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 […]
How auditors can stay independent while advising on revenue recognition
One of the most difficult challenges for some auditors as 2019 comes to an end is maintaining their independence amid the frustration and confusion of their clients over the implementation of FASB’s new revenue recognition standard. CPAs who see their clients struggling want to help, but if they are going to continue auditing a financial […]
Going the Freemium Pricing Route: What You Need to Know
When Goldilocks broke into the Three Bears’ home, she needed a bed that was just right—not too small and not too large. Likewise, when you break into the market, you need to set prices that are just right—not too low and not too high. Could freemium pricing be your “just right” strategy? So, what in […]
What Is an Independent Contractor?
As a business owner, you might need to hire a worker at some point or another. And depending on your type of business, you might need to hire employees, independent contractors, or both to get the job done. But, how much do you really know about independent contractors vs. employees? Can you get away with […]