CPA Practice Advisor - 33

AICPA NEWS
PROFESSORS HONORED WITH
CGMA-SPONSORED FINANCE
EDUCATION AWARD

AICPA RECOGNIZES FORENSIC
AND VALUATION CPAS

The AICPA and the Financial Management Association (FMA),
have recognized two professors for their innovation in teaching algorithmic trading as part of a hands-on robotics class for
undergraduate students.
Peter Bossaerts, Ph.D., and Nitin Yadav, Ph.D., professors
in the Department of Finance at the University of Melbourne,
Australia, were named as recipients of the 2020 FMA Innovation
in Teaching Finance Award.
The award is sponsored by the AICPA and CIMA. It's given
on behalf of the Association's Chartered Global Management
Accountant (CGMA) designation which distinguishes a unique
group of 137,000 finance professionals worldwide who have
reached the highest level of quality and competence.
Runners up were William O'Brien, Assistant Professor of
Finance, University of Illinois at Chicago, and Carl Larsson, Ph.D.,
Assistant Professor of Finance and Blue Ridge Bank Faculty
Fellow, James Madison University. ■

The AICPA has honored the contributions contributions in their practice areas and their
of 24 CPAs during the 2020 AICPA Forensic communities.
and Valuation Services Conference being held
Each year, the AICPA FVS Section names
virtually this year.
two volunteers who contributed greatly to
Peter Armstrong, CPA, CFF, and Steven the practice and profession. Armstrong is
York, CPA, ABV, CEIV, CGMA were named the 2020 Forensic & Litigation Services (FLS)
Volunteers of the Year, while 22 young Volunteer of the Year, while York is the BusiCPAs received the Forensic and Valuation ness Valuation Volunteer of the Year.
Services (FVS) Standing Ovation for significant
Read more at CPAPracticeAdvisor.com/21162027

Taxpayers Unaware of
State Tax Issues Related to
Working Remotely

In the wake of the COVID-19 pandemic, remote work has gone from
being a perk offered by employers to standard operating practice
for many companies. A survey of 2,053 U.S. adults conducted in
October by The Harris Poll on behalf of the American Institute of
CPAs (AICPA) showed that among the 58 percent of Americans
currently employed, 42 percent have worked remotely during the
COVID-19 pandemic and 25 percent are currently working remotely.
The AICPA survey also found that of those who have worked
remotely during the COVID-19 pandemic:
■ 47 percent were not aware that each state has its own tax laws
related to remote working;
■ 71 percent were not aware that working remotely in other states
can have an impact on the amount of state taxes owed; and
■ 54 percent were unaware that the number of days worked out
of the state where their physical workplace is located may also
impact the amount of state taxes owed.
When asked if their state has state income tax reciprocity
with any other state, 42 percent of Americans were unsure.
Among those currently working remotely who have worked
in a state other than where their pre-pandemic physical workplace was located, many have done so across multiple states
(on average three) for relatively short periods of time. Most of
these remote workers - 75 percent - have worked out-of-state
for 60 days or less, and 51 percent have worked out-of-state
fewer than 30 days total.
Read more at CPAPracticeAdvisor.com/21161526

14 FINANCIAL PLANNING
TIPS FROM AICPA TO ACT
ON BEFORE YEAR-END
The window of opportunity to trim that
2020 tax bill, save for retirement and
leverage strategies to secure your financial
future is closing. To help Americans make
these moves before it's too late, CPA
financial planners with the AICPA share
the following 2020 year-end tips.
■ Prepay 2021 Residence Real Estate Taxes
For a 2020 Discount
■ Excellent Opportunity for the Charitably
Inclined
■ Pay Home Business Expenses Now to
Lower Taxable Income
■ Self-Employed? Establish a Retirement
Plan for Your Future & Get Tax Benefits
Today
■ Make Up Estimated Tax Shortfall with
Increased Withholding
■ Pandemic Loan Opportunity Coming to
an End
■ Consider a Roth IRA Conversion
■ Maximize Health Savings Account (HSA)
Contributions
■ Leverage Your Losses to Protect Your
Income from Taxes
■ Don't Miss Employer 401(k) Match
Opportunities
■ Maximize Roth Contribution Opportunities
■ Review Beneficiary Designations
■ Gift Today to Reduce Future Estate Tax
■ Revisit Risk Tolerance and Portfolio
Diversification

DECEMBER 2020 ■

ACCOUNTING PROFESSION
EXPRESSES CONCERN
ABOUT PPP " LOAN NECESSITY QUESTIONNAIRES "
The AICPA and over 80 additional organizations have expressed concern about the
new Paycheck Protection Program (PPP)
" Loan Necessity Questionnaires. " The
questionnaires (SBA Forms 3509 & 3510)
were recently established by the Department
of Treasury (Treasury) and the Small Business
Administration (SBA) and require PPP borrowers with loans of $2 million or greater to
complete a new form and provide extensive,
burdensome documentation supporting their
request for relief funds.
In letters to House Representatives
Nancy Pelosi and Kevin McCarthy,
Senators Mitch McConnell and Charles
Schumer, Treasury Secretary Steven
Mnuchin and SBA Administrator Jovita
Carranza, the coalition, which represents
millions of American workers and small
businesses, suggests that existing PPP
Forgiveness Applications - specifically,
SBA Forms 3508, 3508EZ and 3508S -
should continue to be used because
they " ...allow the agencies to examine, in
greater detail and prior to the approval of
loan forgiveness, relevant facts to ensure
that the PPP loan funds were used in the
way Congress intended. "
Read more at
CPAPracticeAdvisor.com/21164248

www.CPAPracticeAdvisor.com

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