Illustration: Rahul Awasthi E-commerce firms in India, including leaders Amazon and Flipkart, will take a major hit if sales of non-essential items continue to be restricted and the lockdown is prolonged, industry executives and analysts said. Smartphones, electronics, furniture, large appliances, among others, have been categorised as non-essential items in the current situation, but contribute […]
Archives for April 2020
CPA Exam testing center closings extended through May 1
News PROFESSIONAL DEVELOPMENT By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The coronavirus pandemic has cut even more into the second-quarter testing window for the CPA Exam as Prometric announced Friday that its testing centers in the United States and Canada will remain closed through at least May 1. Earlier, Prometric had […]
Podcast: Connecting with clients in the current environment
Increased health risks related to COVID-19, social distancing mandates, and the financial aspects of the CARES Act and other legislation has rapidly and dramatically changed the way CPA financial planners are practicing and serving their clients. There are practical considerations you can address and steps you can take in your practice to make sure you […]
FASB issues Q&As to clarify pandemic lease accounting issues – Journal of Accountancy
FASB posted a staff Q&A document to its website Friday that is designed to clarify pandemic-related questions about lease accounting. As a result of economic disruptions caused by the pandemic, many lessors will provide lease concessions to tenants. The Q&A states that for concessions related to the effects of the coronavirus pandemic, an entity will […]
IRS launches tool for nonfilers to receive stimulus payments
The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low ($12,200 for individuals or $24,400 for married couples filing jointly for 2019). The online portal allows people to enter […]
Weekend Reading for Financial Planners (Apr 11-12)
Executive Summary Enjoy the current installment of “weekend reading for financial planners” – this week’s edition kicks off with the news that, with the explosive popularity of the $350B Paycheck Protection Program (PPP) for small businesses over the past week, Treasury Secretary Mnuchin is already seeking a $250B expansion to ensure that the dollars don’t […]
7 Bookkeeping Tips for Small Businesses
As a business owner, you’re responsible for staying on top of your business’s books. If you have up-to-date and accurate accounting records, your company will be on the road to success. But if you fail to focus on your accounting tasks, your business can quickly sink before it has the chance to grow. To help […]
FASB issues Q&As to clarify pandemic lease accounting issues
FASB posted a staff Q&A document to its website Friday that is designed to clarify pandemic-related questions about lease accounting. As a result of economic disruptions caused by the pandemic, many lessors will provide lease concessions to tenants. The Q&A states that for concessions related to the effects of the coronavirus pandemic, an entity will […]
Unexpected rollover tax relief for unwanted RMDs
Sometimes procrastination has its benefits. Some clients had already taken required minimum distributions for 2020 when the coronavirus relief act, known as the CARES Act, eliminated them for this year. Now the question is, “Can I roll those funds back and eliminate the tax bill? The answer: Maybe. The IRS has just made it easier […]
Critical VMware Bug Opens Up Corporate Treasure to Hackers
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