Blog for CPAs
Are Your Accounting Skills Up To Par?
In an effort to improve the skills of the accounting profession and to keep those skills relevant, the AICPA and NASBA recently reported that they have found major gaps in accounting education. During the discovery by the AICPA’s CPA Evolution Initiative, they...
Preparing Your Business for the Post-Pandemic Economy
As we’re all unfortunately aware, the COVID-19 pandemic has been life altering for many businesses, causing many to close under the pressure. However, now that the United States has lessened the restrictions that made it challenging to do business, it is time to...
Opting Out Of The Advanced Child Credit
As you may or not be aware, The American Rescue Plan, signed into law on March 11, 2021, expanded the Child Tax Credit for 2021 in order to get more help to more families. The Plan increased the Child Tax Credit from $2,000 per child to $3,000 per child for children...
SBA Targeted EIDL Advance and the Supplemental Targeted Advance
As small businesses all across the country attempt to reopen and recover from the pandemic, the SBA has expanded its reach in the form of an Targeted EIDL Advance and a Supplemental Targeted Advance. The first thing to know is, if the business did not apply for...
Proposed $15,000 First Time Homebuyer Tax Credit
The proposed $15,000 first time home buyer tax credit made available through the First Time Homebuyer Act is now officially a bill, heading to Congress. Under the current verbiage of the bill, this First Time Homebuyer Tax Credit will be available to taxpayers for...
More Flexibility For Flexible Spending Accounts
Due to the pandemic, the IRS has provided greater flexibility to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under the COVID-related Consolidated Appropriations Act (CAA) and the American Rescue...