If you have a family member working at your business, you probably know you need to avoid nepotism. You wouldn’t hire a less-qualified or unqualified family member, pay them more, promote them, or allow them to defy company policies because of their relationship to you. But even if your family hire is qualified, receives a […]
JC Penney’s future depends on what happens over the next two months
It’s not typical for a bankruptcy court hearing to fall on a Saturday, and it’s nearly unprecedented for it to happen by phone. But as the coronavirus has battered the U.S. economy, J.C. Penney must navigate almost entirely uncharted territory as it looks to shed debt and emerge from bankruptcy a stronger company. The iconic […]
House Democrats pass $3 trillion coronavirus relief package
U.S. Representative Nancy Pelosi (D-CA) speaks at her weekly press conference. Michael Brochstein | Barcroft Media | Getty Images House Democrats on Friday passed a $3 trillion coronavirus relief package, unprecedented spending Senate Republicans have pledged to block as the major parties struggle to find a path forward on the pandemic response. The chamber also […]
Podcast: How to generate cash flow utilizing NOL relief under the CARES Act
Under the CARES Act, you may be able to help your relevant business owner clients with their cash flow needs. This can be done by generating refunds from net operating losses (NOLs). As a CPA financial planner, use your deep tax knowledge to help clients benefit from this opportunity. Learn from experts Bob Keebler, CPA/PFS, […]
Sixth confirmed Amazon worker dies amid calls for the company to release data on coronavirus infections
A worker assembles a box for delivery at the Amazon fulfillment center in Baltimore, Maryland, U.S., April 30, 2019. Clodagh Kilcoyne | Reuters An Amazon warehouse employee in Long Island, New York has died from the coronavirus, the company confirmed. George Leigh, who worked out of Amazon’s Bethpage, New York, distribution center, known as DNY4, […]
Integrating QuickBooks Online with Amazon and Shopify using A2X
A common struggle for e-commerce sellers using Amazon and/or Shopify lies in how to get the information from your Amazon and/or Shopify account into QuickBooks Online. There is, of course, an option to manually enter the information, but that can easily lead to errors, and even when done perfectly, would take a lot of time […]
Trump says Fauci’s warnings about reopening amid coronavirus crisis are not ‘acceptable’
Top coronavirus health expert Dr. Anthony Fauci’s recent warning about the potentially dire consequences of reopening states and schools too soon was “not an acceptable answer,” President Donald Trump said Wednesday. Trump told reporters at the White House that he was “surprised” by Fauci’s answers during a hearing before the Senate Committee on Health, Education, Labor and Pensions. […]
Final regs. clarify when interest in corporation is stock vs. debt
News Corporations & Shareholders By Dave Strausfeld, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS on Wednesday issued final regulations (T.D. 9897) regarding the classification of certain related-party interests in corporations as stock vs. indebtedness. The distinction between debt and equity can have important tax consequences because, for instance, a corporation can […]
Do I Need to Report Cash Basis or Accrual?
As a business owner, navigating complex financial topics can be challenging. However, getting to the root of financial decisions that significantly impact an organization is critical. One such decision lies in business accounting. Every organization must decide which accounting method is best to manage and record income and expenses. Cash basis and accrual basis are […]
Proposed rules govern deductions and reporting for restitution
The IRS issued proposed regulations Wednesday (REG-104591-18) on the deductibility of fines, penalties, and certain other amounts after Sec. 162(f) was amended by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. The rules expand on the interim guidance in Notice 2018-23. Sec. 162(f), as amended by the TCJA, disallows a […]