The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.
Eighty percent of the business leaders surveyed by BDO in the Americas said the focus of tax legislation changes constantly as the result of the elected party and/or it is difficult to predict.
The biggest increase came in the advisory practice, where revenue rose 29.4 percent, followed by tax at 8.8 percent and assurance by 6.0 percent.
The COVID-19 pandemic isn’t stopping BDO USA from pursuing a constant series of M&A deals in recent years, although the latest one had to be mostly negotiated at a safe distance.
Accounting firms across the nation are knee-deep in tax season, but now, they are also knee-deep in a crisis no one could have predicted.