Finance & Accounting

Businesses must file annual federal income tax returns by a set due date. For partnerships and S corporations on a calendar year, the deadline is March 15 (e.g., March 15, 2021, for the 2020 return); for calendar-year C corporations and sole proprietors, the deadline is April 15 (e.g., April 15, 2021, for the 2020 return).

The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19. The No. 1 tax issue this year is mapping the tax impact of COVID-19-related business strategies, according to a recent Tax Outlook Survey from BDO USA, while the biggest challenge

All small business owners know how vital cash flow is to their survival — and how managing their accounts receivables (AR) and accounts payables (AP) is the key to maintaining a healthy cash flow. In uncertain times like these, it can be harder to make sure AR and AP are in good shape. Below are

Change and uncertainty are a feature of our world alongside innovations in our fast-changing economy. Investments in new business models and intangible assets — such as brands, technology and customer relationships — are increasingly key to driving value creation as companies research new technologies, cultivate customer relationships, manage their workforce and more. But information related

Leaders of the tax-writing House Ways and Means Committee are sounding the alarm over the slow start to tax season, reflected in the initial week of data from the IRS. In the first week of tax season, the Internal Revenue Service reported processing only one-third of the number of tax returns processed by this time

Uber’s forthcoming acquisition of alcohol delivery service Drizly and Vivino’s recent round of funding signal seismic shifts for alcohol sellers and marketplace facilitators. A potent mash of alcohol regulations, tax obligations and marketplace facilitator laws is brewing as the industry adjusts to living with the COVID-19 pandemic. Together, these could impact compliance for both alcohol

This 10-course bundle is taught by a CPA. February 15, 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. Tax season is notoriously

A few days ago I received an email from a friend at a Top 500 accounting practice. He is the firm’s founder and senior partner and just wanted to touch base. He said something that I think is very important and I want to share it with you. He gave me a rundown of his

Ralph Thomas, CEO and executive director of the New Jersey Society of CPAs, Roseland, was awarded the African American Chamber of Commerce of New Jersey’s 2021 Business Award, tol be presented at the AACCNJ’s Eleventh Annual Circle of Achievement Virtual Awards Gala on Feb. 11. The award honors a distinguished group of African Americans who

Stop spending on accountants when you can be one yourself. February 10, 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. This time

House Democrats on Monday released the first draft text for key pieces of legislation that will comprise President Joe Biden’s COVID-19 relief bill. The legislative language from the Ways and Means, Financial Services and Education and Labor Committees show Democrats are forging ahead with plans to bump the federal minimum wage to $15 an hour

While it will still take a few more months into 2021 to get back to something near normal (or at least pre- 2020 normal), one thing that hasn’t changed is tax season. Although the tax deadline was pushed to July last year because of the coronavirus pandemic, this year, the deadline returns to April 15,

The American Institute of CPAs is proposing to revise its quality management standards to take a more risk-based approach targeted at the types of engagements performed by the CPA firm. The AICPA’s Auditing Standards Board issued an exposure draft Thursday of a set of three interrelated proposed standards to address how CPA firms should manage

February 4, 2021 5 min read Opinions expressed by Entrepreneur contributors are their own. For the first time since the global health crisis infiltrated every aspect of life and work, it’s now possible for small-business leaders to see the outlines of recovery and an economic rebound.  And while we typically think of business leaders as

The high-net-worth investor is sometimes different. Many HNW investors earned their status through a business or a C-suite job that created wealth beyond retirement security and a great lifestyle. These investors took risks on many levels. They faced liquidity risk, they faced market risk, they faced economic risk, and they faced concentration risk. After all,

The Internal Revenue Service is clarifying its guidance on provisions of the coronavirus relief legislation that provide tax credits to employers offering paid sick leave and family leave to workers. The IRS updated the frequently asked questions page about the tax credits on Thursday. The tax credits were part of the Families First Coronavirus Response

By now, any CPA not living under a rock has gotten the memo: In order to achieve growth, you need to incorporate consulting into your service suite. Our core compliance services have grown long in the tooth and thinly margined. To provide clients the value they demand, remain relevant, and expand, all signs point to

It can be a daunting task for accountants to advise clients on how to effectively and accurately budget, plan and forecast during uncertain times, while also remaining compliant with accounting regulations. This challenge was never more apparent than with the arrival of COVID-19. The pandemic changed revenue planning, costs, production, headcounts, and business outlooks overnight.

Armanino has released a new technology solution, Benchmarking for Nonprofits. The firm taps into big data for this product, presenting it in readable dashboards. Benchmarking has become a useful tool for organizations of all kinds to gauge their performance during the uncertain environment the COVID-19 pandemic has created. Benchmarking for nonprofits is billed as having

Cash is the lifeblood of a business. According to Hal Shelton, angel investor, SCORE mentor, and author of the best-selling The Secrets to Writing a Successful Business Plan, one of the primary reasons companies go out of business is “cash flow mismanagement.” It can be challenging for small businesses to get a grip on their

My firm, Withum, held its 12thAnnual State of the Firm (SOTF) meeting last Monday. About 1,200 of us attended the four and a half hour meeting virtually. The previous meetings were held in New Jersey, where a good number traveled from our offices in Boston, Florida, California and other parts of the country. Last week

Tax deadlines may not roll around until Feb. 1, 2021. But it’s never too soon to brush up on what you need to know for filing. That’s especially true if you’re a small business owner. What’s new for the 2020 tax year? For one thing, form 1099-NEC replaces form 1099-MISC for reporting non-employee compensation. Actually,

The year of coronavirus will go down in history not just as a time of plague, but also of crisis-driven tech adoption. Mass migration online drove the adoption of cloud-enabled technologies, and AI was one of them. As businesses embrace AI, accountants need to keep up to make sure maximum efficiencies are achieved — but

The second round of PPP funding has begun. Call it PPP2, if you will. And some banks started taking applications for the Paycheck Protection Program on January 11. The second round of PPP funding includes $284 billion, and $60 million of that is for businesses that didn’t get a loan the first time. PPP is

Stop paying accountants when you can just use QuickBooks. January 15, 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. We’re into a

Gary Gensler, a former head of the U.S.’s main derivatives regulator, is President-elect Joe Biden’s likely pick to lead the Securities and Exchange Commission, according to two people familiar with the matter. If nominated by Biden to be SEC chairman and confirmed by the Senate, Gensler would be the new government’s front-line regulator for Wall

Many people think prepaid debit cards are just for people who don’t have a bank account. After all, checking accounts usually come with a debit card that can be used just like a credit card. Why would someone with a bank account need a prepaid debit card? Why You Might Need a Prepaid Debit Card

Growth in small business jobs and wages declined last month as a result of the novel coronavirus pandemic, according to payroll giant Paychex. The latest Paychex | IHS Markit Small Business Employment Watch report, released Friday, indicates the impact of the increasing number of COVID-19 cases on small businesses in the U.S. The Jobs Index

The U.S. Department of Labor issued a final rule Wednesday to clarify the standard for determining whether a worker should be considered an employee or an independent contractor. The rule is one of many contentious regulations that the Trump administration has been rushing to finalize in its waning days and is likely to have an

Beginning with the 2020 tax year, Form 1099-NEC will replace Form 1099-MISC box 7 for reporting non-employee compensation, which includes payments to ICs. Be Clear on When to Use Form 1099-NEC To put it simply, the new 1099-NEC performs the exact same function as 1099-MISC box 7. It captures payments of $600 or more to