CalCPA Daily Clips
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CalCPA Daily Clips

CalCPA Daily Clips

May 21, 2021

BUSINESS
What 2021 graduates expect from companies
Around two-thirds of college seniors want to work in offices full time or several days each week, compared with 2% who want to work full time from home, according to a report by iCIMS.
TechRepublic
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How to manage your energy for a new goal
While many people can summon an initial burst of energy to tackle a goal, it is harder to sustain that momentum in the long term. Here are some strategies to regulate yourself so you maintain action needed to reach that objective.
Harvard Business Review
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For CFOs, digital transformation is a post-pandemic must
The massive remote work experiment forced upon business by the pandemic has been largely successful for two rea-sons — the perseverance and diligence of employees and the virtual technologies used to communicate, collaborate and automate business processes.
AccountingToday

PERSONAL FINANCE
Can you collect a Social Security spousal benefit plus a benefit of your own?
Many seniors rely on Social Security to cover their living expenses once they’re no longer working. And while those benefits won’t replace your entire former paycheck, they may, depending on when you file for them, replace a nice chunk of it.
USAToday

POLITICS & POLICY
California postpones decision on relaxing mask and distancing rules for workers
A California workplace safety board postponed a vote on a proposal that would have allowed workers to return to their jobs without social distancing or face masks so long as everyone in a room is vaccinated.
Associated Press

PROFESSION
A closer look at decentralized finance
Decentralized finance is the term for a system of applications that could replicate and potentially upend traditional lending, banking and financial-services processes.
Accounting Today

REGULATORY
Treasury proposes 15% global minimum corporate tax rate
The Treasury Department has called for a global minimum corporate tax rate of 15%. The Treasury has “under-scored that 15% is a floor and that discussions should continue to be ambitious and push that rate higher,” according to the department.
The Hill
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PCAOB Critics Call On Gensler to Clean House
The investors, former members of the PCAOB’s Investor Advisory Group (IAG), accuse the PCAOB of “drifting away” from its “core mission of investor protection” in the past for years and say urgent action is needed to “restore inves-tor trust and confidence in the quality of public company audits in the United States.”
CFO

TAX
Treasury Calls for Crypto Transfers Over $10,000 to Be Reported to IRS
The U.S. Treasury said the Biden administration’s proposal to strengthen tax compliance includes a requirement for transfers of at least $10,000 of cryptocurrency to be reported to the Internal Revenue Service.
Bloomberg
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How to manage taxes owed on retirement accounts
Retirement accounts funded with pretax contributions are taxed at some point, but savers have some control over when and how much they pay. Converting some of the money into a Roth account is one way to manage the tax bur-den.
CNBC
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Final Sec. 451 regs provide relief and additional complexities
This article discusses key highlights of Sec. 451(b) regulations issued in December that address the timing of income recognition for accrual-method taxpayers with an applicable financial statement.
The Tax Adviser
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Taxpayers avoided billions in withholding taxes
Billions of dollars in underreported taxes by employers and backup withholding for their employees are helping fuel the tax gap, according to a new report.
AccountingToday
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How to Calculate a Home Office Deduction Correctly
Here’s how taxpayers can calculate the amount of the deduction they are taking on IRS Form 1040.
AccountingWeb

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Each weekday morning, CalCPA reviews major media sources for top headlines and links to news and information vital to CPAs and the businesses and clients they serve.

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CalCPA is the largest state accounting society in the U.S. We are a community of CPAs leading, connecting and empowering the profession for success in CA.

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