Finance & Accounting

The Institute of Internal Auditors has begun its formal search for a successor to longtime president and CEO Richard Chambers. The IIA announced in July that Chambers plans to step down March 31, 2021, after 12 years at the helm of the organization and said it would begin an immediate search (see story). On Wednesday,
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Victims of the Oregon wildfires that began on Sept. 7 now have until January to file various federal individual and business returns and make tax payments. The IRS is offering this relief to any area designated by the Federal Emergency Management Agency as qualifying for individual assistance. Currently this includes Clackamas, Douglas, Jackson, Klamath, Lane,
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The Internal Revenue Service issued the special per diem rates Friday for 2020-2021 that taxpayers can use to substantiate the amount of expenses they can deduct for lodging, meals and incidental expenses when they’re traveling away from home, effective Oct. 1, 2020. Notice 2020-71 provides the special transportation industry rate, the rate for the incidental-expenses-only
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Deferring payroll taxes; another way to track EIPs; managing needy clients; and other highlights from our favorite tax bloggers. Daring adventures TaxMama (http://taxmama.com): The IRS is still putting out Tax Tips daily. Only problem is, they seem to be recycling old news and not updating it for COVID practices. Here’s some great news, though: The
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Details: The Pennsylvania Institute of CPAs has acquired CPA Crossings, a Michigan-based provider of online learning for accountants. The acquisition, which takes effect immediately, will position CPA Crossings to deliver online learning for financial professionals across the country. CPA Crossings will operate independently, leveraging PICPA’s administrative resources and executive oversight. “CPAs will lead the economic
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Nearly eight in ten small businesses have received aid from the federal government since the coronavirus pandemic began, but only a small percentage have sought help from local sources, including family or friends. A recent study by LendingTree analyzed results of the U.S. Census Bureau’s Small Business Pulse Survey to find the percentage of small
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There was an encouraging rebound for small business loan approval rates for banks and non-bank lenders during July. This is according to the Biz2Credit Small Business Lending Index released recently. The approval rates show an increase of 0.3% in the approval percentage for small business loan applications at big banks. This approval rate increase does
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With the recent economic slowdown, companies are under increased pressure to show stability, or even growth, and paint a rosy picture for investors. That pressure will undoubtedly cause some companies to engage in accounting fraud to distort their financial results, thereby misleading investors. As with most accounting scandals, companies are usually unable to sustain the
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The American Institute of CPAs has created a set of questions and answers to help practitioners deal with some of the issues related to preparing and auditing financial statements for health care providers amid the novel coronavirus pandemic, including the Paycheck Protection Program. The AICPA’s Health Care Industry COVID-19 Issues and FAQs page provides non-authoritative
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President Donald Trump announced four executive actions on Saturday, including continued expanded unemployment benefits and a temporary payroll tax deferral for some workers, as the coronavirus pandemic continues to hobble the U.S. economy. Trump also ordered continued eviction protection and student-loan relief. The moves could jeopardize negotiations with congressional Democrats over an additional coronavirus relief
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Do you know your personal credit score? What about your business credit score? Many people don’t know either. What’s more, most people don’t check their credit score before applying for a credit card, business loan, or personal loan. Some are shocked later on to discover that errors hurt them — errors they may have been
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Business loan terminology can be confusing. Most small business owners would rather grow their companies than talk about loan interest and finance charges. That said, if you approach a lender without knowing loan terminology you could be — well — borrowing trouble. Fortunately, we’ve created this glossary of loan definitions that a small business borrower
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The scope and sheer complexity of the Tax Cuts and Jobs Act of 2017, along with a frequent cadence of regulatory guidance since then issued by the Treasury Department, have created a host of tax-reporting challenges for companies across all industries. Among these challenges have been uncertain or evolving guidance, demand for much greater data,
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