Access the latest MSCPA articles plus other news and events.
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DOL to Conduct Audit Quality Assessment of 2020 Plan Year Filings
The DOL Employee Benefit Security Administration (EBSA) Office of the Chief Accountant (OCA) is planning to conduct a study to assess the quality of audit work performed by independent qualified public accountants (IQPAs) with respect to financial statement audits of employee benefit plans covered under the Employee Retirement Income Security Act of 1974 (ERISA) for the 2020 Form 5500 filing year (plan years beginning in 2020).
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Proposed Quality Management Standards Will Affect Every Firm With an Accounting and Auditing Practice
The American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) has issued the exposure draft (ED), Proposed Quality Management Standards (QM), that includes three interrelated standards which address the way CPA firms manage quality for their accounting and auditing practices.
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MSCPA Advocates for Tax Relief for Mississippi Following Hurricane Ida
Mississippi now has until November 1 to file various individual and business tax returns and make tax payments.
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MDOR Provides Guidance on Pressing Tax Issues
Due to the numerous questions received from our members regarding the tax treatment of various COVID-related relief provided by Federal and State Governments, MSCPA sent an inquiry to the MS Department of Revenue to request guidance on how MDOR interprets the taxability of such COVID-related relief and whether the related expenses would be deductible.
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Tax Day for Individuals Extended to May 17: Treasury, IRS, MDOR Extend Filing and Payment Deadline
The Treasury Department and Internal Revenue Service announced March 17 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
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Update on Mississippi Income Tax Repeal Bill
The Senate, on March 16, refused to consider House Bill 1439, the Mississippi Tax Freedom Act, which killed it due to a legislative deadline.
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MDOR Guidance on Federal Unemployment Exclusion in the American Rescue Plan Act
The American Rescue Plan Act enacted on March 11, 2021, provided an exclusion from income of up to $10,200 of unemployment compensation paid in 2020.
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CPA Evolution Update
CPA Evolution is a joint initiative of the National Association of State Boards of Accountancy (NASBA) and the American Institute of Certified Public Accountants (AICPA).
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HB1446 Introduced to Address Deduction for B2B MS Grant Program Eligible Expenses
As a result of our advocacy efforts, MSCPA was successful in getting HB1446 introduced which will allow deduction for Back to Business (B2B) Mississippi Grant Program eligible expenses.
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Henry Thomas Outstanding Educator
Henry Thomas, Instructor of Accounting at Jackson State University, has been named the 2019 MSCPA Outstanding Educator and was recognized during the Business Meeting at Convention on Saturday, June 22.
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