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

This is an essential tool for small-business owners and the self-employed. Grow Your Business, Not Your Inbox Stay informed and join our daily newsletter now! July 4, 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

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

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,

Qualified retirement plans are a key component of financial security for owners and their employees. The SECURE Act in December 2019 and the CARES Act in March 2020 made significant changes in various rules related to retirement plans. Incentives for small businesses to adopt plans have increased and special rules related to COVID-19 have been

If you have an income of $1 million or more there’s less than a 1% chance that the IRS has called you in for an audit, according to new figures from the agency. So far, the Internal Revenue Service has audited 0.05% of those earning $1 million to $5 million in 2018, according to data

Hailee Johnson, a manager in UHY’s audit practice in Michigan, led a softball team sponsored by the firm to a World Series C Softball Championship at ESPN’s Wide World of Sports in 2017, and she is hoping to win the championship this year, pandemic or no pandemic. She and the team are already well on

A survey by Paychex reveals 64% of companies applying for a Paycheck Protection Program (PPP) loan found success. The data for the survey comes from owners the SBA classifies as small businesses. By mid-June, a third (34%) of respondents applied for a PPP loan and of those who had applied 64% received payment. And another

Taxpayers who are owed a refund may also get a second check this year if they took advantage of the July 15 extended filing deadline, according to the Internal Revenue Service. Individuals eligible for a refund who didn’t receive one by April 15 will get paid interest, accruing from the original April filing deadline to

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.

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

Internal Revenue Service employees are beginning to go back to their offices to deal with the mountain of paperwork awaiting them, even as some are testing positive for COVID-19, but they quickly adapted to working remotely in recent months, according to a group of top IRS officials. IRS employees in Utah, Texas and Kentucky began

With the pandemic seemingly presenting fresh challenges every day, it can be easy for accounting firms and their leaders to focus on the tactical and the immediate: How do we get everyone up and running virtually? How do we manage a suddenly remote workforce? What do we have to change in our offices to reopen

When it comes time to qualify for a business loan, your credit score is one of the top factors that lenders consider. We answer several frequently asked questions (FAQ) about your credit score for a business loan, below. What is Considered a Good Credit Score? A good personal score to get a business loan is

The Internal Revenue Service is extending the due dates on its balance due notices because it wasn’t able to mail out the preprinted letters to taxpayers due to office closures during the ongoing COVID-19 pandemic. While the IRS is continuing to reopen more of its offices and facilities, the notices will be delivered to taxpayers

April 20, 2020, will go down in history as the first time the price of a barrel of oil crashed below zero. A price war between Russia and Saudi Arabia, compounded by the unexpected impacts of coronavirus, sent the value of oil spiraling in mid-February. So how could this happen? How is it possible for

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

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

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

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

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

The Center for Audit Quality will be premiering a new documentary Thursday following a group of aspiring young accounting students as they take a 21-day RV trip across the country and learn about the auditing and accounting profession from some of its practitioners. The documentary is part of PBS’s “Roadtrip Nation” series and features a

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

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

According to a federal survey, 44% of small business owners borrowed money to meet expenses. No surprise there, you’re thinking. We’ve been closed. We haven’t been making any money. Of course small business owners borrowed money to keep the cash flow coming. The survey is from 2019. In other words, it’s no shame to get

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

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.

This is the time of year when most firms that have retreats or strategic planning meetings finalize their plans. These meetings are more necessary and important than ever, and should be scheduled if you haven’t yet done so. If circumstances don’t much change (hopefully they will), the meetings would be done virtually. Here are some

When seeking financing, minority business owners are more likely to be at a disadvantage compared with non-minorities. Part of it has to do with credit scores: Minorities are more likely to rely on their personal credit scores, versus business credit scores. That’s important to know because personal scores are often lower for Blacks and Hispanics

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