We are incredibly proud of our bookkeeping community who have stepped up to navigate and interpret government subsidies in addition to providing their normal services while in lockdown. The past few months have completely changed the way small businesses work. For many, it’s been a stressful time having been forced to close, for others – […]
Archives for 2020
WeWork India to lay off around 100 employees
Co-working major WeWork India, owned by realty firm Embassy Group, will lay off around 20% of its total 500 employees with effect from June to cut its operational costs after its business hit by the coronavirus outbreak, sources said. Karan Virwani, the CEO of WeWork India, informed this decision through internal communication to company employees. […]
IRS mobilizing 3,500 phone operators to answer stimulus questions
The IRS announced Monday it is hiring 3,500 new phone operators to answer taxpayers’ questions about economic impact payments (IR-2020-97). The IRS cautioned, however, that “telephone assistance and other services” will remain limited due to the COVID-19 pandemic. In March, the IRS announced that it was scaling back operations, closing offices, and having employees work […]
Wells Fargo has lost $220B in market value under Fed cap
Don’t let anyone tell you regulators haven’t punished Wells Fargo — or at least its shareholders. The scandal-ridden bank has lost $220 billion in stock-market value since the Federal Reserve imposed an unprecedented cap on the firm’s assets in early 2018, crimping its ability to add customers and loans. The constraints are biting harder this […]
Podcast: How to deepen client relationships during the pandemic
Has your client contact increased significantly during the pandemic? Do you wonder how other CPA financial planners are adding value and communicating with clients during this time? CPAs have provided the calm in the storm for their clients and have shifted their ways of doing business to meet changing client needs. Learn from Lyle Benson, […]
Accountants can help companies set strategy to deal with coronavirus – Accounting Today
Management accountants and CFOs can play an important role in guiding companies through the strategic options available to cope with the COVID-19 pandemic. A recent Statement on Management Accounting report, “Strategic Analysis—Methods for Achieving Superior and Sustainable Performance,” discusses how management accountants and CFOs can lead strategic analysis and planning to improve the performance of […]
Flipkart’s limited operations drag down Walmart’s international growth
Flipkart’s limited operations during the nationwide lockdown “negatively affected” growth in its international e-commerce business, US retail giant Walmart told investors on Tuesday, counteracting higher online sales in China, Canada, United Kingdom and Mexico. Walmart’s chief rival Amazon, too, said earlier this month that India was its most impacted geography due to the lockdowns brought […]
Ecomm ready to load cart with ‘non-essentials’
Illustration: Rahul Awasthi India’s top online marketplaces have begun accepting orders to deliver both essential and non-essential products across the country except within containment zones, even as some companies demurred while they wait for states to draw up regional guidelines for ecommerce. Amazon, baby products retailer Firstcry and beauty portal Nykaa were among those which […]
DST to “blossom” post coronavirus
On May 4, the OECD outlined its updated work on the digital services tax (DST) as it announced that its final report addressing the tax challenges of tech giants will be released in October – a leap from its initial July 2020 deadline. During the discussion, Pascal Saint-Amans, director of the OECD, said the increased […]
Uber to cut 3,000 more jobs, close 45 of its offices
Uber will cut about 3,000 jobs, in addition to the 3,700 it had announced earlier this month, as coronavirus-led restrictions sap demand for ride-hailing services, Chief Executive Officer Dara Khosrowshahi said in an email to employees on Monday. The ride-hailing business has suffered a near-total collapse as large parts of the United States and the […]