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 […]
Archives for May 2020
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 […]
SoftBank Vision Fund posts record $18B loss, warns 15 portfolio firms may go belly up
SoftBank Group Corp reported losses of nearly $18 billion at its much-vaunted Vision Fund, the heaviest in the Japanese conglomerate’s history, after it wrote down the valuations of quite a few of its most prominent portfolio companies. It also warned of the likelihood of 15 of its portfolio firms going bankrupt in the wake of […]
10 Business Ideas to Make Money in Corona Crisis
Business Ideas to Make Money during Corona Crisis – Corona Crisis is creating severe problems for everyone. Businessmen, as well as job people everyone is affected due to this crisis. Most of the people are searching for business ideas and ways to make money during this uncertain time. If you are one of them, here is […]