The IRS posted two sets of FAQs to its website on Friday, explaining changes to various credits made by the American Rescue Plan Act (ARPA), P.L. 117-2. New Child and Dependent Care Tax Credit FAQs discuss changes made by ARPA that increased the maximum amount of work-related expenses for qualifying care that may be taken […]
Regs. on postponing tax deadlines due to federally declared disasters
In new final regulations (T.D. 9950), Treasury and the IRS have attempted to resolve ambiguities about when a federally declared disaster will lead to a mandatory 60-day postponement of certain time-sensitive tax-related deadlines. The final regulations adopt, with some changes, proposed regulations issued in January (REG-115057-20). The mandatory postponement provision, Sec. 7508A(d), was added to […]
FinREC addresses EBP revenue recognition implementation
The AICPA Financial Reporting Executive Committee (FinREC) issued a working draft of an accounting implementation paper Wednesday that would address revenue recognition implementation for employee benefit plans and would be included in the AICPA Audit and Accounting Guide, Employee Benefit Plans. FinREC is seeking comments on the proposed implementation guidance, which addresses how FASB’s new […]
7 Accounting Reports You Should Know Inside and Out as a Business Owner
You know that running a business means tracking all of your incoming and outgoing money. So, you write it all down and track every single penny and transaction. But, how do you analyze all of that information? The answer: accounting reports. Let’s dive into the seven accounting reports you should know when running a business. […]
Learn Quickbooks to Save Each Year Managing Your Accounting and Bookkeeping
Free Book Preview Money-Smart Solopreneur This book gives you the essential guide for easy-to-follow tips and strategies to create more financial success. June 10, 2021 2 min read Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share […]
What Are Assets in Accounting? – business.com – Business.com
The term “asset” is often heard when the financial value of a business is being assessed. An asset can be any resource that an individual or a corporation controls and generates a positive economic benefit for its owner. Personal assets contribute to a person’s wealth, while business assets are for corporations and are listed on […]
Osome raises $16M to automate repetitive accounting tasks – VentureBeat
Elevate your enterprise data technology and strategy at Transform 2021. AI-powered accounting platform Osome today announced that it raised $16 million in a series A funding round. The company plans to put the proceeds, which bring its total raised to over $24 million, toward expanding its footprint internationally and building new product integrations. Studies show […]
Rising optimism outweighs concerns about labor shortages, inflation
Finance leaders in the United States have a growing sense of economic optimism, according to the latest AICPA Business and Industry Economic Outlook Survey, but it’s complicated by worries about inflation and labor shortages. All nine components of the CPA Outlook Index showed signs of improvement in the survey of 770 CPA decision-makers, which was […]
LemonEdge raises $2.5m to digitise accounting for PE industry – Finextra
LemonEdge, a London-based startup that helps firms in the private equity and financial services industries digitise complex accounting, has raised $3.5 million. The oversubscribed round was led by Sidekick Partners and joined by Tikhon Bernstam, founder of Parse and Scribd, and Lauren Iaslovits, founder of Investra. LemonEdge (formerly LemonTree Software) says that its low code […]
Armanino and Brown Smith Wallace to merge – Accounting Today
San Ramon, California-based Armanino LLP will merge with St. Louis-based Brown Smith Wallace effective Aug. 1, 2021, the firms announced Wednesday. The deal adds Brown Smith Wallace’s strong presence in the Midwest to Armanino’s home base in California, as well as its growing operations in the Pacific Northwest, Texas, and the Chicago area. “We think […]