BASRA, Iraq/ BAGHDAD (Reuters) – Iraq is cutting its oil output by around 700,000 barrels per day (bpd), a third less than required under an OPEC+ supply pact, after it failed to persuade international oil majors operating its giant fields to agree to deeper reductions. Iraq has agreed with oil majors operating its five giant […]
Archives for May 2020
Best advisor pay for the $2M producer
On Wall Street continues its annual analysis of base pay for advisors by looking at payout rates for those with $2 million in production. For our analysis of other categories, please see below. Data was collected by Arizent and analysis conducted by Tasnady & Associates. Assumptions for basic pay (prior to special policies/contingent bonuses): 25% […]
Final regs. clarify when interest in corporation is stock vs. debt
News Corporations & Shareholders By Dave Strausfeld, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS on Wednesday issued final regulations (T.D. 9897) regarding the classification of certain related-party interests in corporations as stock vs. indebtedness. The distinction between debt and equity can have important tax consequences because, for instance, a corporation can […]
Do I Need to Report Cash Basis or Accrual?
As a business owner, navigating complex financial topics can be challenging. However, getting to the root of financial decisions that significantly impact an organization is critical. One such decision lies in business accounting. Every organization must decide which accounting method is best to manage and record income and expenses. Cash basis and accrual basis are […]
SBA provides safe harbor for PPP loans under $2 million
Businesses that together with their affiliates accepted Paycheck Protection Program (PPP) funds of less than $2 million will be assumed to have performed the required certification concerning the necessity of their loan requests in good faith, according to guidance posted by the U.S. Small Business Administration (SBA) on Wednesday. The guidance, provided as Question 46 […]
Proposed rules govern deductions and reporting for restitution
The IRS issued proposed regulations Wednesday (REG-104591-18) on the deductibility of fines, penalties, and certain other amounts after Sec. 162(f) was amended by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. The rules expand on the interim guidance in Notice 2018-23. Sec. 162(f), as amended by the TCJA, disallows a […]
A tale of the PPP tape: Why relationship building matters
Businesses that already had a lending relationship with a bank were more likely to obtain loans through the Paycheck Protection Program (PPP), according to an analysis of PPP data through April 16 published in a blog on the Federal Reserve Bank of New York’s website. New York Fed economists Desi Volker, Ph.D., and Haoyang Liu, […]
How to Practice Self-Care During This Time
Now that we’re approximately 3,000 years into the pandemic (at least it certainly feels that way), you may actually be getting acclimated to this weird time. But even though it may feel more routine, that doesn’t mean it doesn’t still cause stress. If you haven’t yet found a way to nourish your soul, I highly […]
WhatsApp Pay: SC tells RBI, NPCI to respond in three weeks
The Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) are expected to file their response on WhatsApp Pay’s data localisation compliance status over the next three weeks following a Supreme Court directive on Wednesday. This comes when WhatsApp Pay is expected to be given the final nod for a full-scale roll-out […]
Artwork from the 1918 Pandemic
Taking a look back at the art, advertisements and political cartoons of the winter of 1918-1919 while the world was in the grip of the Spanish Flu, which ended up infecting as many as 500 million people, or one third of the world’s population. We didn’t have sophisticated equipment and laboratories to study the germ […]