Finance & Accounting

The Internal Revenue Service is having a hard time hiring enough staff to help it get through this year’s extended tax season and overcome its backlog of unprocessed tax returns. A new report from the Treasury Inspector General for Tax Administration, released Friday, provided interim results on the 2021 tax-filing season. The report revealed that

Photo: David A. Brown Bill.com and Square have partnered with the San Francisco Chamber of Commerce, the Black Chambers of Atlanta and the regional economic development organization Greater St. Louis to present a webinar for small and midsized businesses as they navigate the second year of the COVID-19 pandemic. The free webinar on May 11

The Small Business Administration will begin accepting applications Monday for a new program to help hard-hit restaurants reopen during the pandemic, and some firms are preparing clients to apply. The SBA plans to open the application window for the Restaurant Revitalization Fund at noon EDT on Monday. Registration for the program opened on Friday morning.

Small businesses are gaining more revenue this year despite the lingering challenges from COVID-19 and reversing last year’s losses, according to a report from Intuit’s QuickBooks unit. The report examined how small and midsized businesses performed financially in different industries and geographies from March 2020 to March 2021, analyzing anonymized revenue data drawn from approximately

Get the financial education you need to run your business more efficiently. April 27, 2021 2 min read Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

Take the stress out of managing your business’s bookkeeping, accounting, and tax prep. April 26, 2021 2 min read Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce

Employers may be reimbursed for leave taken by employees to get the COVID-19 vaccine, thanks to the American Rescue Plan Act of 2021. Employers may also be reimbursed for leave needed by employees to recover from the vaccination. The ARP also allows those employers to be reimbursed for the cost of providing paid sick and

The Small Business Administration debuted a new program to help small businesses weather the COVID-19 pandemic and prepared to retry a launch of its Shuttered Venue Operators Grant program. The SBA opened a new round of Economic Injury Disaster Loan assistance, known as “Supplemental Targeted Advances,” on Thursday to provide $5 billion in extra help

The International Public Sector Accounting Standards Board released four proposals Thursday for improving various aspects of government accounting around the world. The exposure draft documents deal with changes in the measurement of assets and liabilities in financial statements; measurement; property, plant and equipment; and non-current assets held for sale and discontinued operations. The IPSASB, which

Representative Josh Gottheimer said a repeal of the $10,000 cap on state and local tax, or SALT, deductions could be offset by cracking down on tax cheats, the first proposal from Democrats as a way to pay for revival of a valuable tax break. The New Jersey Democrat said Monday that increasing funding for the

The Internal Revenue Service is suspending a requirement for taxpayers who received too much on their advance payments for the Premium Tax Credit last year to repay the excess amount. The IRS announced last week that taxpayers who received excess advance payments in 2020 on the tax credit for health care under the Affordable Care

The head of the IRS calculated that tax evasion in the U.S. may total $1 trillion a year, a figure that is multiples higher than previous estimates from the federal government. Internal Revenue Service Commissioner Chuck Rettig told a Senate panel Tuesday that previous tallies of the tax gap — which came to a cumulative

The Small Business Administration (SBA)has announced the extension of the deadline for businesses to apply for the Economic Injury Disaster Loan (EIDL) program to December 31, 2021. The new deadline extension for the second round of EIDL funding comes after the second COVID-19 relief bill of $900 billion was signed into law on December 27th,

Rep. Lloyd Smucker, R-Pennsylvania, has introduced legislation to delay the deadline for the first quarter’s estimated tax payment deadline until May 17 in line with a request from accounting and tax professional groups. Smucker has already gained support from many fellow lawmkaers, and recently led a letter, cosigned by 59 other members of Congress on

Paycheck Protection Program (PPP) loans have aided more than 5.2 million small business owners, providing a much-needed lifeline during the Coronavirus outbreak crisis. The overwhelming majority of owners who received PPP loans legitimately used the money to retain employees and stay operational. But the PPP program attracted a few rotten apples. And you won’t believe

