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

31 May 2021  |  292
KEY ACCOUNTING INDUSTRY INSIGHTS & UPDATES IN 5 MINUTES - MAY 2021

Here are the quick updates on the accounting industry for the month of May 2021.

1. PCAOB proposal addresses international oversight challenges:

The PCAOB proposed a rule Thursday that would provide a framework for the board to follow when its oversight activities are thwarted by overseas authorities. Read More

2. Xero has partnered with U.S. and Canada-based Black professional:

Xero has partnered with U.S. and Canada-based Black professional groups to foster close collaboration with Black accountants, and to support Black-owned businesses. The move comes after a significant surge in public support for the Black Lives Matter movement in 2020 following the murder of George Floyd. Read More

3. IRS starts refunds for tax returns claiming unemployment benefits:

The Internal Revenue Service is starting to provide tax refunds to taxpayers who paid taxes on their 2020 unemployment benefits that recent legislation later excluded from taxable income. Read More

4. SBA sending first $2 billion in Restaurant Revitalization Fund payments:

The first wave of payments from the Restaurant Revitalization Fund (RRF) is going out to more than 16,000 restaurants and other food and beverage providers, some of whom could see relief money in their bank accounts as soon as Tuesday. Read More

5. Taxpayers deserve pandemic penalty relief, AICPA says:

With taxpayers continuing to face challenges related to the COVID-19 pandemic and the IRS facing a backlog of 29 million tax returns that need manual processing, the AICPA on Monday urged the IRS to implement “fair, reasonable, and practical” penalty relief measures to mitigate the pandemic’s effects and minimize required contacts with the IRS. Read More

6. AICPA Proposes New Quality Management Standards for Firms:

The American Institute of Certified Public Accountants has proposed three new standards on quality management for CPA Firms at the Firm and engagement levels.Read More

7. Zoho Expense Aims to Help Mid-Market Businesses on Their Road to Recovery:

Zoho Corporation has announced a new version of its expense reporting software, Zoho Expense, that includes advanced capabilities to help mid-market businesses bring about efficiency in its T&E process, and control costs while recovering from the effects of COVID-19. Read More

8. Grant Thornton takes the lead in new SEC clients:

As the number of new audit engagements continued to climb back from mid-pandemic lows, Grant Thornton topped the league tables in terms of new Securities and Exchange Commission clients in the first quarter of 2021. Read More

9. IRS clarified how nonfilers can claim advance child tax credit payments:

In Rev. Proc. 2021-24, the IRS clarified how individuals who are not otherwise required to file 2020 federal income tax returns can claim advance child tax credit (CTC) payments as well as stimulus payments (i.e., third-round economic impact payments, 2020 recovery rebate credit payments, and additional 2020 recovery rebate credit payments). Read More

10. IRS updates COBRA guidance for employers:

The Internal Revenue Service has issued guidance on tax breaks under the American Rescue Plan Act of 2021, for the continuation of health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Read More

11. Global tax revamp gathers pace as Europe salutes U.S. plan:

A U.S. proposal for a global minimum corporate tax of at least 15% met with an enthusiastic reception in Europe, bringing the world closer to a deal on sweeping changes to how much multinationals pay, and to which governments. Read More

12. IRS tests secure transcript technology for tax pros:

The Internal Revenue Service has been pilot testing new technology allowing for secure tax transcript retrieval that can integrate with an accounting firm’s practice management system.Read More

13. G-7 to seek common ground in global deal on tax:

An international agreement that could reshape the global #tax landscape for the biggest corporations is nearing a crucial first stage as the G-7 approaches a deal that might feature both a minimum tax rate for companies and encompass tech giants. Read More

14. SEC reaches out to accountants on ESG disclosures:

The Securities and Exchange Commission wants input from accountants on rules it is developing for disclosing climate risks and environmental, social, and governance reporting. Read More

15. Accounting profession continues to zero in on DEI issues

Leaders of the accounting profession have demonstrated a heightened commitment to diversity, equity, and inclusion (DEI) as this issue has grown exponentially in prominence over the past year. Read More

16. AICPA & CIMA issue new nonauthoritative guidance for auditing digital assets

AICPA & CIMA issued nonauthoritative guidance for auditing digital assets such as crypto assets in the areas of risk assessment, processes and controls, laws and regulations, and related parties. Read More

17. New interpretation of debt cancellation proposed for federal accounting

The Federal Accounting Standards Advisory Board is looking for input on a proposed interpretation of the federal financial accounting standards for debt cancellation. Read More

18. IRS is trying to catch stimulus payment fraud, but billions may have been paid

The Internal Revenue Service issued more than 4.4 million Economic Impact Payments last year totaling more than $5.5 billion to potentially ineligible people, according to a new report. Read More

19. Auditors may see increased demand for ESG attestation

The first few months of 2021 witnessed some major milestones in investors’ and regulators’ efforts to get public companies to provide shareholders with more information about environmental, social, and governance (ESG) issues. Read More

20. IASB proposes to overhaul MD&A commentaries

The International Accounting Standards Board proposed a new comprehensive framework Thursday for management discussion and analysis to better align with investor needs. Read More


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About The Author
Director, Client Relations

Christopher Rivera, Chris serves as a Director of Client Relations and Business Development at Entigrity. He is an expert at leading and managing teams actively from the front. His expertise in sales, training, coaching, mentoring and influencing combined with his competitive nature makes him a strong leader.  Chris has traveled through the length and width of the country and has spoken with more than five thousand CPAs, understanding their challenges and limitations. On the grounds of that, he can now easily provide opinions and solutions that can be immensely helpful to the professionals. He has also represented Entigrity at a number of major accounting conferences and networking events.

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