If you’re an online seller or if you’re an accountant working with online sellers, doing the bookkeeping can be challenging (to say the least). In my experience, recording sales from Amazon is especially challenging because Amazon does things a little bit different. In this blog post, I will talk you through some of these challenges, […]
5th Circuit invalidates health care law’s individual mandate
The Fifth Circuit held on Wednesday that the “individual mandate” under Sec. 5000A, which imposes a “shared responsibility payment” on taxpayers who do not obtain health insurance that provides at least minimum essential coverage, is unconstitutional now that the payment amount has been reduced to zero (Texas, No. 19-10011 (5th Cir. 12/18/19)). The individual mandate […]
New FASB standard aims to simplify accounting for income taxes
FASB issued a standard Wednesday that is intended to simplify accounting for income taxes. The standard removes specific exceptions to the general principles in FASB ASC Topic 740, Income Taxes. In addition, the standard eliminates the need for an organization to analyze whether the following apply in a given period: Exception to the incremental approach […]
6 Qualities Of Restaurant Bookkeeping Experts (& How To Ask About Them In Your Interviews)
Restaurant bookkeeping is a fairly unique process, and through our experience, we have learned that the front of the house operations has an effect on the bookkeeping, and understanding the ins and outs is extremely important.
5 steps to being your own boss
By Richard Oster The New Year has an infectious energy. The thought of clean slates, the promise of change and a chance to follow your heart & make this year THE year. But when it comes to harnessing that New Year power and turning your dreams into reality, it can be a bit overwhelming, and […]
Proposed regs. would govern Sec. 162(m) executive compensation limits
In REG-122180-18, the IRS issued proposed regulations under Sec. 162(m), which disallows a deduction by any publicly held corporation for employee remuneration paid to any covered employee to the extent that the employee’s remuneration for the tax year exceeds $1 million. The IRS has scheduled a public hearing on the regulations on March 9 and […]
Final regs. issued on foreign tax credits
News Foreign Income & Taxpayers By Alistair M. Nevius {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS on Tuesday officially released final regulations (T.D. 9882) providing guidance on determining foreign tax credits (the regulations were previously posted to the IRS website). The regulations include changes necessitated by the law known as the Tax […]
Guidance issued on payments to charitable organizations
Proposed regulations issued by the IRS on Friday provide guidance on the treatment of payments made to charitable organizations in return for consideration, including in return for state and local tax credits (REG-107431-19). The regulations incorporate two earlier pieces of IRS guidance, Rev. Proc. 2019-12 and Notice 2019-12, as well as addressing other issues. The […]
Calculating Holiday Entitlement
If your holiday year runs from January to December you will soon be calculating holiday entitlement for your staff for 2020. Here are some facts to be aware of and to ensure you calculate it correctly, particularly for those who work part-time. Employees are entitled to 5.6 weeks paid statutory holiday per year (20 days […]
Fulfilling Our Company’s Technology Initiatives – Our Journey To Cloud-Based Software Part 1: Bill.com
As I planned for 2019, I included an initiative that was one of the most important we’ve ever set for ourselves: To learn more about cloud-based technology, integrate it into our company, and recommend more programs like it for our clients. Why? I strongly believe that bookkeeping will become a dinosaur unless we adapt to […]