With the lengthened filing season in full swing, National Conference of CPA Practitioners tax chair Stephen Mankowski recently met virtually with government officials on a number of tax season-related topics, including early season filing statistics, the appeals process, improvements to the taxpayer experience, Nationwide Tax Forums, and the filing date extension. Current filing statistics include

While retailers and consumer-oriented commercial businesses embraced online marketing years ago, accounting practices have been slow to adopt digital marketing strategies. The pandemic has hastened adoption, but for most firms the move to digital marketing remains more reactive than proactive. Many of the digital tools and techniques remain unfamiliar to senior firm management. This issue

Intuit is adding QuickBooks Cash, the bank account for small businesses, to QuickBooks Online Accountant and is planning updates to the Payroll Insights Dashboard for April. Intuit has already started rolling out QuickBooks Cash to accountants and firms, and has added tools to help accountants manage their firm’s cash flow. Professionals will now have the

Attend this free webinar and learn how to streamline processes, maximize efficiency, and increase profit. March 29, 2021 2 min read As your business grows your efficiency must increase if you want to maintain profitability and keep customers happy. A process that once took five minutes per customer is fine when you’re selling a handful

The Public Company Accounting Oversight Board approved a new advisory group aimed at giving investors and other stakeholders more opportunities to engage with the audit overseer. By a unanimous vote on Monday, the four members of the board approved the creation and the charter of the 18-member Standards Advisory Group. According to the advisory group’s

If your business needs money, you have different ways to raise it. You can take in investors (equity financing), borrow it (debt financing), win contests or grants, or simply have people give you money (gifts). Each of these options presents different practicalities for your business; they also have different tax consequences. Here’s a guide on

A household employer can use a Dependent Care Flexible Spending Account offered through their job to set aside pre-tax money (up to $10,500 in 2021 under the American Rescue Plan) to help pay for childcare and reduce their taxable income. This can save a family anywhere from $3,300 to $4,700 depending on their marginal tax

Get a better grasp on your company’s finances and help master the financial side of your business. March 25, 2021 5 min read Opinions expressed by Entrepreneur contributors are their own. Entrepreneurs need to draw on a wide variety of skills to succeed. In the course of a single day, you may wear 10 or

Profitability is essential for businesses big and small, but what is capitalism and the free market without any governance to make sure things are fair? More than that, how does an unregulated free market have consequences for your business? The actuality is that capitalism has skewed further away from being ethical and fair and has,

When everybody wants returns; future CPAs; the lure of Tinseltown; and other highlights from our favorite tax bloggers. Time enough at last Wolters Kluwer (http://news.cchgroup.com/): The very latest updates. Eide Bailly (https://www.eidebailly.com/taxblog): “This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” said two lawmakers, after their colleagues

The COVID-19 pandemic could give remote employees around-the-clock access to company funds with little supervision and lead to embezzlement. The pandemic may be providing opportunities for financial fraud that have yet to come to light. The Association of Certified Fraud Examiners released a report in December that showed the observed level of fraud continued to

How many of us U.S.-born CPAs could pass the CPA Exam in another language or move to another country and communicate well enough to advance in a CPA-related job where that country’s main language is not English? Our profession as CPAs is probably not much different than many others in terms of working alongside fellow

QuickBooks is incredibly popular with small business owners, boasting an 80% market share and 29 million small business users. As helpful as QuickBooks is, there are many Quickbooks apps for integration with the software to make it an even better tool for small business owners. Here are four of the best (in alphabetical order). Quickbook

The Internal Revenue Service said Friday that the third round of Economic Impact Payments will begin hitting taxpayers’ bank accounts as early as this weekend. After President Biden signed the American Rescue Plan Act into law on Thursday, the first batch of $1,400 payments will be submitted by direct deposit this weekend, with more arriving

Calculating land and building values for tax purposes is a critical step toward maximizing your available tax deductions from depreciation. This is because the law says you can only depreciate items that wear down over time (i.e., the building and not the land). Since most real estate purchase agreements do not assign value to each