IRS To Increase Audits On Small Business By 50%

Happy Almost Thanksgiving! Before we stuff ourselves senseless on socially distanced turkey, we're talking remote work, and compensation for all those work-from-home expenses. We'll also discuss why women are less likely than men to feel fairly compensated for those expenses. Then we'll dig into PPP news, with talks about how the IRS plans to increase audits on small businesses by 50% — and how that's a joke based on the latest numbers. Meanwhile, since the IRS is investigating fewer tax preparers, is fraud declining? We'll also hit on the various and sundry confusion points regarding PPP loan forgiveness, the AICPA's contentions with the IRS on penalty relief, and the PPP loan necessity questionnaires by the SBA, all while Mnuchin pulls the plug on some pandemic lending programs. In other news, we'll examine some of the top challenges of accounting firms in 2020, and ponder why over a third of Americans won't move to rural areas due to slow internet speeds. In app-ish news, we'll talk all things QuickBooks Connect (Virtual) 2020, QuickBooks Live, Intuit earnings, and why Xero investors should forget about the United States market. Enjoy!

Show Notes

07:58 – 36% of Americans Won't Move to Rural Areas Due to Slow Internet Speeds

17:01 – Congress blasts IRS for limits on forgiven PPP loan tax breaks

17:23 – IRS clarifies deductibility of PPP loan expenses, as AICPA criticizes forgiveness questionnaire

17:50 – IRS Crushes Hopes Of Deducting PPP-Paid Expenses Before Forgiveness Approval; But Questions Remain

19:13 – Letters signed by AICPA raise concerns about PPP Loan Necessity Questionnaires

20:01 – PODCAST: How Fraud and Waste Seeped into a COVID Stimulus Program (WSJ’s The Journal)

24:55 – Mnuchin pulls plug on some pandemic lending programs that Fed considers essential

25:54 – IRS plans a 50% ramp-up in small-biz audits next year

27:57 – AICPA disagrees with IRS commissioner Rettig on penalty relief

30:10 – IRS investigating fewer tax preparers

31:35 – Top Challenges? Staffing, Staffing, Staffing

47:28 – Intuit (INTU) Q1 Earnings & Revenues Top Estimates, Increase Y/Y

51:19 – Why Xero investors should forget the US market

54:41 – A Review! Thank you, B Stoltzfus! 

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