Let’s face it: accounting is confusing. There are so many rules to follow and calculations to do. But, it’s one of those things you have to do for the sake of your business. So instead of diving straight into the complicated stuff, start slowly with simple journal entries. Simple accounting journal entries are relatively easy […]
SBA to accept PPP loans only from smallest lenders for 8 hours today
The smallest lenders and their small business clients will have an exclusive opportunity to submit applications for Paycheck Protection Program (PPP) loans to the U.S. Small Business Administration (SBA) from 4 p.m. to 11:59 p.m. ET today, according to an SBA lending operations update. During this eight-hour period, the SBA systems will accept loans only […]
Accounting Today seeks Best Firms for Technology – submission deadline extended – Accounting Today
Accounting Today is accepting submissions for its report recognizing the Best Accounting Firms for Technology. This is the second year the publication will recognize firms in this category. The original deadline for submissions has been extended due to firms needing to handle their pandemic responses. Given the growing importance of technology to the profession, the […]
PPP Loan Accounting: Creating Journal Entries
Congratulations on receiving a Paycheck Protection Program forgivable loan! But if you want to receive loan forgiveness, you need to use it for eligible expenses and keep detailed records. Read on to learn about Paycheck Protection Program (PPP) loan accounting. Eligible expenses for PPP loan forgiveness If you want your Paycheck Protection Program loan to […]
FASB staff Q&As address hedge accounting amid the pandemic – Journal of Accountancy
FASB’s staff addressed hedge accounting issues related to the coronavirus pandemic in a staff Q&A document posted to the board’s website Tuesday. Stakeholders have asked FASB how the postponement or cancellation of forecasted transactions related to the effects of the pandemic should be considered when applying cash flow hedge accounting under FASB ASC Topic 815, […]
FASB staff Q&As address hedge accounting amid the pandemic
FASB’s staff addressed hedge accounting issues related to the coronavirus pandemic in a staff Q&A document posted to the board’s website Tuesday. Stakeholders have asked FASB how the postponement or cancellation of forecasted transactions related to the effects of the pandemic should be considered when applying cash flow hedge accounting under FASB ASC Topic 815, […]
How accountants can help state and local governments – Accounting Today
Accountants are in a unique position to help their state and local governments. Most elected officials do not have an accounting background and may not know much about finances and financial reports. Accountants could use their experience and expertise to educate their elected officials and fellow citizens about their government’s financial condition. Private sector accountants, […]
Big Four Accounting Firm Wants To Empower Enterprises With Ethereum – Forbes
Paul Brody, Global Blockchain Innovation Leader of EY Getty Images The idea that enterprises could use a public blockchain network is usually met with a lot of skepticism and raised eyebrows by the senior executives in Fortune 500 company boardrooms. Most of the time, engineers and product owners are even scared to mention any of […]
Tax & Accounting Update – The CPA Journal
Tax & Accounting Update is provided by Thomson Reuters and based on material published on Checkpoint, its online news and research platform. The Update is a quick-reference guide to the most pressing issues coming down the regulatory and administrative pipeline. Visit https://tax.thomsonreuters.com/checkpoint-news/ for further information and daily updates. Tax News IRS properly withheld employee names, cellphone numbers […]
SBA warns that larger companies may not qualify for PPP loans
The U.S. Small Business Administration (SBA) issued guidance Thursday reminding larger companies with adequate sources of liquidity to support ongoing operations of their responsibility to certify their eligibility for Paycheck Protection Program (PPP) loans if they apply or have applied. The SBA also issued guidance Friday in an interim final rule related to the PPP […]