KEY ACCOUNTING INDUSTRY INSIGHTS & UPDATES IN 5 MINUTES - APRIL 2021

1. IIA Signs Pact With Vietnam Ministry of Finance

The Institute of Internal Auditors’ new president and CEO, Anthony Pugliese, has signed a memorandum of understanding with the Vietnamese Ministry of Finance to advance the internal audit profession in Vietnam. Read More

2. PCAOB Previews Inspection Changes Amid COVID

The Public Company Accounting Oversight Board is planning to make some changes in how it conducts inspections of audit firms this year and its focus. Read More

3. IRS Extends Penalty Relief for Pandemic Payroll Credits

The IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the number of qualifying wages that they paid, rather than deposit them with the IRS. Read More

4. AICPA Recommendations on Q1 Estimates and 2020 Form 709 Extensions

The AICPA on Thursday released some suggestions for practitioners regarding issues that have arisen around the postponed May 17 tax due date for individuals. Read More

5. Bill to Postpone Estimated Tax Due Date to be Introduced in Congress

On Thursday, Rep. Lloyd Smucker, R.-Pa., announced he will introduce a bill that would postpone the due date for first-quarter 2021 estimated tax payments from April 15, 2021, to May 17, 2021. Read More

6. PCAOB Renews Agreement With H3C

The US Public Company Accounting Oversight Board (PCAOB) has renewed its cooperative agreement with the French audit regulator, the Haut Conseil du Commissariat aux Comptes (H3C) of France. Read More

7. IRS Previews Proposed K-2 and K-3 for Int'l Taxes

The Internal Revenue Service and the Treasury Department released updated early draft versions Friday of Schedules K-2 and K-3 for pass-through businesses to report international tax information. Read More

8. IRS to Roll Out Expanded Child Tax Credit on July 1

Internal Revenue Service Commissioner Charles Rettig indicated the IRS is already working to implement a new program for an expanded Child Tax Credit under the American Rescue Plan by July 1, but left open the possibility there may be delays. Read More

9. IRS Sharpens Focus on Crypto Transactions

Millions of taxpayers who have failed to report their use or trading of virtual currency in the recent past may find themselves the target of a new IRS initiative called Operation Hidden Treasure — and only their CPA can help, according to experts. Read More

10. How to Claim the Employee Retention Credit for the First Half of 2021

The IRS explained the changes to the employee retention credit (ERC) for the first two calendar quarters of 2021 in Notice 2021-23, which amplifies Notice 2021-20. Read More

11. IRS Sees Delays in Tax Refunds and Quarterly Payments

The Internal Revenue Service is holding up millions of tax refunds for manual processing and its systems were unable to process many of the quarterly payments that needed to be sent by April 15. Read More

12. Biden Exploring Border Adjustment Tax to Fight Climate Change

President Joe Biden is exploring the idea of a border adjustment tax that would slap a levy on imports from countries with weaker climate policies, John Kerry, the White House’s special envoy for climate said Friday.  Read More

13. IRS Extends e-signature Authorization for 6 Months

In a memorandum dated April 15, 2021, the IRS announced it was extending the authorization to electronically sign a large number of IRS forms until Dec. 31, 2021, and adding several new forms. Read More

14. Homeless Americans Can Get Coronavirus Stimulus Payments

According to the IRS, homeless Americans who don’t have a permanent address or a bank account may still qualify for the Coronavirus stimulus payments, also known as Economic Impact Payments, and other tax benefits. Read More

15. IRS Gives Safe Harbor to SMBs to Claim Deductions for PPP Loans

With the Dec. 27, 2020, enactment of the Consolidated Appropriations Act, 2021, businesses now may claim these deductions even though they received PPP loans to cover original eligible expenses. Read More

16. Expenses Paid with 2020 PPP Loans Can Be Deducted on 2021 Tax Returns

The IRS announced a safe harbor for certain businesses that received first-round Paycheck Protection Program (PPP) loans but did not deduct any of the original eligible expenses. Read More

17. 2021 Child Tax Credit, EITC, and Premium Tax Credit Limits Updated

The IRS on Monday issued adjusted amounts for the child tax credit, the earned income tax credit (EITC), and the premium tax credit (PTC) for 2021, to reflect changes enacted in the American Rescue Plan Act of 2021. Read More

18. Biden Touts Tax Credit to Prod Businesses on Worker Vaccination

President Joe Biden called on employers to use a tax credit to provide paid time off to workers to get vaccinated and for businesses to do more to boost the inoculation effort as the U.S. seeks to get shots in more arms. Read More

19. Taxpayers Can Still Get a Tax Deduction by Setting Up an IRA Before May 17, 2021

If you qualify and beat the tax return deadline, you can take an above-the-line deduction for an IRA contribution. Thus, the contribution may effectively reduce your 2020 tax liability. Read More

20. IRS Settlement Month Resolved 148 Tax Court Cases

The March Settlement Days campaign yielded great results with well over half of participating taxpayers settling their cases on a basis agreeable to them without having to represent themselves in Tax Court. Read More

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