AICPA Tax Insider (March 10, 2022): IRS to fast-track 10,000 hirings to address backlog; The legacy of the Paycheck Protection Program; and More!

IRS to fast-track 10,000 hirings to address backlog
Direct-hire authority will allow the Internal Revenue Service to more quickly reinforce its return processing and account management functions.

The legacy of the Paycheck Protection Program
By Anita Dennis
COVID-19 has opened a door for CPAs to serve businesses by helping with PPP loans and other relief programs, cementing client relationships that can outlive the pandemic.

Best practices for engagement letters, POAs, and tax return extensions
By Pamela Slatten, J.D., and Larry Marietta, CPA
Key considerations concerning these essential instruments and ways to make sure client and practitioner agree which services are provided and properly and effectively define their professional working relationship.

National taxpayer advocate to CPAs: Tell us where the challenges are
CPAs and other tax professionals can help the Taxpayer Advocate Service identify the most acute problems within the IRS.

Recent developments involving limitations to state NOL usage
By Jamie C. Yesnowitz, J.D., LL.M.; Chuck Jones, CPA, J.D.; Lori Stolly, CPA; and Patrick K. Skeehan, J.D.
Legislation in three more states limits net operating loss (NOL) recognition more restrictively than federal law in computing state income tax liability. State court decisions in two other states affect those states’ treatment of NOLs.

PPP forgiveness too slow in some cases, inspection finds
A report by the Office of the Inspector General found that the US Small Business Administration did not meet the 90-day statutory requirement to remit Paycheck Protection Program forgiveness payments to lenders for loans totaling $66.4 billion.

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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