The U.S. Department of Labor issued a final rule to clarify the standard for determining whether a worker should be considered an employee or an independent contractor. | IRS offers guidance on deducting PPP expenses | | By Michael Cohn 3 min read | | The Internal Revenue Service and the Treasury Department released guidance on claiming deductions for expenses associated with Paycheck Protection Program loans that have been forgiven. | |
| IRS overlooks billions in potential taxes from nonfilers | | By Michael Cohn 3 min read | | The Internal Revenue Service hasn’t been pursuing cases involving hundreds of billions of dollars in income from individuals and businesses whose income has been showing up in Form 1099-K information returns, but has been otherwise unreported. | |
| Get ready for 'PPP2' | | The latest stimulus package includes a number of provisions that make some major adjustments to the Paycheck Protection Program. Erik Asgeirsson of CPA.com and Lisa Simpson of the AICPA discuss the latest changes, and how accountants should be working with clients to make the most of them. | |
| BDO merges in MBAF | | By Michael Cohn 3 min read | | The firm is expanding in Florida by adding Morrison, Brown, Argiz & Farra LLC, a Top 50 Firm in Miami, effective Jan. 16. | |
| IRS blesses tax breaks on forgiven PPP loans after law change | | By Laura Davison and David Hood 3 min read | | The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month. | |
|
