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4 posts from January 2021

The most overlooked way leaders can relieve staff stress

Shutterstock_267283724Most organizations are effectively helping their staffs cope during a time that has put even the strongest among us on edge. Some stress-relieving strategies include:

  • moving to a four-day workweek,
  • giving stipends for wellness coaches or classes and
  • openly discussing mental health and better self-care with the staff.

Job security is one of people’s top worries. According to a National Institute for Health Care Management Foundation study, 54% of Americans fear that they’ll lose their job because of the pandemic. Articles, studies, podcasts or white papers are published almost daily about how employees must learn new skills to remain employable in a world where industries are going through digital transformation. The accounting and finance profession is no exception. From conducting audits and safeguarding clients’ data to improving customers’ experiences, technology is altering how we work.

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It’s Data Privacy Day. Where has your ID been?

HeadlineYour personal identification (ID) is just that, personal. Unfortunately, in today’s world, your ID could get compromised with everyday activities such as ordering food online or signing up for a new music service. To observe Data Privacy Day, the AICPA® Financial Literacy Commission encourages you to take a few steps to find out where your ID has been — and make sure it’s safe and secure.

It might surprise you to learn that most Americans feel that it’s inevitable that their information will be stolen. Three in five (60%) say that it’s likely that ID theft will lead to a financial loss in the next year. The good news is that they recognize this as a real threat. The bad news is that many still don’t incorporate measures to protect their financial information, even with a significant increase in their online shopping since the start of the pandemic. This is all according to a recent AICPA survey The Harris Poll conducted on behalf of the American Institute of CPAs® (AICPA).

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Plan for your clients to get both PPP loans and the ERC

Many-coins-are-stacked-in-a-graph-shape-for-financial-planning-concepts-1186701116New legislation from the Consolidated Appropriations Act, 2021 creates a chance for some of your clients to take advantage of both Paycheck Protection Program (PPP) loans and the Employee Retention Credit (ERC).

Several changes specific to the ERC can provide an opportunity for additional relief for your clients. The significant changes that affect small businesses include:

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Taxpayers are unaware of remote worker state tax liabilities

Shutterstock_1072365962During the COVID-19 pandemic, remote work has become common for many companies. What once was a relatively small percentage of remote workers has drastically increased. A recent survey found that many new remote workers are unaware of the potential state tax implications of working in a state or states different from where their company is located.

On behalf of the American Institute of CPAs® (AICPA®), The Harris Poll surveyed 2,053 U.S. adults in October. Among the 58% of Americans employed, 42% have worked remotely during the COVID-19 pandemic and 25% were currently working remotely. More than half (55%) of those working remotely during the pandemic were unaware that failing to change their state tax withholding to reflect their remote work situation could have tax consequences.

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