Our partners and team members review daily articles, posts, etc. from different sources (this is not a comprehensive list) and communications from other CPAs, EAs, accountants, and tax professionals. We have noted a faster pace of changes in the tax and accounting professional industry, with many examples in the recent years.
Example 1 – Tax Cuts and Jobs Act of 2017 (TCJA) is a congressional revenue act of the United States which amended the Internal Revenue Code of 1986. This was one of the most significant tax changes in over three decades. We expect more changes in the near future from the Biden Administration and democrat majority in the Congress, Senate and White House.
Example 2 – Stimulus packages such as PPP (Paycheck Protection Plan), SBA Covid 19 loans, stimulus checks, etc. The last stimulus bill signed by President Trump finally signed in December 2020. Currently, there is a $1.9T stimulus proposal from the Biden Administration.
Being informed and ready to take action is becoming more important than ever as you might miss some of these opportunities or not maximize them. We wanted to share some of our source of information.
AICPA – https://www.aicpa.org/news.html https://www.cpa.com/news https://www.journalofaccountancy.com/
Accounting and tax resources
Accounting today (Industry news) – https://www.accountingtoday.com/
Going concern (“when accounting goes unaccounted for”) – https://www.goingconcern.com/
CPA Practice Advisor – https://www.cpapracticeadvisor.com/
Accounting web – https://www.accountingweb.com/
CPA Trendlines – https://cpatrendlines.com/
Media – Some media organizations have a section on taxes or accounting, such as:
Forbes Tax – https://www.forbes.com/taxes/?sh=10312d842317
CNBC – https://www.cnbc.com/taxes/
Entrepreneur – https://www.entrepreneur.com/topic/accounting
IRS – https://www.irs.gov/newsroom
SBA – https://www.sba.gov/about-sba/sba-newsroom
State and local tax authorities