentation for their records.   To establish whether a borrower meets ...
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Many people spend the best years of their lives working frantically and saving for retirement, only to find themselves as retirees with no idea of how to make the most of this special time. They are suddenly confronted with the question of ‘now what’ and settling into retirement is a struggle for them. Instead of enjoying their retirement, they feel increasingly dissatisfied and depressed. This can make their golden years nothing like what they had expected.  Here are some things to do to make sure you’re ready to enjoy your retirement: Plan ahead Like any other stage of your life, goals are important during retirement. Before you near the time ...
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June 10, 2020 John Rice NSA CEO The Treasury Secretary Steven Mnuchin appeared at a hearing of the Senate Small Business Committee today, telling the Committee that he supports additional aid to large and small businesses that have been hit hardest by the coronavirus pandemic. “I definitely think we are going to need another bipartisan legislation to put more money into the economy,” he said at a Wednesday hearing of the Committee. “Whatever we do going forward needs to be much more targeted particularly to the industries and small businesses that are having the most difficulty reopening.” Mr. Mnuchin gave few specifics however, only stating that the additional ...
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A bipartisan bill passed the House of Representatives today intended to loosen the compliance requirements on Paycheck Protection Program (PPP) loans. The bill will affect hundreds of billions of dollars in small-business loans made under the PPP and is in response to concerns from employers struggling to stay open during the COVID-19 pandemic. The House legislation is strongly supported by various business groups including NSA who have pushed Congress for changes to the existing program, seeking more time for businesses to have the loans forgiven and paid off by the U.S. government.   NSA encourages our members to remain alert for future changes to the ...
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NSA sent a letter to Senator Chuck Grassley (R-IA) last week objecting to details of IRS Notice 2020-32.    Lawmakers on both sides of the aisle are requesting that the Internal Revenue Service (IRS) reverse their ruling made in   Notice 2020-32 . This momentum, now building in Congress, seeks to allow small businesses to receive tax-free loan forgiveness under the Paycheck Protection Program (PPP) while also deducting their expenses, a move that would provide clarity and unusually generous tax benefits.   Late last Tuesday, senior senators seemed willing to back legislation that would overturn the IRS ruling if the agency was unwilling to change ...
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The SBA reopened the PPP last Monday, once again offering a pipeline for small-business loans and grants. The reopening, however, echoed the previous efforts by the administration to support small businesses with a chorus of complaints from borrowers and lenders alike regarding delays and systems failures holding up the approval process. Click here for the full story
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Key government agencies are simply overwhelmed by the worst economic downturn in 80 years, the resulting demand for the relief, and the speed at which it is needed. These agencies are understaffed and underfunded and are struggling to deliver.   Millions of households and small businesses are still waiting to receive the help they were promised under the CARES Act. It is becoming a growing concern that many may never receive the aid they thought would arrive. Read the full article here:  CARES_Act_Article_4-19-2020.pd
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