Articles
- IRA Contributions Made By July 15 Count As 2019 Tax Deduction
WASHINGTON — The Internal Revenue Service today reminded people that contributions to traditional Individual Retirement Arrangements (IRAs) made by the postponed tax return due date of July 15, 2020, are deductible on a 2019 tax return.... read more
- Treasury Department and IRS Issue Guidance For Consolidated Groups Regarding Net Operating Losses
WASHINGTON — The Department of the Treasury and the Internal Revenue Service today issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs). The Tax Cuts and... read more
- How To Report Nonemployee Compensation And Backup Withholding
There is a new Form 1099-NEC, Nonemployee Compensation for business taxpayers who pay or receive nonemployee compensation. Starting in tax year 2020, payers must complete this form to report any payment of $600 or more to a payee. Generally,... read more
- Taxpayers Can Get Last Minute Filing Tips On IRS.gov
The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov . Whether filing a tax return, requesting an extension or making a payment, the IRS website can help taxpayers answer... read more
- Taxpayers Should File By July 15 Tax Deadline; Automatic Extension To Oct. 15 Available
IR-2020-134, June 29, 2020 WASHINGTON ― The Department of the Treasury and IRS today announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic... read more
- 2020 Legislative Session Wrap Up
Legislative Session Update The Georgia General Assembly has just wrapped the end of the General Assembly’s 2020 Legislative Session. For the 2020 session, GSCPA closely monitored the following bills, as they were of high importance:... read more
- Legislative Update: IRC Update (Conformity Bill) Passes House Heads to Governor's Desk
Breaking News – The Georgia IRC Update (Conformity Bill), now HB 846, has just passed both the Senate Floor (yesterday) and now the House with a vote of 110-56. It is now headed to Governor Brian Kemp next for his signature. HB 846 can be... read more
- The Four Basic Food Groups of Audits: Satisfying Your Audit Risk Appetite
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Audit risk is defined by AU-C Section 200 as the risk that the auditor expresses an inappropriate audit opinion when the financial statements are materially misstated. In other words, the auditor messed up and missed something big.... read more
- Post-Pandemic Nexus in Georgia
The Georgia Department of Revenue (DOR) recently updated their FAQ on nexus as a result of the COVID virus. This results from the use of the word “temporary” in the original pronouncement. The original FAQ response from DOR is shown... read more
- How the Georgia CPA Community is Responding to COVID-19
For many people, working from home occasionally is a nice perk. But when stay at-home/shelter in place orders were issued as a result of the COVID-19 pandemic, working from home was no longer a luxury – it was a necessity. Read how GSCPA... read more