Putting your spouse on payroll can be a wonderful strategy, or a nightmare that could cost you thousands. December 21, 2019 7 min read Opinions expressed by Entrepreneur contributors are their own. Rather than your true love sending you a partridge in a pear tree, wouldn’t you appreciate some money-saving tax tips? For my year-ending […]
Adaptive learning self-study enabled in new CPE provider rules
Rules for continuing professional education providers for CPAs have been changed to accommodate adaptive learning self-study programs and address other issues. The National Association of State Boards of Accountancy (NASBA) and the AICPA announced that they have approved revisions to the Statement on Standards for Continuing Professional Education (CPE) Programs and the NASBA Fields of […]
EY’s Jones to succeed Golden as FASB chair
Richard Jones, who has spent 32 years at EY, will succeed Russell Golden as FASB’s chair when Golden’s term expires at the end of June, the Financial Accounting Foundation (FAF) board of trustees announced Thursday. Jones will join FASB early next year to enable an orderly leadership transition. He is chief accountant and partner at […]
5 Year-End Charity-Donation Questions for Your CPA
Ask your accountant what organizations qualify, how to give and what documentation is needed. December 19, 2019 3 min read Opinions expressed by Entrepreneur contributors are their own. As an entrepreneur, small-business owner or investor, it’s important to ask your CPA before year’s end about your options for donating to charity. By donating to charity, […]
AICPA issues TQAs related to Sec. 163(j), GASB 84
The AICPA issued separate Technical Questions and Answers on Thursday to provide nonauthoritative guidance in response to the amendment of Internal Revenue Code Sec. 163(j) and related to GASB’s fiduciary activities guidance. Technical Questions and Answers (TQAs) 3300.01–.02 provide guidance relevant to Sec. 163(j), which was amended in 2017 to limit the deduction for business […]
“Do You Have a Permit for That?” Business Licenses and Permits You Need to Stay Legal
If you want to operate your small company legally, you likely need some business licenses and permits. There are federal, state, and local licenses and permits you might have to apply for. It all depends on your business. So, do you know which types of business licenses and permits you need to keep things legal? […]
SEC proposes expanding access to private markets
More investors would have access to private capital markets under a proposal issued Wednesday by the SEC. The proposal would amend the definition of “accredited investor” to permit more investors to participate in private offerings. Accredited investors are institutions and individuals deemed by the SEC to possess the knowledge and expertise to participate in private […]
Proposal would delay lease accounting effective date for federal entities
Implementation struggles experienced by federal agencies have prompted the Federal Accounting Standards Advisory Board (FASAB) to propose delaying the effective date of its standards for accounting for leases for two years. Under the proposal, Statement of Federal Financial Accounting Standards (SFFAS) 54, Leases: An Amendment of SFFAS 5, Accounting for Liabilities of the Federal Government, […]
What Is Form 1099-MISC, and Are You Responsible for Distributing It?
As a business owner, you have a lot on your plate. And sometimes, you need to hire outside workers with special skills to complete certain tasks at your business. To accomplish these tasks, you might consider hiring an independent contractor. Does the above scenario sound all too familiar to you? If you hired a contractor […]
How to handle accounting for digital assets
In a business environment that’s changing rapidly, even the currency used to pay for transactions is evolving in ways that challenge accountants and auditors. The growing popularity of various forms of digital (or crypto) assets has required many CPAs to consider how to appropriately account for them under GAAP. Questions and answers related to this […]