The IRS finalized regulations on the operation of Sec. 1446(f), which requires withholding on the transfer of a partnership interest described in Sec. 864(c)(8) (gain or loss of foreign persons from the sale or exchange of certain partnership interests) (T.D. 9926). Sec. 1446(f) was added to the Code by the law known as the Tax […]
Diversity in accounting: An ethical, social and practical imperative – Accounting Today
“While diversity practices are developing, progress is fragmented … For the wider profession, there are long-term stakes in legitimacy, professional ethics, trust creation, and future recruitment.” — Institute of Chartered Accountants of England and Wales Serving in an attractive profession that offers great earning potential and a reliable array of career choices, accountants are historically […]
What Kind of Support Can You Get for Starting a Veteran-owned Small Business?
If you have a veteran-owned small business, you may be eligible for special training, loans, and contracting opportunities. Read on to learn what types of options are available to veteran entrepreneurs as well as eligibility requirements. And if you don’t have a veteran-owned business, you might qualify for support if you employ workers with veteran […]
SBA clarifies deferral period for PPP loan payments
The US Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note indicates only a six-month deferral. The guidance means that lenders must immediately comply with the […]
4 Reasons Why It’s Time to Hire an Accountant for Your Small Business
October 7, 2020 4 min read Opinions expressed by Entrepreneur contributors are their own. According to the 2019 Onpay Small Business Finance and HR Report, just 30 percent of small business owners work with accountants. That’s not surprising, given how much each dollar counts to a small company. Doing the accounting yourself certainly saves some […]
GE Says It Has Received ‘Wells Notice’ From SEC Relating to Accounting Investigation – The Wall Street Journal
The SEC has been investigating GE’s accounting concerning a legacy insurance business. Photo: benoit tessier/Reuters By Theo Francis Close Theo Francis and Ted Mann Close Ted Mann Updated Oct. 6, 2020 4:43 pm ET Federal securities regulators have warned General Electric Co. of a civil-enforcement action over its accounting for a legacy insurance business, adding […]
Accountants more upbeat globally in Q3 despite coronavirus – Accounting Today
Global confidence improved significantly in the third quarter of the year among accountants, despite fears of a prolonged economic recession amid the novel coronavirus pandemic, according to a survey of members of the Association of Chartered Certified Accountants and the Institute of Management Accountants. The ACCA and IMA’s latest “Global Economic Conditions Survey,” released Tuesday, […]
Nonfilers have until Nov. 21 to apply for economic impact payment
The IRS is giving individuals who do not normally file a tax return and have not received an economic impact payment an additional five weeks to enter their information on the Non-Filer: Enter Payment Info Here tool on the IRS website. The new deadline is midnight Nov. 21, which the IRS says is the latest […]
The 6 Best Ways for Solopreneurs to Manage their Books
October 6, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers, out now via Entrepreneur Press. Purchase from Amazon | Barnes & Noble | Bookshop | IndieBound. Good record keeping is just good business. How you manage data, account for financial transactions and store and retrieve your records is […]
Thinking About Becoming a Solopreneur? Utilize These 6 Accounting Tips to Succeed
If you’re running a business by yourself, you may be considered a solopreneur. And like any other business owner, you need to familiarize yourself with accounting dos and don’ts. Read on to learn more about solopreneurship and tips for handling your books when you’re the one running the show. What is a solopreneur? A solopreneur, […]