Donald Trump scored a tactical victory from the Supreme Court that will likely keep his personal financial records out of public view through the November election, but he framed Thursday’s two rulings as a loss imposed by his enemies.
By incentivizing businesses to rehire employees laid off or furloughed due to COVID-19, states will generate a faster economic recovery and provide valuable assistance for companies to get back on their feet.
The Internal Revenue Service and the Treasury Department provided guidance to employers requiring them to report the amount of qualified sick and family leave wages they have paid to their employees under the Families First Coronavirus Response Act on Form W-2.
The Financial Accounting Standards Board released a proposed accounting standards update to help insurance companies adversely affected by the COVID-19 pandemic by giving them an extra year to implement the long-duration insurance accounting standard.
The U.S. Supreme Court cleared a New York grand jury to get President Donald Trump’s financial records while blocking for now House subpoenas that might have led to their public release before the election.
Box 7 on the 1099-MISC is moving to its own form in January 2021, and companies need to be ready.
2020 is testing the profession’s resiliency like nothing has before, and accountants are losing sleep, skipping vacations, and working longer hours to adapt to the challenges COVID-19 has brought.