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,

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,

Now’s your chance to gain financial literacy from a CPA. September 18, 2020 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. Finances and

New Jersey Governor Phil Murphy and Democratic legislative leaders have agreed on a budget deal that will raise taxes on millionaires to fund rebates for about 800,000 middle-class households. The deal will push the tax rate to 10.75 percent, from 8.97 percent, for the estimated 35,600 with incomes above $1 million. It also includes a

Xero has revamped its “Starter” plans in the United States, prompted by the need to better support small and midsize businesses while they deal with the impact of the COVID-19 pandemic. The announcement was made on Xero’s brand new online content platform, Xero on Air. Xero Starter plans now have increased limits on actions like

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

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

Employment increased by 1.4 million in August, the U.S. Bureau of Labor Statistics reported Friday, as the unemployment rate fell to 8.4 percent from 10.2 percent in July amid signs of economic recovery despite the ongoing COVD-19 pandemic, although the number of accounting and bookkeeping jobs declined last month by 1,600. The BLS reported that

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

The Internal Revenue Service said companies will be responsible for collecting and paying back any deferred payroll taxes under a directive by President Donald Trump aimed at helping workers while the administration and Democrats are stalemated on a stimulus deal. The agency issued guidance Friday that implements Trump’s order to delay the due date for

Millennial owners are enormously passionate about their businesses, but they can struggle with the kinds of skills that accountants excel at, such as keeping an eye on costs, crunching sales figures, managing cash flow and developing short-term and long-term plans.  August 27, 2020 4 min read Opinions expressed by Entrepreneur contributors are their own. As

Small business owners rely on business lines of credit for short-term money needs. A business line of credit is similar to a credit card in the sense that you are approved for a maximum credit limit. You can borrow and withdraw funds as you need them, up to the limit. You are charged interest only

When I founded FloQast, I started meeting fellow software entrepreneurs. As I got to know them I realized there is a common thread across the group — they have one of two backgrounds: Product or business development. Software engineers are able to hack together great products for sweat equity, get adoption, and then have VC’s

The Internal Revenue Service plans to correct penalties mistakenly levied on employers who reduced their tax deposits because they expected to claim some of the new tax credits to which they’re entitled under the Families First Coronavirus Response Act and the CARES Act this year. The IRS said Friday that some employers may have received

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

The Internal Revenue Service has released a draft version of the Form 1040 for tax year 2020 with several significant changes probably in store for next tax season. They include moving the question about virtual currency from the attached Schedule 1 to near the top of the main form, right under the name and address,

Being a small business owner or entrepreneur is fun, exciting, and rewarding. But it can also introduce your business to certain levels of risk that employees of other organizations don’t have to face. Thus you need to be proactive in protecting your personal finances from unwarranted risk. Smart Tactics For Protecting Your Personal Finances The

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

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

The Internal Revenue Service is reopening the registration period for parents to list their kids so they can receive an extra $500 per child in economic impact payments under the CARES Act. The $2.2 trillion stimulus package that Congress passed in March to help blunt the economic impact of the novel coronavirus pandemic included $1,200

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

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

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

The COVID-19 pandemic flipped our working world on its head. From work-life balance, to schools and daycares to social gatherings, almost no current business (or life) practice is the same as it was before. All industries have learned to adapt to keep their heads above water. Some have even thrived by quickly embracing work-remote models

Most new accountants start in a pretty standard way. It doesn’t matter so much how smart you are or how well you did in school; the firm still needs to train you and get a feeling for your ability. If you are good, then at some point you will break away from the normal progression

Because of COVID-19, businesses and their accounting departments are going through a cycle of shock (and maybe some denial), survival, learning and adaptation. For those of you who haven’t done so yet, it’s critical to begin the shift into the learning and adaptation phases as quickly as possible so we emerge stronger as a result.

If you contact your accountant once a month or once a quarter, you should try to do it more often. Your accountant can be your trusted advisor who you can turn to for a wide range of business advice. According to a survey conducted by OnPay, 61% of small businesses are completely satisfied with the

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

The world’s leading accounting software is now on sale. July 28, 2020 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. Intuit QuickBooks is

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,