The COVID-19 pandemic has affected every industry around the globe, forcing companies to set up remote workforces and establish new communication channels through web-connected tools. Accounting jobs are swept up in this change, quickly becoming online accounting jobs. One of the biggest challenges of the pandemic is how quickly it happened. For example, in the […]
Rules proposed for direct primary care arrangements, health care sharing ministries
The IRS issued proposed rules (REG-109755-19) on the treatment of amounts paid for certain medical care arrangements, including direct primary care arrangements and health care sharing ministries. Sec. 213 allows individuals to take an itemized deduction for expenses for medical care, including insurance for medical care, to the extent the expenses exceed 7.5% of adjusted […]
What Are Business Expenses?
Expenses. We can’t escape them. But with careful attention, you can use them to reduce your tax liability. When you know what business expenses to deduct, you’ll be certain you’re paying no more than needed. So, without further ado, what are business expenses? Read on to learn how to maximize your profit when you use […]
Partial PPP loan forgiveness remains if 60% threshold not met
Borrowers under the Paycheck Protection Program (PPP) can qualify for partial loan forgiveness if less than 60% of the PPP loan is used for payroll, the U.S. Small Business Administration (SBA) and Treasury said Monday. Legislation signed June 5 lowered to 60% from 75% the minimum percentage of PPP funds borrowers have to spend on […]
Accounting MOVE Project releases 2020 report on female leadership – Accounting Today
The Accounting & Financial Women’s Alliance and its Accounting MOVE Project released their 2020 report, detailing female leadership and gender equity at CPA firms. MOVE (Money, Opportunity, Vital supports, and Entrepreneurship), sponsored by CohnReznick, Moss Adams, and other participating firms, focuses on the advancement of female leaders via yearly reviews. The 2020 MOVE Project results […]
Banks were already feeling the impact of COVID-19. This new accounting rule doesn’t help – USA TODAY
Banks across the nation were facing headwinds even before the coronavirus pandemic hit, and a new, more-rigorous accounting rule isn’t helping things. Banks could face eroding profits on a scale they haven’t seen since the Great Recession. For depositors and other bank customers, this is a possible cause for concern — or at least a reason […]
Accounting profession responds to George Floyd killing and anti-racism protests – Accounting Today
Accounting firms, state CPA societies and national accounting organizations are addressing the wave of international outrage and demonstrations sparked by the killing of George Floyd, an unarmed African-American, by four Minneapolis police officers. “Like so many in our community, I have been deeply affected by the killing of George Floyd in Minneapolis and the ongoing […]
GASB addresses subscription-based technology arrangements
GASB issued accounting and financial reporting guidance Friday for subscription-based information technology arrangements used by state and local governments. The accounting guidance for these subscriptions, which have become increasingly common in recent years, is included in GASB Statement No. 96, Subscription-Based Information Technology Arrangements. The new standard is based on the rules established in Statement […]
4 key COVID-19 audit risks for 2020 year ends
Many auditors have begun to turn their sights to their next group of audits: clients with 2020 fiscal year ends. The World Health Organization declared a public health emergency on Jan. 30, 2020, meaning many of these clients will have been affected by the COVID-19 pandemic during the period under audit. Auditing these clients will […]
People & firms on the move: Windes elected new MP – Accounting Today
NEBRASKA ConvergenceCoaching, Bellevue, announced the 2019-20 graduates of its Transformational Leadership Program: Joseph Ali, partner, PKF O’Connor Davies; Mike Arens, tax manager, HBE LLP; Troy Banker, shareholder, Geffen Mesher & Company PC; Benjamin Beskovic, tax partner, PKF O’Connor Davies; Jamee Bollinger, senior accountant I, Grimbleby Colemanl; Kelly Buck, audit senior manager, Windes; Lisa Carrick, partner, […]