This is the final report in a series of benchmarking collaboratives conducted by Avenue M Group (Avenue M) on behalf of more than a dozen state CPA societies from across the United States. At the end of April through early May 2020, 18 CPA societies took part in the first round of a COVID-19 Quick Pulse Survey, and 14 of the societies elected to participate in a second round of the survey in September of 2020. The third and final round of the survey was fielded in January of 2021, and 15 state CPA societies partook in the research. The following report is an analysis of the continued impact of COVID-19 on the CPA profession based on the data collected from these surveys.
As Abraham Lincoln once said, “It is . . . the duty of Government to render prompt justice against itself in favor of citizens. . . .” Calvert Invs., Inc. v. Louisville & Jefferson County Metro. Sewer Dist., 805 S.W.2d 133, 138 (Ky. 1991) (quoting Abraham Lincoln). Equally, in a tax audit, the tax auditor’s job is to determine the right amount of tax, regardless of whether the audit determines that the taxpayer paid that amount, too little or too much.
NOTE: This checklist does not contain the complete specifics of the applicable KRS. Readers should consult the statute for the exact technical requirements.
CPA Evolution is a joint initiative of the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA). The initiative is transforming the CPA licensure model to reflect the rapidly changing skills and competencies the accounting profession requires today and will require in the future. It will put in place a flexible and adaptable licensure approach that will serve as the foundation for future-proofing the CPA profession.
Every business needs a strategic plan in order to thrive, and this has never been truer given the current economic environment.
Nexus is a term used for “connection” or “presence” in a state. For a state to impose its income or sales tax on an out-of-state business, there must be a requisite level of connection between the state and the business. The U.S. Supreme Court requires substantial nexus under the Commerce Clause and sufficient contacts under the Due Process Clause. Over time, states have developed and applied differing nexus standards subjecting companies to tax based on physical presence or certain economic connections to the state.
CPA Mark Loyd walks us through state revenues from businesses.
One of the most important aspects of growing your career is intentionally building your personal brand. This article covers: What is a personal brand? Why focus on your personal brand? How to build it?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a new lending program, the Paycheck Protection Program (PPP), under Section 7 (a) of the Small Business Act (15 USC 636) to provide low-interest loans to certain small businesses. PPP loans are eligible for forgiveness if the requirements specified in the CARES Act regarding use of funds, employee retention and maintenance of salaries are met. The question becomes, during these unprecedented times: How is PPP loan forgiveness reported on financial statements?
