Here are the quick updates on the accounting industry for the month of June 2021
1. Tax pros caution clients on taking monthly child tax credit
Some tax professionals are urging clients to consider opting out of receiving new monthly payments of the child tax credit because they could end up having to pay back that money next filing season. Read More
2.Race for a global tax revolution faces hurdles in final stretch
The world’s richest nations have set the stage for a revolution in corporate taxation, but they still have their work cut out to actually achieve that overhaul. Read More
3. IAASB releases audit quality management guides
The International Auditing and Assurance Standards Board issued two new implementation guides Monday for its recent quality management standards. Read More
4. Biden Administration Announces Plan to Share Millions of Vaccine Doses With Other Countries
The Biden administration on Thursday revealed its plan to send millions of coronavirus vaccine doses across the world. Read More
5. Professional services tax proposals discussed in multiple states
Taxation of CPA services was a hot topic in several state legislatures this year as states sought to fix expected revenue shortfalls. Read More
6. FASB proposes discount rate relief for nonpublic lessees
FASB proposed changes Wednesday to discount rate guidance for lessees that are nonpublic business entities, with an objective of reducing the costs of implementing the board’s new lease accounting guidance. Read More
7. AICPA, NASBA launch CPA Evolution Model Curriculum
The AICPA and the National Association of State Boards of Accountancy (NASBA) on Tuesday launched the CPA Evolution Model Curriculum (CPAEMC), a recommended blueprint for an accounting program designed to help educators prepare graduates for the changing demands of the CPA profession. Read More
8. AICPA, CAQ support SEC’s exploration of climate change disclosures
The AICPA and the Center for Audit Quality (CAQ) voiced support for the SEC’s exploration of disclosures related to climate change and environmental, social, and governance (ESG) issues in comment letters sent to the commission on Friday. Read More
9. Pandemic still complicates going concern disclosures
The COVID-19 pandemic caused an unprecedented amount of financial pressure for many businesses, and auditors will still be sorting out the risks clients face during this year’s audit engagements. Read More
10. IRS Sending Letters to 36 Million Families About New Child Tax Credit Payments
The Internal Revenue Service has started sending letters to more than 36 million American families who, based on tax returns filed with the agency, may be eligible to receive monthly Child Tax Credit payments starting in July. Read More
11. Corvee Launches Monthly Tax Planning Roundtable Discussion Webinars
The first event will feature firm owners Minal Barbaria, KB Tax Deviser CPAs; Erik Woodbury, Woodbury Finance and Accounting; and Jeff Trapp, The Tax Planning Pros as speakers. The event will be moderated by Andrew Argue, CPA and CEO of Corvee. Read More
12. KPMG faces $21M fine for H.I.G. Capital conflict
KPMG U.K. Ltd. faces a 15 million pound ($21 million) fine after it committed “gross misconduct” over a conflict of interest when it advised bed manufacturer Silentnight and the private equity firm that bought it in 2011. Read More
13. Biden rebuff on gas tax casts doubt on infrastructure deal
The White House reiterated President Joe Biden’s opposition to indexing the gasoline tax to inflation to help pay for an infrastructure plan, raising new questions about the viability of a bipartisan compromise emerging in the Senate. Read More
14. GASB publishes implementation guidance on various issues
Application guidance on GASB’s state and local government accounting standards for derivative instruments, fiduciary activities, leases, and nonexchange transactions is included in a new implementation guide the board issued Wednesday. Read More
15. Chipmakers offered 25% investment tax credit in new Senate bill
A 25% tax credit is the latest carrot being proposed on Capitol Hill to encourage semiconductor companies to bolster U.S. production. Read More
16. Virginia Society launches career center for accountants
The Virginia Society of CPAs has launched a new Career Center for firms seeking top talent, as well as for individuals pursuing career opportunities in accounting and finance. Read More
17. IRS warns of pandemic-related tax scams in 'Dirty Dozen' for 2021
Thieves stealing economic impact payments and unemployment benefit checks head the list of this year’s IRS “Dirty Dozen” of tax-related scams and schemes (IR-2021-135). Read More
18. Supreme Court declines to take up remote worker taxation case
The U.S. Supreme Court on Monday denied a request by New Hampshire to file a bill of complaint against Massachusetts in a case involving Massachusetts’s taxation of remote workers during the COVID-19 pandemic. Read More
19. IRS Hires Thousands of New Tax Auditors
The Internal Revenue Service is hiring thousands of new auditors as it gears up for a potentially massive tax-enforcement push if Congress is able to pass an infrastructure plan that includes $40 billion to expand audits on the wealthy. Read More
20. Biden aides press senators to keep infrastructure deal intact
Top aides to President Joe Biden are working to keep his $579 billion bipartisan infrastructure deal from unraveling, reaching out to senators to convey his enthusiasm for the agreement, a White House official said Friday night after Republican senators began raising objections. Read More
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About The Author
Mike Goossen, CPA
Mike is a CPA and has over 30 years of experience in thought leadership and mentoring. His experience and constant efforts in solving prevalent issues of accounting industry is his biggest stand out point. He has been instrumental in mentoring scores of entrepreneurial accounting and finance professionals to get up on their feet and convert their practices into successful ones. He has authored a book called 'Principles of High Performance Leadership'
