Daily Clips

Each weekday morning, CalCPA scours major media sources and e-mails members headlines and links to news and information that is vital to California businesses.

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(Mary Kay Foss and Scott Hoppe quoted.)

How Can I Protect Myself from California State Income Taxes?
A reader is wondering if moving out of state will protect him from California's state income tax. Two tax experts explain what he'll need to do to if he doesn't want to be considered a California resident.
The Street

Bankruptcies put bondholders in a difficult spot
With the coronavirus pandemic continuing to strain companies' finances, bondholders are recouping less money during bankruptcies than they have been in the past.
Can Venture Capital Be Taught?
As more people look to break into venture capital, new training programs are emerging, promising to give them a head start. But can VC be taught in a classroom setting?
Instead of acting hastily, think strategically about cost-cutting
In a deepening crisis, management accountants need discipline to avoid hasty mistakes that could damage their business.
Financial Management

How to evaluate benefits during open enrollment
Open enrollment has arrived for many employees, and this year, with the coronavirus pandemic continuing, it is especially important to review the options. This article provides suggestions on what to look for in benefits such as health, life and disability insurance.

Practitioners and the pandemic
With the COVID-19 pandemic passing the half-year mark, individuals and businesses have learned to cope with a host of issues. Whether they’re dealing directly with clients, or with the Internal Revenue Service on behalf of clients, it is a different world than the one they envisioned at the start of the 2020 filing season.
Coronavirus exposes internal auditors to new risks
Internal auditors are facing risks during the COVID-19 pandemic in business continuity, crisis management, cybersecurity and other areas, according to a new report.
Now in Hackers' Crosshairs: Accounting and Finance Firms
Why the escalating cybersecurity threats for finance and accounting firms? For one, you likely have sensitive customer data, in addition to key information about their employees, vendors and customers.
CPA Practice Advisor
Leaders in accounting: Neither born nor made
It’s an age-old question: Are leaders born, or made? For all too many accounting firms, the answer is neither. They simply happen by default, which may explain why so many leaders aren’t actually very good at leading.
Developing a strategic audit plan
Skillful communication and flexibility in strategy can help practitioners create a plan that leads to a high-quality audit.
CPA Insider
NABA looks to partner with firms to diversify accounting profession
The National Association of Black Accountants is hoping to expand its partnerships with accounting firms and corporate America to bring more diversity to the accounting profession.

Treasury lowers expectation of borrowing to year-end
The Treasury Department has revised an estimate of government borrowing from October to December, setting it at $617 billion, significantly below an August estimate of $1.216 trillion. The revision comes as progress toward more coronavirus relief remains stalled.
The Associated Press 
Key SEC disclosure changes in 2020
During 2020, U.S. public companies have dedicated a significant amount of time and resources (both internally and externally) to revising and updating their Securities and Exchange Commission filings to both adequately and accurately report the effects and risks of COVID-19 on their business, financial condition, and results of operations.

Standard deductions, exemption amounts, and tax rates for 2020 tax year
Each year, the FTB updates for inflation (based on the California Consumer Price Index (CCPI) as defined in the Revenue and Taxation Code), the California standard deduction, personal/senior exemption amounts and tax rate schedules.
More flexibility for taxpayers with tax debts amid coronavirus
The IRS is making some changes in its collection program to lessen the burden on taxpayers with outstanding tax debts who are trying to cope with the economic fallout of the COVID-19 pandemic.
IRS Guidance on Reporting Payroll Tax Deferral
The IRS has just posted new guidance for employers that must report payroll tax deferral for employees on their Forms W-2 for 2020.