In preparation for the upcoming tax season, NCCPAP’s February President’s Message addresses important topics, including many changes to financial statement work. Highlighted items include PPP loans, going concern, revenue recognition, and the new lease standard.
Digital transformation is a strategy for using digital technologies, such as the Industrial Internet of Things (IIoT), to improve performance. While the process industries have used digital technologies for decades, the introduction of the Internet and other advanced communications methods, such as improved internal intranets, have eased implementation. This has helped to extend the same types of improvements seen in core manufacturing production processes into other operational areas, like reliability and safety. Read more >
As with other matters surrounding retirement, it’s critical to know your options and test various scenarios before making any major decisions. Explore example situations in the Fairman Group Family Office article below.
NCCPAP Tax Chair, Steve Mankowski, CPA, recently attended the November 2020 IRS meeting. You can read his recap below, highlighting an e-Signature Update, TFA Report to Congress, Taxpayer Advocate Report to Congress, and Taxpayer Relief Initiatives.
The AMS Wireless Vibration Monitor extends vibration monitoring to a wide range of new applications. Advanced electronics deliver robust data parameters with a high level of accuracy. Unlike simplistic vibration devices, the AMS Wireless Vibration Monitor delivers not just velocity and acceleration, but provides high resolution waveforms, spectra, and frequency bands. Read more >
On the eve of the 2020 holiday season, CPA practitioners received both a gift and a lump of coal in their stocking—the Consolidated Appropriations Act, 2021.
The National Conference of CPA Practitioners (NCCPAP) is here to help and offer support to practitioners everywhere. As regulations are issued by the IRS and U.S. Department of the Treasury to bring some clarity to aspects of the Bill, NCCPAP will be at the forefront of education, advocacy, and support. Look for future announcements, webinars, and other guidance from NCCPAP.
Pressure or safety relief valves (PRV/SRV) are commonly used to protect many processes—and ultimately your business. While highly essential, they can be costly to maintain and expensive to replace. Now you can safeguard your valuable PRVs and greatly extend their service life with affordable rupture discs from Fike. Fike rupture discs can be used to isolate your Pressure Relief Valves from process media and downstream contaminants. The rupture disc takes the abuse, preserving the internals of your PRV and protecting it from corrosive media, build-up and polymerization. Read more >
With the passage of the “Consolidated Appropriations Act, 2021,” the National Conference of CPA Practitioners (NCCPAP), a national organization of small and mid-sized CPA practices, can claim a major victory for business owners/taxpayers.
Included in this legislation is the provision that all expenses paid for by PPP funds are now fully deductible. We want to thank the members of Congress for taking the concerns of the practitioner community into consideration and including this provision in the legislation.
Domicile is a lesser-known concept that goes beyond where you own property or where you spend most of your time and it is essentially intent-based. Domicile is a person’s fixed, principle, and permanent home or the place they intend to remain or return to, after being absent. While you can have multiple residences across many states, you can only have one domicile for state income tax purposes.
As many small businesses may be hit with a ‘surprise tax’ related to the PPP loans, Mark A. Stewart, Jr., CPA, asks NCCPAP Members to tell their members of Congress to support small businesses by passing S.3612 and H.R.6821, the Small Business Expense Protection Acts of 2020, or H.R.6754, the Protecting the Paycheck Protection Program Act.