Facebook beat analysts’ estimates for quarterly revenue on Thursday and forecast similar growth ahead, as businesses tapped its digital ads tools despite an unprecedented boycott and the economic upheaval of the coronavirus pandemic. Facebook shares jumped 7% in extended trading after the world’s biggest social network posted revenue growth of 11%, its slowest ever but […]
Archives for July 2020
Amazon posts biggest profit ever at height of pandemic in US
Amazon on Thursday posted the biggest profit in its 26-year history as online sales and its lucrative business supporting third-party merchants surged during the coronavirus pandemic. Shares of Amazon, the world’s largest online retailer, rose 5% in after-hours trade. While rival brick-and-mortar retailers have had to shut stores during government-imposed lockdowns, Amazon hired 175,000 people […]
Tax-News.com: France Publishes List Of Territories Exempt From CbC Local Filing
On July 20, 2020, the French Government published in the Official Gazette a decree to expand the list of jurisdictions exempt from local filing reporting requirements under the country’s country-by-country reporting regime.
Tax-News.com: OECD Releases New Action 14 Peer Review Reports
The OECD has released peer review reports reviewing nine territories’ progress towards implementing the BEPS Action 14 standard, on improving tax dispute resolution.
Tax-News.com: UK Considering New Online Sales Tax
Alongside a review into the reform of the business rates system (commercial property tax) in the UK, the Government is looking at possible taxes that could replace or supplement the regime, including a new tax on online sales.
How to change your accounting software
If you’ve decided to move your small business to Xero, there’s a way to do this that suits your schedule, budget, bookkeeping skills and current state of your accounting information. There are three main ways to move your accounting information to Xero, from your previous system. You may be using a spreadsheet, MYOB, Sage, QuickBooks […]
Simplified accounting rules issued for small businesses – Journal of Accountancy
Proposed regulations (REG-132766-18) issued Thursday update various tax accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers with inflation-adjusted average annual […]
Simplified accounting rules issued for small businesses
Proposed regulations (REG-132766-18) issued Thursday update various tax accounting regulations to adopt the simplified tax accounting rules for small businesses enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. For tax years beginning in 2019 and 2020, these simplified tax accounting rules apply for taxpayers with inflation-adjusted average annual […]
Doki Backdoor Infiltrates Docker Servers in the Cloud
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IRS to allow faxing of automatic method change requests
In response to the coronavirus pandemic, beginning July 31, the IRS is allowing taxpayers that file Form 3115, Application for Change in Accounting Method, to fax the duplicate copy of the request, instead of mailing a paper copy. Usually the duplicate copy is mailed the Ogden, Utah, IRS office, but now taxpayers can fax it […]