Finance & Accounting

Two-thirds of accounting firm leaders reported a drop in staff productivity during the coronavirus pandemic, according to a new study, but they’re still committed to allowing employees to work from home even after they reopen their offices. The study, conducted by Accounting Today‘s parent company, Arizent, surveyed accountants at firms of all sizes across the
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Small Business Administration loans are a lot like “regular” bank loans with comparable rates and fees. So why get one? The SBA loan usually requires a smaller down payment. Since the loan is guaranteed by the SBA, the financial institution will more readily award the loan. The payback term for a working capital loan can
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Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases. Denver: Tax defier Lawrence Birk has pleaded guilty to failing to surrender to serve his prison sentence for tax evasion and illegal possession of a firearm. Birk, convicted a year ago of tax evasion, founded a sole proprietorship,
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The Trump administration, following a backlash, said it would release details about companies that received loans of $150,000 or more from a coronavirus relief program for small businesses. Treasury Secretary Steven Mnuchin (pictured) said last week the firms that got billions of dollars in taxpayer-funded aid wouldn’t be disclosed, sparking fury from Democrats and others.
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If you ever plan on seeking small business financing, entering into partnerships, or simply establishing your company financially, a DUNS number can help you make a major impact. However, some startup founders may struggle with the exact meaning of this term or the relevance to their operations. So if you have ever wondered “what is
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Investing in your business is often necessary to improve operations and increase profits over time. However, those expenses can sometimes grow too much and become unsustainable for small businesses. Currently, many businesses are struggling due to closures and social distancing practices, so they’re looking for cost cutting options to stay in business through a tough
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CPA Canada announced that it was the subject of a cyberattack that exposed personal information from approximately 329,000 individuals. The attackers accessed contact information, including email addresses, that the membership organization held on its website. According to published reports, the information was largely related to the distribution of CPA Magazine, and CPA Canada said that
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Just as you have a personal credit score that describes your financial history and a potential risk to creditors, your business may have its own separate credit score. However, some companies don’t take the necessary steps to build business credit early on, which can impact their ability to get financing and take other necessary steps
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Accounting firms, state CPA societies and national accounting organizations are addressing the wave of international outrage and demonstrations sparked by the killing of George Floyd, an unarmed African-American, by four Minneapolis police officers. “Like so many in our community, I have been deeply affected by the killing of George Floyd in Minneapolis and the ongoing
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Having multiple loans complicates business bookkeeping. Multiple loans may also impact business cash flow during the month. Should you consider business debt consolidation? Absolutely. Even if you’re easily managing multiple loans and cash flow, you might save money through debt consolidation. An investigation into small business debt consolidation that helps you save money? Sounds like
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Education Secretary Betsy DeVos was accused in a lawsuit of illegally seizing millions of dollars in tax refunds from students who defaulted on federal loans despite a congressional ban on such collections during the pandemic. The groups Student Defense and Democracy Forward filed the proposed class-action suit, which also named Treasury Secretary Steven Mnuchin, Friday
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Most people know they have personal credit scores. But not all entrepreneurs are aware that they may have a separate business credit score as well. Much like the individual credit scores that most people are aware of, business credit scores are numbers that are meant to evaluate the financial standing of a business and their
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On the run; Talent for fraud; relative chips in; and other highlights of recent tax cases. Providence, Rhode Island: Chiropractor Eugene Kramer, 50, has agreed to plead guilty to charges relating to a scheme to defraud health care benefits programs and that he allegedly failed to pay taxes to the IRS for some of the
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The coronavirus pandemic has brought out the best in many small business owners despite their own financial hardships. Many have generously given to help others in their communities and beyond. They’ve supported causes with cash and other types of donations. Are Charitable Contributions Tax Deductible? The tax law rewards the giving mentioned above with write-offs.
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With the coronavirus pandemic impacting the entire country, the IRS is moving its Nationwide Tax Forums to a virtual format this summer, with a series of live-streamed webinars beginning this July. The forums were scheduled to take place in six cities around the country; those in-person events are canceled. Initial registration for the in-person 2020
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