IRS To Increase Audits On Small Business By 50%

Sponsors

• Thomson Reuters: https://cloudaccountingpodcast.promo/trcloud
• ClockShark: https://cloudaccountingpodcast.promo/clockshark
• OnPay: https://cloudaccountingpodcast.promo/onpay

Show Notes

07:58 – 36% of Americans Won't Move to Rural Areas Due to Slow Internet Speeds
https://smallbiztrends.com/2020/11/rural-internet-speeds-urban-sprawl.html

11:09 – Women less likely to feel fairly comped for WFH expenses
 https://www.accountingtoday.com/news/women-less-likely-to-feel-fairly-compensated-for-work-from-home-expenses-during-pandemic

17:01 – Congress blasts IRS for limits on forgiven PPP loan tax breaks
 https://www.accountingtoday.com/articles/congress-blasts-irs-for-limits-on-forgiven-ppp-loan-tax-breaks

17:23 – IRS clarifies deductibility of PPP loan expenses, as AICPA criticizes forgiveness questionnaire
 https://www.accountingtoday.com/news/irs-and-treasury-clarify-deductibility-of-ppp-loan-expenses-as-aicpa-criticizes-forgiveness-questionnaire

17:50 – IRS Crushes Hopes Of Deducting PPP-Paid Expenses Before Forgiveness Approval; But Questions Remainhttps://www.forbes.com/sites/anthonynitti/2020/11/19/irs-crushes-hopes-of-deducting-ppp-paid-expenses-before-forgiveness-approval-but-questions-remain/

19:13 – Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires
 https://www.journalofaccountancy.com/news/2020/nov/aicpa-signed-letters-raise-concerns-ppp-loan-necessity-questionnaires.html

20:01 – PODCAST: How Fraud and Waste Seeped into a COVID Stimulus Program (WSJ’s The Journal)
https://podcasts.apple.com/us/podcast/the-journal/id1469394914?i=1000499272495

23:22 – Evidence of PPP Fraud Mounts, Officials Say
https://www.wsj.com/articles/ppp-was-a-fraudster-free-for-all-investigators-say-11604832072

24:55 – Mnuchin pulls plug on some pandemic lending programs that Fed considers essential
 https://de.reuters.com/article/us-usa-fed-mnuchin-idUSKBN27Z34P

25:54 – IRS plans a 50% ramp-up in small-biz audits next year
https://www.accountingtoday.com/articles/irs-plans-a-50-ramp-up-in-audits-of-small-businesses-next-year

27:57 – AICPA disagrees with IRS commissioner Rettig on penalty relief
https://www.accountingtoday.com/news/aicpa-disagrees-with-irs-commissioner-rettig-on-penalty-relief

30:10 – IRS investigating fewer tax preparers
https://www.accountingtoday.com/news/irs-investigating-fewer-tax-preparers

31:35 – Top Challenges? Staffing, Staffing, Staffing
https://cpatrendlines.com/2020/11/19/web-portals-are-here-to-stay/

33:18 – PayPal Gives Employees Early Paycheck Access
https://www.pymnts.com/news/payments-innovation/2020/paypal-gives-employees-early-access-to-paychecks-though-evens-app/

34:48 – QuickBooks Connect 2020 Hosts Thousands Virtually
https://www.intuitiveaccountant.com/general-ledger/quickbooks-connect-2020-hosts-thousands-virtually/

39:28 – QuickBooks Live Bookkeeping update: November 2020
https://www.firmofthefuture.com/content/quickbooks-live-bookkeeping-update-november-2020/

41:36 – Intuit has Launched HubSpot for QuickBooks
https://www.intuitiveaccountant.com/general-ledger/intuit-has-launched-hubspot-for-quickbooks/

47:28 – Intuit (INTU) Q1 Earnings & Revenues Top Estimates, Increase Y/Y
https://finance.yahoo.com/news/intuit-intu-q1-earnings-revenues-131201694.html

51:19 – Why Xero investors should forget the US market
https://www.afr.com/technology/why-xero-investors-should-forget-the-us-market-20201110-p56d8y

54:41 – A Review! Thank you, B Stoltzfus! 

Get in Touch

Thanks for listening and for the great reviews! We appreciate you! Follow and tweet @BlakeTOliver and @DavidLeary. Find us on Facebook and, if you like what you hear, please do us a favor and write a review on iTunes, or Podchaser. Interested in sponsoring the Cloud Accounting Podcast? For details, read the prospectus, and NOW, you can see our smiling faces on Instagram! You can now call us and leave a voicemail, maybe we'll play it on the show. DIAL (202) 695-1040

Need Accounting Conference Info? 

Check out our new website - accountingconferences.com

Limited edition shirts, stickers, and other necessities

TeePublic Store: http://cloudacctpod.link/merch

Subscribe

• Apple Podcasts: http://cloudacctpod.link/ApplePodcasts
• Podchaser: http://cloudacctpod.link/podchaser
• ...