Finance & Accounting

As you begin to prepare for the coming year, factor in changes impacting withholding from employees’ wages. As a result, you likely need to change your procedures and make adjustments to your budget for 2020. Wage Withholding Changes in 2020 Revised Withholding Tables Due to cost of living adjustments to federal income tax brackets, withholding

If you’re a freelancer, invoice day is definitely a happy day. It’s basically like payday so long as your clients pay on time. It’s unfortunate, but many freelancers struggle with late payments from clients of even non-payment. To avoid this, you definitely need to carefully vet your clients ahead of time, but the day and

The Public Company Accounting Oversight Board could be making more changes ahead as the audit firm regulator deals with a tumultuous series of transformations in the past two years with an all new set of board members, an overhaul of much of its staff, and the recent replacement of one of its board members with

Leaders of tax enforcement authorities from the U.S., Australia, Canada, the Netherlands and the United Kingdom met this week to discuss ways to deal with tax crimes and tax evasion, particularly involving cryptocurrency. The Joint Chiefs of Global Tax Enforcement from the five countries, known as the J5, brought together investigators, cryptocurrency experts and data

Do you know the businesses veterans own generate around $1.2 trillion in annual receipts? This according to the Small Business Administration (SBA). The revenue comes from the 2.5+ million businesses and the millions of people they employ in the U.S. And this has resulted in one in every 10 business being owned by veterans. But

The consulting practices of accounting firms saw their revenues increase 15.9 percent in 2018 to surpass $2 billion for the first time ever, reaching $2.1 billion, according to a new report. The report, by Source Global Research, found that accounting firms now generate more than a third of all consulting revenues in China. China’s overall

The number of payment options in the market place is on a steady rise. But this availability is not creating an easy to use ecosystem businesses can readily adopt. Simply put, the ecosystem seems more complex than it has to be. An infographic by The Electronic Transactions Association looks at how Independent Software Vendors (ISVs)

Sponsor content from The number of Americans ages 65 and over is projected to nearly double by 2060. And most would prefer to age in place and hiresenior caregivers if needed. Quality homecare is expensive, but clients can reduce costs by hiring caregivers directly rather than using an agency. However, hiring household employees directly brings

Companies nationwide are beginning to prioritize and focus on the advancement of women at increasing rates. In the traditionally male-dominated accounting industry, firms are working particularly hard to increase the retention of female associates and move them into leadership roles. According to the American Institute of CPAs’ latest CPA Firm Gender Survey, women only represented

If you are already successfully running a women-owned business, pat yourself on the back. You have made it! And if you have a great idea to initiate the one, there is no better time than now. This is because women-owned businesses are soaring. According to the 2019 State Of Women-Owned Businesses Report, the number of

The debate continues, but there’s plenty to be said for prioritizing mobile payments. October 29, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. When was the last time you paid cash for something? Personally, it’s rare for me to even carry it these days. And with the rise of new mobile and

Splitit is launching the first of its kind business-to-business (B2B) payment platform. Splitit Business Payments is going to allow manufacturers and suppliers to offer their buyers an interest-free, installment credit solution. B2B Installment Payments According to the company, this new solution is going to remove the barriers between SMB buyers and sellers. It will do

Internal Revenue Service Commissioner Charles Rettig issued an order Friday transferring authority over denials of requests for tax appeals to the IRS’s Office of Chief Counsel, despite recent legislation creating an independent Office of Appeals at the IRS. “In a delegation order released today, the IRS Commissioner delegated authority regarding denials of requests to go

An estimated 62% of accountants in America feel underpaid. That’s reported by a survey conducted by Fishbowl. The company surveyed 4,708 from across many industries. The study showed more than 60% of professionals feel under-compensated given their qualifications and level of experience. Professionals Feel Underpaid Accountants came second following advertising and PR professionals. Specifically, 62.32%

Growing complexity in the world of tax, and corporate pressures to do more with less, are creating opportunities for accountants to bring some much-needed relief to business clients, according to leaders at Deloitte Tax LLP. “There’s been a 40 percent reduction in the corporate tax rate – but at the same time, our clients in

