The IRS has launched an online portal for taxpayers who are eligible to receive an economic impact payment but who are not normally required to file an income tax return because their income is too low ($12,200 for individuals or $24,400 for married couples filing jointly for 2019). The online portal allows people to enter […]
Guidance on NOL carryback and tentative carryback adjustments
The IRS provided guidance on how taxpayers who want to elect to waive or reduce the new provision requiring taxpayers with net operating losses (NOLs) arising in tax years beginning in 2018, 2019, and 2020 to carry them back five years (Rev. Proc. 2020-24). The IRS also extended the deadline for filing an application for […]
Two key things you need to survive working from home during a global pandemic
While some blogs focus on how to set-up a home office or what time management tool to use to increase productivity, the need to carry on like it is business-as-usual can be counter-productive in this unprecedented time. As many of our bookkeepers do work from home, we can assure you, working in a time of […]
Op-Ed: Get ready for the recovery of the 1%
Pedestrians wearing face masks walk past the New York Stock Exchange in New York, on March 18, 2020. Michael Nagle | Xinhua via Getty Images There were two important economic events on Thursday. The government reported that 6.6 million Americans filed for unemployment, an all-time record. And the Federal Reserve announced a new program to […]
Consulting with Employees about Workplace Change
We are going through strange and uncertain times, and you may need to make a major workplace change. Things are different now. They may never be the same again. The rules of Fair Work still apply! So it’s important to remember what the rules are (and yes they seem to be changing constantly at the […]
Finding an e-commerce accountant who understands Amazon and Shopify
Accounting for online sellers is unique. Finding a good Amazon and Shopify accountant who understands those unique needs can be challenging. It is important to know the right questions to ask when interviewing accountants to handle the financials for your e-commerce business. I’ve come up with a comprehensive list of questions to help you in […]
Bill Gates thinks schools will reopen in the fall, but the economy won’t magically return to the way it was before
Bill Gates Gerard Miller | CNBC Bill Gates thinks schools will be able to resume in the fall, he said in an interview with CNBC’s Becky Quick. “I do think school will be able to resume in the fall,” Gates said. “But I don’t think this school year there’s going to be any significant attendance. […]
Paycheck Protection Program and Additional Resources for Your Business
If you are a small, independent business experiencing financial hardships, you’ve likely heard about the enactment of the Paycheck Protection Program and loan options made possible through the CARES Act. Did you know that the PPP can offer the potential for complete loan forgiveness and that loan proceeds will directly help small businesses KEEP their […]
AICPA posts 20 FAQs on tax filing relief
Based on member feedback, the AICPA has identified seven key areas in need of immediate tax relief and has posted 20 FAQs on the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has been advocating for more comprehensive relief from Treasury and the IRS and also continues to urge the agencies to […]
Panera Bread is selling groceries as restaurant sales plummet
A Panera Bread shop displays a sign they are open amid the coronavirus pandemic on April 5, 2020 in New York City. John Lamparski | Getty Images Panera Bread is selling groceries as housebound consumers eat fewer meals from restaurants. Customers are able to order breads, bagels, milk, yogurt, cream cheese and fresh produce as […]