Finance & Accounting

As of mid-October 2020, the U.S. Small Business Administration (SBA) has approved 3,612,236 Economic Injury Disaster Loans (EIDL) totaling $191,994,805,796. Those numbers likely will rise as the application deadline for EIDL loans is not until December. If you’ve already applied, there is no need to reapply as applications are processed on a first-come, first-serve basis.
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Clairmont, Paciello and Co. PC, a midsized accounting and financial services firm in King of Prussia, Pennsylvania, has acquired the tax and accounting practice of Dreslin and Co. Inc., of East Norriton, Pennsylvania, effective Nov. 1, 2020. Clairmont, Paciello has five partners, 13 full-time associates and six part-time associates. Dreslin is adding one partner and
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The Governmental Accounting Standards Board is giving state and local governments extra time to implement its new leases standard because of the coronavirus pandemic, and they will probably need it because it has some complexities similar to those that businesses have been facing in applying the Financial Accounting Standards Board’s leases standard. For fiscal years
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The coronavirus pandemic hit the National Association of State Boards of Accountancy toward the end of its fiscal year, but the organization is fully back to its mission, according to its recently released annual report. Like many organizations, in March and April, NASBA found itself having to navigate the new remote-work environment, while also watching
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The International Public Sector Accounting Standards Board has deferred the effective dates of several of its upcoming standards and amendments to give government accountants around the world an extra year to implement them during the COVID-19 pandemic. On Friday, the IPSASB released a final pronouncement, COVID-19: Deferral of Effective Dates, postponing the effective dates of
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The agreement between Camico and CPA Mutual to transfer the Accountants Professional Liability Insurance Program from CPA Mutual to Camico represents the collaboration of two mutual insurance companies, both founded by CPAs, to provide customized liability insurance to CPAs. “Camico is taking over CPA Mutual’s future business, and CPA Mutual will stay in business to
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Spreading the theft around; re-routed refunds; AIG loses, mostly; and other highlights of recent tax cases. Beaverton, Oregon: Engineer Jeffrey Fitch has been sentenced to a year and a day in prison for failing to collect or pay over federal employment taxes. Since 2002, Fitch owned and operated SFA Engineering and SFA Design Group. Between
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Income ranges for eligibility to make deductible contributions to traditional IRAs, to contribute to Roth IRAs and to claim the Saver’s Credit will all increase for 2021, according to the Internal Revenue Service. For single taxpayers covered by a workplace retirement plan, the range is $66,000 to $76,000, up from $65,000 to $75,000. For married
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A comprehensive examination across many sectors reveals institutional barriers and outright racist abuse. How do we end the cycle? Arizent’s new documentary podcast features more than two dozen professionals. In this trailer episode, you’ll hear from the following guests in order of appearance: To hear more, subscribe to Access Denied on Spotify, Apple — or
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Wagering and taxes; taming email; to NEC or not; and other highlights from our favorite tax bloggers. Illegal money Avalara (https://www.avalara.com/us/en/blog.html): Favorite opening of the week: “Words matter. If they didn’t, lawmakers wouldn’t bother changing them, as the Vermont Legislature did recently” with a tiny “any” to a tiny “the” in regard to tax on
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For the first time, the IRS is adding barcode technology to notices sent to millions of taxpayers. Starting this month, CP14 and CP14 IA balance-due notices that inform taxpayers that they owe money on unpaid taxes and their payment options are now equipped with QR barcodes to help those taxpayers securely and easily navigate IRS.gov.
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Lost Horizon; crimes of Misdemeanor; Strachans plea; and other highlights of recent tax cases. Shoreview, Minnesota: Preparer Olufemi Augustine Badejo has been found guilty of four felony counts of filing a false income tax return, four felony counts of knowingly preparing returns that were fraudulent or false, and one felony count of filing a false
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October 6, 2020 6 min read Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers, out now via Entrepreneur Press. Purchase from Amazon | Barnes & Noble | Bookshop | IndieBound.  Good record keeping is just good business. How you manage data, account for financial transactions and store and retrieve your records is
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Seattle-based tax compliance software provider Avalara has acquired Transaction Tax Resources, Inc., a tax content provider with a high-powered customer list, for approximately $377 million in cash Monday. TTR, headquartered in McMinnville, Oregon, offers information on U.S. sales and use tax rates, laws, software, and customer support to some of the largest and most complex
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The American Institute of CPAs’ Auditing Standards Board issued an attestation standard for when auditors perform examination engagements with clients. The AICPA’s Standards for Attestation Engagements (SSAE) No. 21 adds a new section to the AICPA Professional Standards, designated as AT-C section 206, Direct Examination Engagements. SSAE No. 21 allows practitioners to offer an opinion,
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Intuit has created a software integration between its QuickBooks Online and Amazon Business. Small businesses using both platforms can now automate purchase reconciliation and categorization when making purchases on Amazon Business.Through the new integration, all Amazon Business purchases will be automatically imported into QBO, with data being refreshed multiple times per day. Purchase details, including
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