Nearly 12 million women own businesses around the country. But those businesses don’t always receive the funding they need. In fact, only 15 percent of women-owned firms raise at least $100,000 in funding. Compare this to 28 percent of male-owned businesses. Co-Founder and President of Kabbage Kathryn Petralia addressed this issue in an email interview

Workflows exist in every business — including accounting firms. Some are tremendously complex and intertwined, while others are simple and direct. For most firms and their clients, there are workflows, and business processes, that can be improved. In many cases, improving workflows starts with examining the business processes that underlay them. oftentimes, processes are designed

With the lure of being independent, flexible working times, freedom to choose projects and a chance to experiment with their craft, more Americans are freelancing. And in 2019 their earning is set to hit the $1 trillion mark. Freelancing in America 2019 According to the Upwork  Freelancing in America: 2019 study, 57 million Americans are

Millions of people get excited about the idea of starting their own business. But, the logistics of getting a business started are challenging and complex. One of the earliest hurdles you’ll need to overcome to be successful is getting your business funded. In other words, to fund your business, you need to collect enough money to pay

The post-tax-reform decline in the Schedule A, the redesign of the 1040 and the continuing prevalence of e-filing will reshape the future filing landscape, according to the IRS. The IRS Statistics of Income Division’s recently released “The 2019 Calendar Year Projections of Individual Returns by Major Processing Categories” (Publication 6187) presents multi-year projections of the

The IRS has selected nine new members for its Electronic Tax Administration Advisory Committee. The committee’s aim is to prevent identity theft and refund fraud in support of paperless filing of tax and information returns. ETAAC members work closely with the Security Summit, a joint effort of the IRS, state tax administrators and the tax

No era in history has seen so many successful Hispanic entrepreneurs thriving as they do today.  The U.S. Census Bureau predicts that 1 in 3 Americans will be Hispanic by the year 2060. As a result, count on even more Hispanic entrepreneurial success in the future. Most Successful Hispanic Entrepreneurs Take a look at 16

A new financial program from Visa, Practical Business Skills, has been launched. It’s designed to help small businesses with a variety of resources and tools. Small Business Trends contacted Visa Senior Director of Social Impact Hugh Norton to learn more. “Financial and business literacy are two of the most critical skills a small business owner

The American Institute of CPAs’ Financial Reporting Committee has sent a letter to the Financial Accounting Standards Board questioning the costs and benefits of FASB’s current goodwill impairment model. The letter, which the AICPA’s FinREC group sent last week to FASB, comes in response to an invitation to comment from FASB. FASB had asked whether

If you face competition from companies importing Chinese products at unfairly low rates, there is good news for you. A recent compromise at the Universal Postal Union’s emergency congress can get you an edge over your Chinese counterparts. Also, it can make your business more competitive. According to the latest development, the Universal Postal Union

The IRS has issued additional guidance on common questions regarding the tax treatment of a cryptocurrency hard fork (when a single cryptocurrency splits in two). A new set of FAQs also addresses virtual currency transactions for those who hold it as a capital asset. Some taxpayers with virtual currency transactions may have failed to report

A reader asks: Recently I was hired as a bookkeeper for a small manufacturing business. My boss, the owner, uses the business bank account for personal use — and it’s driving me crazy!  He withdraws money with a debit card for personal expenses. Last week his wife bought a big screen TV for their home

Expensify, provider of the popular expense management app, has introduced the Expensify Card, a free corporate card for companies that use the app. The card, though physical, is a form of extra automation, as any card swipe automatically generates an expense entry. “Expensify started as a corporate card way back in 2008, before we decided

Common practice in many businesses allows owners and employees to drive company cars, trucks, or vans for personal reasons. You’ll notice this particularly with small businesses. This may include commuting. As a result, businesses need to treat this as personal use. Or owners and employees may have access to a company vehicle after work for

With the global e-learning market expected to reach 400 billion dollars by 2026 more people are opting for online courses to raise their game. This has opened opportunities for those who can cash in on their knowledge by creating valuable online learning materials. As Onlinecoursereport.com explains, selling your knowledge or other products online can get