If you sell products at your business, you likely have some form of inventory. Knowing how much inventory you have on hand, as well as how much you need to have in stock, is a crucial part of running your business. To help keep track of inventory, you need to learn how to record inventory […]
COVID-19 relief bill addresses key PPP issues
President Donald Trump on Sunday night signed into law the $900 billion COVID-19 relief bill passed Dec. 21 by Congress. Trump had said he would not sign the bill because he wanted $2,000 stimulus checks for individuals instead of the $600 in the legislation. His signature Sunday came a day after unemployment benefits expired for […]
Many tax provisions appear in year-end coronavirus relief bill
The omnibus spending and coronavirus relief bill passed by Congress includes many tax provisions, including the extension of various expiring provisions, extensions and expansions of certain earlier pandemic tax relief provisions, and much more. The Consolidated Appropriations Act, 2021, H.R. 133, passed both houses of Congress on Dec. 21, and President Donald Trump signed the bill […]
AICPA tax policy and advocacy recommendations deliver results in 2020
This year, the AICPA’s tax advocacy efforts were focused on helping the profession and taxpayers in various areas of tax administration and tax policy. As the coronavirus pandemic gripped the world, the AICPA focused on issues that benefited tax practitioners and taxpayers, while advancing the profession as a whole. Tax administrative filing, payment, penalty, and […]
Financial fraud risks to watch for amid the pandemic
The precise effect the COVID-19 pandemic is having on financial fraud may take time to sort out — regulatory enforcement actions against accounting violations can take years to piece together. But some forensic accounting specialists said during a session at the AICPA Conference on Current SEC and PCAOB Developments that fraudulent reporting trends from recent […]
Guidance for single audits provided in OMB compliance addendum
Practitioners who perform single audits received some deadline relief Tuesday along with important information needed to complete their engagements. New guidance on single audits was issued Tuesday by the Office of Management and Budget (OMB) in the form of an addendum to the 2020 OMB Compliance Supplement. Due to the late issuance of audit guidance […]
AICPA white paper tackles blockchain and SOC for Service Organization reports
The AICPA has released a white paper that provides practitioners (known as service auditors) with advice about performing SOC for Service Organization reports on companies that have incorporated blockchain into their service-delivery systems. The use of blockchain may allow service organizations to provide new services (e.g., developing new systems to support supply chain efficiency) and […]
What Is the Break-Even Point, and How Do You Calculate It?
Do you want your business to make a profit? Duh, of course you do! But when you’re starting out, it may take a few years before you enter profit territory. And after you start making a profit, you may be at the break-even point for a while. So, what is the break-even point? What is […]
5 accounting considerations for divestitures and carveouts – Journal of Accountancy
Organizations may pursue a divestiture, a spinoff, or a partial divestiture (also referred to as a carveout) for any number of reasons. From an accounting perspective, each of these terms means something a little different. For instance, a divestiture typically refers to a company disposing of an entire line of business or separate subsidiary that […]
Memorize These Types of Accounts in Accounting
You’ve heard about debits and credits. You know they increase and decrease certain accounts. But, how much do you know about the accounts they affect? There are five types of accounts in accounting. If you don’t know what they are, your crash course has arrived. Read on to learn about the different types of accounts […]