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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Education Foundation Awards $44,000 in Scholarships
The Education Foundation of the Mississippi Society of CPAs recently awarded $44,000 in college scholarships for the fall 2021 term. Founded in the early 1970s, the Foundation seeks to promote accounting education in Mississippi colleges and universities by helping students pursue a CPA career. College juniors, seniors, and graduate students representing 8 Mississippi institutions applied for the scholarships, which required submitted essays, transcripts, and resumes. Scholarships worth $3,000 each were awarded to 14 students and a scholarship worth $1,000 was awarded to a student from the Natchez-Adams County area.
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MSCPA Meets With MDOR on Members’ Issues Including Schedule C Verifications
Members of the Taxation Committee and President/CEO Karen Moody held a phone conference with Commissioner Graham and Jan Craig to discuss some of the concerns raised on our CONNECT forum.
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MSCPA Recognizes Outstanding Senior Accounting Majors
In the spring of each year, the MSCPA recognizes seniors majoring in accounting from colleges and universities all across the state of Mississippi.
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MSCPA Honors 2020 Hamp King Award Winner
Hunter Reed of the University of Southern Mississippi was honored at the Spring 2021 School of Accountancy Advisory Board meeting for his selection as the Hamp King Award scholarship winner.
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HB1446 Passes Allowing Expense Deductions for B2B Grants, EIDL Advances, MS Rental Assistance Payments, and PPP#2 Loan Forgiveness
The House and Senate adopted MSCPA’s HB1446 March 28 with MSCPA successfully amending the bill to include the deductions of expenses for EIDL advances(grants) and MS Rental Assistance Payments, in addition to MS Back To Business (B2B) grants for Mississippi purposes. The Governor signed the bill on April 14.
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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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