It’s been more than a year since the pandemic began, and while the vaccine rollout is reason for optimism, many organizations will be dealing with financial fallout for the foreseeable future. While private businesses and not-for-profit organizations face mounting financial pressures, many are also still contending with the adoption of new guidance for lease accounting. […]
“SOS! Do I Need to Prepare a 1099 for Credit Card Payments I Make to Contractors?”
Paying a contractor to perform work for your business comes with a little disclaimer: reporting said payments on Form 1099-NEC. But what if you pay your contractor using a credit card? Do you have to prepare a 1099 for credit card payments? If you’re not sure what your responsibilities are for making electronic payments to […]
Companies need to be careful with accounting for crypto – Accounting Today
As businesses invest funds in cryptocurrencies and sell assets like nonfungible tokens, they should be aware of the accounting and tax issues surrounding them, or risk running afoul of regulators. With corporations like MicroStrategy and Tesla investing billions of dollars in cryptocurrencies, more companies are considering incorporating crypto into their business operations. The use of […]
Restaurant Revitalization Fund faces huge funding shortfall
Less than 10 days after its launch, the Restaurant Revitalization Fund (RRF) has less than half the money it needs to fund a flood of relief requests from one of the sectors of the economy hardest hit by the COVID-19 pandemic. The U.S. Small Business Administration (SBA), which administers the RRF, reported Wednesday that restaurants, […]
Real estate accountants face pandemic challenges – Accounting Today
Accounting for real estate owners has become more difficult since the pandemic broke out last year as tenants stopped paying rent, rules changed for leases, and unused office space proliferated. Even as businesses reopen across the country thanks to the widening availability of COVID-19 vaccines, those challenges are likely to linger. In preparing their 2020 […]
IRS clarifies pandemic relief for dependent care assistance programs
With Notice 2021-26, the IRS explained on Monday that dependent care assistance program balances carried forward under temporary COVID-19 relief provisions retain their exclusion from participating employees’ gross income and wages. Dependent care assistance programs, authorized by Sec. 129, allow exclusion from gross income of employee amounts paid or incurred by the employer for dependent […]
Accounting and Tax Considerations for Cryptocurrency – FEI – FEI Daily
The Financial Education & Research Foundation (FERF) spoke with Deloitte’s Principal, Risk and Financial Advisory Practice Tim Davis, Deloitte Partner, US Audit & Assurance Blockchain & Digital Assets Partner Amy Park, and Deloitte Partner, Global & US Tax Blockchain & Digital Assets Leader Rob Massey about the accounting and tax considerations when a company invests […]
Sell Your Work: What to Say When Sending an Estimate
Finding new work for your business is exciting. But sending an estimate? That can be a cause for a moment of panic. What to say when sending an estimate is important because you are selling your work and skills to a potential client. Read more about what to say when sending an estimate and how […]
SBA sending first $2 billion in Restaurant Revitalization Fund payments
The first wave of payments from the Restaurant Revitalization Fund (RRF) is going out to more than 16,000 restaurants and other food and beverage providers, some of whom could see relief money in their bank accounts as soon as Tuesday. A week after opening the $28.6 billion RRF, the U.S. Small Business Administration (SBA) said […]
Pandemic government relief: Details, allocations provided
State, local, territorial, and tribal governments will have flexibility to apply Coronavirus State and Local Fiscal Recovery Funds to meet their own needs, Treasury revealed Monday. Treasury released details on how governments can use the $350 billion in emergency funds established by the American Rescue Plan Act of 2021, P.L. 117-2. The funds are designed […]