Offers to sign up for a COVID-19 vaccine, an IRS agent calling to confirm a stimulus payment, or someone at the door offering to swab your nose to see you have the coronavirus. These are among the ploys scammers are implementing right now against American seniors in hopes of profiting from the uncertainty, fear, and […]
Small Businesses Can Bypass Complicated GAAP Rules For Crypto Accounting – Forbes
WASHINGTON, DC – APRIL 27: The Internal Revenue Service headquarters building appeared to be mostly … [+] empty April 27, 2020 in the Federal Triangle section of Washington, DC. The IRS called about 10,000 volunteer employees back to work Monday at 10 of its mission critical locations to work on taxpayer correspondence, handling tax documents, […]
An outsourced family CFO – Accounting Today
The purpose of a family office is to organize and centralize the management of a family’s personal and business financial affairs, and to maintain the financial house in as good an order as that of a well-run public company. The origin of the family office concept came from extremely wealthy families, and the family office […]
House passes bill that would relax PPP forgiveness requirements
The U.S. House approved legislation Thursday making it easier for small businesses and other recipients of Paycheck Protection Program (PPP) funding to qualify for forgiveness of the loans. The House bill, called the Paycheck Protection Flexibility Act, H.R. 7010, extends from eight weeks to 24 weeks the time PPP recipients have to spend their funds. […]
How companies are becoming creative with accounting during the COVID-19 pandemic – MarketWatch
The COVID-19 outbreak has brought out some creative accounting at companies, as executives attempt to gauge the impact of the pandemic on their businesses and how they would have performed if the crisis hadn’t all but shut the economy down. Before companies began reporting first-quarter earnings, Twitter users joked that the outbreak would prompt new […]
$10 billion from PPP pledged to lenders to underserved communities
Ten billion dollars in Paycheck Protection Program (PPP) Round 2 funds are being set aside to be lent exclusively by Community Development Financial Institutions (CDFIs) in an effort to boost businesses in underserved communities. This dedication of funds is designed to make sure that PPP money reaches all communities that need relief during the coronavirus […]
Social Security fraud boosted by COVID-19 fears
Social Security fraud was already a problem when the global COVID-19 pandemic hit the United States early this spring. But now fraudsters have added brand-new ploys involving the public health crisis to exploit unsuspecting victims. CPAs can help their clients, and the public, by using their esteemed positions in the community to distribute information about […]
How to Record Accrued Interest in Your Books
If you’ve taken out a business loan or line of credit, you’re aware that interest accrues on the borrowed amount. But, do you know how to record accrued interest in your books? Recording interest allocates interest expenses to the appropriate accounts in your books. That way, you can stay organized and better manage your accounting […]
Final regs. address reporting by tax-exempt organizations
Under final regulations issued on Wednesday, certain tax-exempt organizations will not have to supply the names and addresses of substantial donors on Schedule B, Schedule of Contributors, of Form 990, Return of Organization Exempt From Tax (T.D. 9898). The IRS had previously exempted these organizations from supplying that information using a revenue procedure, but that […]
COSO provides new guidance on risk appetite
News MANAGEMENT ACCOUNTING By Ken Tysiac {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} Risk appetite plays an important role in organizational success and should be considered carefully by leaders as they make strategic decisions. The Committee of Sponsoring Organizations of the Treadway Commission (COSO) has published new guidance on risk appetite focusing on how […]