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!

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Show Notes

07:58 – 36% of Americans Won't Move to Rural Areas Due to Slow Internet Speeds
https://smallbiztrends.com/2020/11/rural-internet-speeds-urban-sprawl.html

17:01 – Congress blasts IRS for limits on forgiven PPP loan tax breaks
 https://www.accountingtoday.com/articles/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
 https://www.accountingtoday.com/news/irs-and-treasury-clarify-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 Remainhttps://www.forbes.com/sites/anthonynitti/2020/11/19/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
 https://www.journalofaccountancy.com/news/2020/nov/aicpa-signed-letters-raise-concerns-ppp-loan-necessity-questionnaires.html

20:01 – PODCAST: How Fraud and Waste Seeped into a COVID Stimulus Program (WSJ’s The Journal)
https://podcasts.apple.com/us/podcast/the-journal/id1469394914?i=1000499272495

24:55 – Mnuchin pulls plug on some pandemic lending programs that Fed considers essential
 https://de.reuters.com/article/us-usa-fed-mnuchin-idUSKBN27Z34P

25:54 – IRS plans a 50% ramp-up in small-biz audits next year
https://www.accountingtoday.com/articles/irs-plans-a-50-ramp-up-in-audits-of-small-businesses-next-year

27:57 – AICPA disagrees with IRS commissioner Rettig on penalty relief
https://www.accountingtoday.com/news/aicpa-disagrees-with-irs-commissioner-rettig-on-penalty-relief

30:10 – IRS investigating fewer tax preparers
https://www.accountingtoday.com/news/irs-investigating-fewer-tax-preparers

31:35 – Top Challenges? Staffing, Staffing, Staffing
https://cpatrendlines.com/2020/11/19/web-portals-are-here-to-stay/

47:28 – Intuit (INTU) Q1 Earnings & Revenues Top Estimates, Increase Y/Y
https://finance.yahoo.com/news/intuit-intu-q1-earnings-revenues-131201694.html

51:19 – Why Xero investors should forget the US market
https://www.afr.com/technology/why-xero-investors-should-forget-the-us-market-20201110-p56d8y

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

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