So, you started a business, then let it sit for a little bit, hmm? If you didn’t earn income for an entire year, you might be wondering if you have to file your tax return. So, how does filing taxes for small business with no income work? To file, or not to file? That is […]
Accounting profession marks centennial of first Black CPA with new diversity campaign – Accounting Today
As February marks the beginning of Black History Month, organizations across the accounting profession have marked the occasion by commemorating the 100th anniversary of John Cromwell, Jr. becoming the first registered Black CPA with a new yearlong diversity program. On Monday, a number of prominent accounting organizations — including the American Institute of CPAs, the […]
PPP advice for firms: Preach patience to clients
Carl Peterson, CPA, CGMA, has a recommendation for accounting firms facing a torrent of client demands and deadlines caused by the confluence of tax season and the reopening of the Paycheck Protection Program (PPP). Take the time to do it right. Peterson, the AICPA’s vice president–Small Firm Interests, offered those words of wisdom during a […]
Maryland’s Tom Hood joins the Association of International Certified Professional Accountants – Journal of Accountancy
Tom Hood, the longtime CEO of the Maryland Association of CPAs, has joined the leadership team of the Association of International Certified Professional Accountants (the Association). As executive vice president of business growth and engagement, Hood will report to Barry Melancon, CPA, CGMA, the Association’s CEO. Hood has served as CEO of the Maryland Association […]
Maryland’s Tom Hood joins the Association of International Certified Professional Accountants
Tom Hood, the longtime CEO of the Maryland Association of CPAs, has joined the leadership team of the Association of International Certified Professional Accountants (the Association). As executive vice president of business growth and engagement, Hood will report to Barry Melancon, CPA, CGMA, the Association’s CEO. Hood has served as CEO of the Maryland Association […]
SBA issues FAQs for Shuttered Venue Operators Grants
A set of frequently asked questions released by the U.S. Small Business Administration does not specify a starting date for the new Shuttered Venue Operators Grant (SVOG) program but does recommend actions potential applications should be taking while the SBA builds the application platform. The $15 billion SVOG was created by The Economic Aid to […]
Iconic Holbrook’s building gets second life, being renovated to house local accounting firm – Salisbury Post – Salisbury Post
KANNAPOLIS — With sunlight drenching her back, DeAnna Ford looked around at the barren stone walls and the still-exposed metal studs and imagined what her future office will look like. Several weeks into the renovation process, DeAnna and her husband Jeremy recently hit a milestone. The windows at the front of the 3,100-square-foot building that […]
Beware of identity theft scam involving unemployment benefits
The IRS is warning taxpayers of an identity theft scam involving fraudulent claims for state unemployment benefits. Identity thieves are reportedly using stolen personal information to file for and receive unemployment benefits. This scam has proliferated during the COVID-19 pandemic as unemployment claims in general have skyrocketed. In response, the IRS says taxpayers who receive […]
FASB simplifies revenue recognition for private company franchisors
Private company franchisors will be able simplify their revenue recognition accounting under a standard issued Thursday by FASB. The new Accounting Standards Update provides a practical expedient that simplifies how private company franchisors analyze certain activities when determining their performance obligations in a franchise agreement. When a business owner opens a new branch of a […]
ESG responsibilities increase for accountants in 2021 – Accounting Today
Environmental, social and governance (ESG) issues are steadily becoming the responsibility of accounting and finance professionals, according to the Association of International Certified Professional Accountants. In a release on Wednesday, the Association shared six ESG trends affecting accounting and finance professionals in 2021, with a main point being a shift in responsibility of ESG matters […]