This Practitioners' Forum will take place virtually on Zoom. To receive login instructions, please register for the meeting. You will receive the information via email.
Join the Morris/Sussex Chapter for an open but guided discussion on issues affecting practitioners. Gain insights from fellow CPAs and learn new resources to take back to your practice. This meeting is open to CPAs of all firm sizes and industries.
Discussion of 2019 Tax Season
COVID-19 upended the 2019 tax filing. Deadlines for individuals and certain other tax filings were extended. The IRS shut down field offices, accumulating a backlog of millions of unprocessed paper tax filings. The CARES Act temporarily increased loss limitations, carrybacks and other items enacted in 2017.
The first part of the forum will be a discussion of this extraordinary tax season. Best practices will be discussed as well as how to manage expectations as the IRS and other agencies work to recover from the effects of COVID-19.
Nicole DeRosa, Senior Tax Manager at Wiss & Company LLP, will lead the discussion.
Tax Basis Financial Statements
Lenders frequently request “tax basis” financial statements. At first look, it seems redundant since a balance sheet and other income statements are generally included in a company’s tax return. June Toth will review tax basis financial statements and requirements of the Statements on Standards for Accounting and Review Standards (SSARSs) of the AICPA.
June is a Peer Reviewer for public accounting firms and the managing member of ZBT Certified Public Accounting & Consulting.